THE EFFECTS OF FOREIGN EXCHANGE RATE FLUCTUATION IN FREE MARKET AND FUTURE CASH FLOW ON STOCK PRICES
IN TEHRAN STOCK EXCHANGE (TSE)

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TAGHAVI MAHDI; BIABANI S.

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Journal: ECONOMIC RESEARCH REVIEW Year:2003 | Volume:3 | Issue:3-4 Page(s): 9-12

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Title

THE EFFECTS OF FOREIGN EXCHANGE RATE FLUCTUATION IN FREE MARKET AND FUTURE CASH FLOW ON STOCK PRICES IN TEHRAN STOCK EXCHANGE (TSE)

Author(s)

TAGHAVI MAHDI | BIABANI S. | Issue Writer Certificate

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Abstract

The main objective of this research is the evaluation of the effects of foreign exchangerate fluctuationsin unofficialmarket (free market)and cash flow on price ofcompany stocks in Tehran stock exchange for the period from March21, 1998 until March 20 . 2001. Theoretical bases of this research arepurchasing power parity and portfolio.Theory on the basis of purchasing power parity and its expansion, we concluded that theory of rate of return and risk parity in stock market can be propounded. On the basis of PPP theory,foreign exchange rate fluctuations should affect the factors which effectsshares or stock prices. We found that effect of foreign exchange rate depends on three variables:number of buyers, number of transacted companies and times of " purchases,was relativelyon average and with relation to other factors. The main points in this article were the result of reversed relationship betweenstock market variables and foreign exchange rate and gold market variables. In models, which we considered the effects of fluctations of foreign exchangerate and gold prices on stock prices, coefficients of models were moderate and low. But in models in which stock market variables was independent,coefficients were moderate or relatively high.Therefore, we can concludethat foreign exchange rate and gold prices are influenced by stock marketmore than stock market by these variables.

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APA: Copy

TAGHAVI, MAHDI, & BIABANI, S.. (2003). THE EFFECTS OF FOREIGN EXCHANGE RATE FLUCTUATION IN FREE MARKET AND FUTURE CASH FLOW ON STOCK PRICES IN TEHRAN STOCK EXCHANGE (TSE). ECONOMIC RESEARCH REVIEW, 3(3-4), 9-12. SID. https://sid.ir/paper/395122/en

Vancouver: Copy

TAGHAVI MAHDI, BIABANI S.. THE EFFECTS OF FOREIGN EXCHANGE RATE FLUCTUATION IN FREE MARKET AND FUTURE CASH FLOW ON STOCK PRICES IN TEHRAN STOCK EXCHANGE (TSE). ECONOMIC RESEARCH REVIEW[Internet]. 2003;3(3-4):9-12. Available from: https://sid.ir/paper/395122/en

IEEE: Copy

MAHDI TAGHAVI, and S. BIABANI, “THE EFFECTS OF FOREIGN EXCHANGE RATE FLUCTUATION IN FREE MARKET AND FUTURE CASH FLOW ON STOCK PRICES IN TEHRAN STOCK EXCHANGE (TSE),” ECONOMIC RESEARCH REVIEW, vol. 3, no. 3-4, pp. 9–12, 2003, [Online]. Available: https://sid.ir/paper/395122/en

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