In this study, the profitability of contrarian and momentum strategies were traded in mid- term based on trading volume. The stocks were categorized into three parts (high, middle and low) at the outset. Then, the relationship between excess return with three components such as cross-sectional risk, lead-lag effect and time-series pattern were examined based on Jegadeesh and Titman approach.The sample including 108 listed companies of Tehran Stock Exchange that were traded over 2005-2010. The data was collected annually, monthly and daily using Tadbir Pardaz and Rahavard Nouvin softwares. The hypotheses were tested using mean comparisons test, ANOVA and Ordinary Least Squares. The results show that by increasing trading volume, the momentum or contrarian return will be increased. There would be a possibility of explaining instances of no significant momentum or contrarian return with cross-sectional risk and lead-lag effect in medium trading volume. Moreover, the momentum return can be described with independent variables on middle and high trading volume. تفاصيل المقالة

The purpose of present paper was to examine the relationship between central bank independenceand inflation rate in Iran over 1960-2008. First, central bank independence has been accomplished through threeindices including legal and real CBI indices and turnover rate of central bank governor index. Then, AugmentedDickey-Fuller test for model stationary of variables has been done by applying Eviews software. In addition, therelationship among the central bank independence indices and average inflation rate and its variability in Iran’seconomy has been investigated using Eviews and Microfit softwares. Necessary data for calculating CBI indexwere obtained from Cukierman criteria (LCBI). Furthermore, real CBI index was gathered via standardquestionnaire and turnover rate of central bank governor index data were collected through library survey. Theresults showed a negative relationship among real CBI and inflation and its variability. The relationship betweenlegal CBI and inflation was also negative, but its relationship with inflation variability was not statisticallysignificant. Also, a positive relationship between turnover rate of central bank governor index and inflation ratewas observed, but negative relationship was seen between turnover rate of central bank governor index andinflation rate variability. تفاصيل المقالة