Mass production of housing units has been an important policy pursued by Iranian government in recent years. Mass production and building small housing units have been among major pillars of the government’s housing policy. Tax exemptions, granting inexpensive land and discount on the interest rate of bank facilities have been major supports provided by government for mass producers of housing units in recent years. Granting land on lease and eliminating land price from housing production function (by implementing Mehr Housing Plan) were other incentives considered by the government. Such supports, however, have not had a remarkable effect on encouraging mass housing production. Mass production of housing units and taking advantage of the said supports entail many expenses other than production cost. These expenses cannot be explained through a neoclassic economic theory. This paper is based on findings of a research project for the assessment of government’s mass housing policy. It uses Transactions cost theory of the World Bank to assess Transactions costs for 10 phases of building mass housing units before discussing reasons for the failure of the aforesaid supports to stimulate mass housing production. Findings show that the supports have been provided for only some of those 10 phases and have not been available for other phases.

Objective: Iranian mutual funds’,average turnover rate stood at 330% in the years from 2001 to 2007. Such a high rate could lead to excessive trading costs for investors without necessarily bringing in high returns. The goal of this paper is to estimate Transaction costs and examine their effect on the performance of the funds. Methods: In addition to the explicit costs of trading such as Transaction taxes and commissions, there are other, implicit, components such as bid-ask spread and price impact which are harder to compute and less recognized by investors. This paper used high frequency (tick-by-tick) trade and limit order book data, as well as the hand-collected quarterly holding and trading data for a sample of Iranian equity mutual funds to estimate the aforementioned trading costs. Then, the effect of trading costs on the risk-adjusted fund returns was examined using the fourfactor alpha as our proxy. Results: Funds understudy spend on average 11% of their AUM annually on trading costs which is a considerable amount in comparison to their return (15. 6%), during the sample period. The present study found no significant effect of trading costs on the funds’,performance in the sample. However, during the subperiod of 2013-2014, a negative and significant relationship was discovered between them. Conclusion: As the obtained results of the present study proved, more trading activities of the Iranian fund managers’,do not lead to higher returns,accordingly a high trading volume generates only enough excess return to offset the associated Transactions costs.