Management earnings forecasts and their characteristics may provide a signal about managers’ private information and/or confidence in their assertions. The signal allows investors to understand the relationship between management forecasts and future earnings better, taking investors to price securities accordingly. The purpose of this paper is to investigate whether issuance of management forecasts and characteristics of the forecasts affect the relationship between returns and future earnings. In this study, use of the FERC is particularly appropriate because various characteristics of management forecasts could have implications for the prediction of future earnings. A forecast with characteristics that improves ability of investors to predict future earnings should result in stock prices that better predict future earnings, and results in a higher FERC.We follow Gelb and Zarowin (2002), Tucker and Zarowin (2006) and Choi and et al (2008) in our empirical tests, which use 347 firm/year observations from 2006 to 2011. Our empirical findings showed management forecasts affect the association between returns and future earnings, if management forecasts are more frequent and precise. Moreover, we extend models further with control variables such as firm size, growth and profitable to the control for possible correlated omitted variables. Our empirical findings showed that management forecasts affect the association between returns and future earnings if management forecasts are more frequent and precise. Forecasts with the characteristics viewed by investors are more credible than the forecasts without the characteristics.

The result of many researches show that investors prefer smoothed incomes. On this regard managers try to smooth income and its growing rate. On the base one classification of management incentives for income smoothing, managers smooth incomes either for purpose of garbling of information and their benefits or in order to transforming and reporting the insider information about future earnings. The purpose of this research is to investigate managers' incentives from income smoothing in listed companies in Tehran Stock Exchange. In this research, income smoothing is measured by negative correlation changes in discretionary accruals and changes in pre-discretionary income using data during 1376- 80. Then, by using the Collins et al model expanded by Tucker & Zarowin, the relationship between future earnings per share and current return entering income smoothing index in the model of 1380-82 is investigated. Results show that current stock price of companies' which smooth in larger degree, contain lower information about future earnings. Therefore, income smoothing is mostly done in order to garbling not to convey insider management information.

Many researchers believe that stock liquidity can increase stock price efficiency by encouraging market participants to obtain confidential information about the company. So, in this research inspired by CKSS model we investigate the impact of stock liquidity on stock price informativeness. Regarding the impact that stock liquidity can have on stock price informativeness, it is able (by increasing aware investors) to reduce the managers` ability and motivation in earnings management (especially through accruals). Thus, the other purpose of this research is to investigate the impact of stock liquidity on earnings management through accruals. Based on what was stated, two research hypothesis were proposed and tested by the data of 80 companies listed in Tehran Stock Exchange between 2003 to 2012 (with regard to their panel structure). The results indicate that stock liquidity increase will increase the stock price informativeness, and will decrease the earnings management through accruals.

Electric power restructuring offers a major change to the vertically integrated monopoly. The change manifests the main part of engineers' efforts to reshape the three components of today's vertically integrated monopoly: generation, distribution and transmission. In a restructured environment, the main tasks of these three components will remain the same as before, however, to comply with FERC orders, new types of unbundling, coordination and rules are to be established to guarantee competition and non-discriminatory open access to all users. This paper provides the generation schedule of a GENCO in a deregulated power system. It is shown that the goal of generation schedule in the new structure is different from the traditional centralized power systems. The modeling of generation scheduling problem in a competitive environment is demonstrated by taking into account the main purposes of GENCOs which are selling electricity as much as possible and making higher profit. The GENCOs of an area are introduced via a model whose objective function consists of hourly spot market price as income and different kinds of costs. The constraints are the general ones of such a problem e.g. minimum up/down time, minimum and maximum generation and ramp rate. Using one of the classical optimization methods, the hourly generation schedule of the generating units will be obtained in this competitive environment. The results of this section will be used by ISO. The ISO will finalize the schedules of GENCOs by taking into account the technical considerations like the power flow of transmission lines. The model and the optimization methods are implemented on IEEE-RTS benchmark with 24 buses and 32 generating units.