EXAMINING OF FINANCIAL DECISIONS, MARKET TIMING AND REAL INVESTMENT ON TEHRAN STOCK EXCHANGE

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KHANI A.; AFSHARI H.; HOSSEINI M.

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Journal: JOURNAL OF ASSET MANAGEMENT AND FINANCING Year:2013 | Volume:1 | Issue:1 Page(s): 109-122

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Title

EXAMINING OF FINANCIAL DECISIONS, MARKET TIMING AND REAL INVESTMENT ON TEHRAN STOCK EXCHANGE

Author(s)

KHANI A. | AFSHARI H. | HOSSEINI M. | Issue Writer Certificate

Keywords

EXTERNAL FINANCINGQ2

MARKET TIMING THEORYQ2

REAL INVESTMENT-BASED THEORYQ2

CAPM MODELQ2

FAMA-FRENCH MODELQ2

Abstract

There are two theories, MARKET TIMING THEORY (composition financing) and REAL INVESTMENT-BASED THEORY (net financing), about relation between corporate financing decisions and subsequent stock returns. Both theories predict a negative relationship, but with different explanation. Using CAMP and Fama and French (1993) models and a sample contains 78 active companies listed on Tehran Stock Exchange (TSE), we examine these two theories. The results indicate that, - using the CAPM MODEL, there is a significantly positive relation between net and composition financing and stock returns. However, using the Fama and French model, there is a significantly negative relation between net and composition financing and stock returns. Also, when we use net and composition financing together, there is a significant relation between the net and composition financing and the stock returns.

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APA: Copy

KHANI, A., AFSHARI, H., & HOSSEINI, M.. (2013). EXAMINING OF FINANCIAL DECISIONS, MARKET TIMING AND REAL INVESTMENT ON TEHRAN STOCK EXCHANGE. JOURNAL OF ASSET MANAGEMENT AND FINANCING, 1(1), 109-122. SID. https://sid.ir/paper/245731/en

Vancouver: Copy

KHANI A., AFSHARI H., HOSSEINI M.. EXAMINING OF FINANCIAL DECISIONS, MARKET TIMING AND REAL INVESTMENT ON TEHRAN STOCK EXCHANGE. JOURNAL OF ASSET MANAGEMENT AND FINANCING[Internet]. 2013;1(1):109-122. Available from: https://sid.ir/paper/245731/en

IEEE: Copy

A. KHANI, H. AFSHARI, and M. HOSSEINI, “EXAMINING OF FINANCIAL DECISIONS, MARKET TIMING AND REAL INVESTMENT ON TEHRAN STOCK EXCHANGE,” JOURNAL OF ASSET MANAGEMENT AND FINANCING, vol. 1, no. 1, pp. 109–122, 2013, [Online]. Available: https://sid.ir/paper/245731/en

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