presenting a model to optimize liquidity measures in tehran stock exchange

Subject Areas : Journal of Investment Knowledge

Alireza  Fatemi ¹ (Student of Financial Management, Department of Management, UAE Branch, Islamic Azad University, Dubai, United Arab Emirates)
Iraj  Noravesh ² (Professor, Department of Management, UAE Branch, Islamic Azad University, Dubai, United)
Farhad  Hanifi ³ (Associate Professor, Department of Commerce, Tehran Branch, Islamic Azad University, Tehran, Iran)
Mani  Sharifi ⁴ (Assistant Professor, Department of Financial Management, Shahid Beheshti University, Tehran, Iran)

Received: 2021-05-23 Accepted : 2021-05-31 Published : 2023-06-22

Keywords: Factor analysis, vikor 's numerical technique, liquidity measures, liquidity risk comparison,

Abstract :

liquidity is a fundamental aspect of stock market efficiency and in terms of methodology , most of the theories related to the structure of financial markets account for the implications of liquidity behavior more than other market characteristics . therefore , the central role of market liquidity in the form of prices , and reducing the costs and risks of sustainable development and stability of financial systems is important , so liquidity issue has attracted much attention in recent years in academic studies as well as in important publications . in this research , the criteria of each liquidity type are introduced and the relationship between them is studied . in fact , the main question of this research is what measure is the criterion for the selection of liquidity in tehran stock exchange . the purpose of this thesis is to evaluate and compare liquidity capability and design a model for explaining liquidity measures in tehran stock exchange with emphasis on 11 different measures . for this purpose , a sample of eight firms listed in tehran stock exchange ( tse ) during the period 1380 to 1389 were reviewed . to achieve the goal of this research , factor analysis - vikor 's numerical algorithm which is one of multi - criteria decision making methods is used .

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