Listed companies are always affected by shocks and instabilities in parallel financial markets such as exchange rates and gold. Knowledge of how these impacts are useful for managing companies and investors to make optimal decisions regarding risk management, financing and investment. Therefore, in this study, the effect of investigating the asymmetric effects of parallel financial markets shock on stock returns and financial and commercial risk of 262 companies listed on the Tehran Stock Exchange during the period 2009-2010 using the Generalized Torque (GMM) approach. Been investigated. The results show that the negative and positive shocks of the exchange rate and the price of gold have an asymmetric effect on trade risk, finance and stock returns. These asymmetric effects apply in terms of size, sign and significance. Positive gold price shocks also have a negative effect on trade risk and a positive effect on financial risk, but these shocks do not have a significant effect on stock returns. In contrast, the impact of negative gold price shocks on financial risk is negative and market returns are positive (the impact of negative shock on trade risk is not statistically significant). Based on the above results, it can be stated that corporate operating costs and financing costs are affected by price shocks in the gold and foreign exchange markets. تفاصيل المقالة

Abstract Cluster fluctuations and fractal structures are the two important features of space-time correlation in complex financial systems. However, the microscopic mechanism of creating and expanding these two features in financial markets remains challenging. In the present study, using factor-based model design and considering a new interactive mechanism called multilevel convergence, the process of forming cluster fluctuations according to the fractal structure of financial markets is investigated. Virtual agents' trade in different groups according to market performance and their mass behavior is measured at three levels of stock, segment and market. The results, in addition to providing new insights into the space-time correlations of financial markets, show that multilevel convergence is one of the microscopic mechanisms of microstructure of such markets. In other words, multilevel collective behavior is an important factor in the occurrence of cluster fluctuations, price bubbles and market fractals and therefore should be considered in interpreting the concept of risk and defining risk management strategies from this perspective. تفاصيل المقالة