International Journal of Finance, Accounting and Economics Studies: 5 (4)

Open Access Article

1 - Identifying the Factors of Cost Issues in Development of Radio Frequency Identification Technology in Supply Chain Management

RFID has lots of potential benefits for supply chain management; that`s why it has attracted many industry practitioners all around the world, especially in recent years. RFID is one of the key solutions that information technology has provided for industry. The main is More

RFID has lots of potential benefits for supply chain management; that`s why it has attracted many industry practitioners all around the world, especially in recent years. RFID is one of the key solutions that information technology has provided for industry. The main issue in implementing and also developing this unique technology in the supply chain management of every industry appears to be the cost. This research would study this issue and its factors among other important issues of RFID development in the supply chain management of Iran's automotive industry. The results indicate that there is an exaggeration in counting the importance of cost issue in the development of RFID technology in supply chain management processes. Manuscript profile

Open Access Article

2 - Studying the Dividend Policy and Share Price Volatility: Iran Evidence

Explaining dividend policy has been one of the most difficult challenges facing financial economists. Despite decades of study, we have yet to completely understand the factors that influence dividend policy and the manner in which these factors interact.The aim of this More

Explaining dividend policy has been one of the most difficult challenges facing financial economists. Despite decades of study, we have yet to completely understand the factors that influence dividend policy and the manner in which these factors interact.The aim of this paper is to examine the relation between dividend policy and share price volatility in Tehran Stock Exchange (TSE). The analyses are performed using data derived from the financial statements of 100 firms listed on the Tehran Stock Exchange during a six-year period from 2006 to 2011. Multiple regression analyses are used to discover the association between share price changes and both dividend yield and dividend payout ratio. The empirical findings suggest that there is a significant negative relationship between the dividend policy of a firm and the volatility of its stock price. In addition, it is shown that a firm’s growth rate, debt, size and earnings explain stock price changes. The study found that dividend policy is relevant in determining share price changes for a sample of firms listed in Tehran Stock Exchange. Manuscript profile

Open Access Article

3 - The Relationship between Intellectual Capital and Earnings Quality

The purpose of this paper is to investigate the association between the intellectual capital of firms and their earnings quality. The Research was conducted with 158 accepted companies and 948 firm-year observations from Iran stock market. Empirical studies were conduct More

The purpose of this paper is to investigate the association between the intellectual capital of firms and their earnings quality. The Research was conducted with 158 accepted companies and 948 firm-year observations from Iran stock market. Empirical studies were conducted based on hypothesis by Value Added Intellectual Coefficient as measures of intellectual capital and taking absolute value of Discretionary Accruals as measures of earnings quality. The results of statistical test show that intellectual capital and its human capital component have a significant positive impact on earnings quality and lead us to conclude that intellectual capital has a positive role in financial practices and reporting. Manuscript profile

Open Access Article

4 - Studying the performance of contrarian strategies in Tehran stock exchange with using Fuzzy approach

During recent years, examining the performance of contrarian strategies has been taken into consideration by scholars and stock market's activists, though several evidences are available based on profitability of this type of strategies, much of them have been referred More

During recent years, examining the performance of contrarian strategies has been taken into consideration by scholars and stock market's activists, though several evidences are available based on profitability of this type of strategies, much of them have been referred to American and European's stock markets. In current study, the act of these strategies will be examined in Tehran's stock exchange over a time spanning 2007 and 2009 by using Fuzzy approach and by computing portfolios' return comprising stock with indices such as low Price/Earning, small size, high payout ratio, low market value/book value and by cross sectional weighted data analysis method. Results show that meaning relation between valuable stock with low Price/Earning, small size, and high payout ratio is tendered offer by Fuzzy Expert System. Manuscript profile

Open Access Article

5 - Cross Border Mergers and Acquisitions by Indian firms-An Analysis of Pre and Post Merger performance

The corporate sector all over the world is restructuring its operations through different types of consolidation strategies like mergers and acquisitions in order to face challenges posed by the new pattern of globalization, which has led to the greater integration of n More

The corporate sector all over the world is restructuring its operations through different types of consolidation strategies like mergers and acquisitions in order to face challenges posed by the new pattern of globalization, which has led to the greater integration of national and international markets.. The intensity of cross-border operations recorded an unprecedented surge since the mid-1990s and the same trend continues (World Investment Report, 2000).The objective of the study is to analyze and compare the pre and post-merger and acquisition financial performance of four firms- Ranbaxy, Dr Reddy, Tata Steel and Hindalco through ratio analysis. For this, the data was being collected for three years before and after the acquisition from Capitoline database. Then to compare the changes, SPSS tool- Wilcoxon Signed Rank Test was being applied. The study concluded that cross-border Mergers and Acquisitions of the selected firms have resulted in no significant change in the financial performance of these firms. Manuscript profile

Open Access Article

6 - The effect of bio rhythmic states of traders on their perceptual decisions in Tehran Stock Exchange

The aim of this study is to find the effect of trader’s biorhythmic cycles on their perceptual decisions in Tehran Stock Exchange. According to author’s point of view, decision making is one of the major factors of management skills, and in some cases, it is More

The aim of this study is to find the effect of trader’s biorhythmic cycles on their perceptual decisions in Tehran Stock Exchange. According to author’s point of view, decision making is one of the major factors of management skills, and in some cases, it is equivalent of management (Simon’s point of view). Also considering this fact that the knowledge of psychological factors and it’s effects on trader’s performance is necessary to recognition of behavioural models of traders on their decision making, the necessity of researcher’s attempt in this field is obviously clear, because knowledge, planning and effective guidance of inside perceptions (mental black box), and behavioural biases of traders in their decision makings will lead us to develop stock market. Data in this research are collected by questionnaires and interviews. The nature of research method in this study is descriptivesurveystudyand it’s purpose is practical. The results show that biorhythmic factors influence perceptual decisions of traders, and the greatest impacts are intellectual, emotional and physical cycles respectively. The other results show, as the age and experience of investors increase the use of intuitive decision making will rise. Also the investors who have higher educational degree use the most intellectual analysis in their decision makings. Manuscript profile

Open Access Article

7 - Enhancing Efficiency of Neural Network Model in Prediction of Firms Financial Crisis Using Input Space Dimension Reduction Techniques

The main focus in this study is on data pre-processing, reduction in number of inputs or input space size reduction the purpose of which is the justified generalization of data set in smaller dimensions without losing the most significant data. In case the input space i More

The main focus in this study is on data pre-processing, reduction in number of inputs or input space size reduction the purpose of which is the justified generalization of data set in smaller dimensions without losing the most significant data. In case the input space is large, the most important input variables can be identified from which insignificant variables are eliminated, or a variable can be used in combination with several variables. This approach leads to reduction in number of inputs and input variances and improvement in results. This research intends to build the best neural network model using financial variables (the financial ratios profit and loss statement and balance sheet) and such techniques as Mean Equality Test or Independent Samples Test (IST) , Multiple Discriminant Analysis (MDA), and Principal Constituents Analysis (PTA) in order to reduce the input size and space and to enhance financial crisis model’s prediction power and eventually to aid better decision making on the part of users of financial statements in prediction of financial crisis. In this research, four financial crisis prediction models (Artificial Neural Network (ANN), Combination of Principal Constituents Analysis and Artificial Neural Network model, Combination of IST and ANN, and Combination of MDA and ANN) are used for prediction of financial crisis two years prior to its occurrence. Next, given the obtained results, the models are compared with each other and the best model is extracted. Considering the test results, use of the IST in construction of Neural Network model was found more efficient in prediction of firms’ financial crisis relative to other techniques investigated in this research. Manuscript profile

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