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    List of Articles رضا آقاجان نشتایی


  • Article

    1 - Investigating the Theory of Survival Analysis in Credit Risk Management of Facility Receivers: A Case Study on Tose'e Ta'avon Bank of Guilan Province
    Iranian Journal of Optimization , Issue 2 , Year , Winter 2018
    Nowadays, one of the most important topics in risk management of banks, financial, and credit institutions is credit risk management. In this research, the researchers used survival analytic methods for credit risk modeling in terms of the conditional distribution funct More
    Nowadays, one of the most important topics in risk management of banks, financial, and credit institutions is credit risk management. In this research, the researchers used survival analytic methods for credit risk modeling in terms of the conditional distribution function of default time. As a practical task, the authors considered the reward credit portfolio of Tose'e Ta'avon Bank of Guilan Province and estimate the bank’s probability of default based on the survival analysis method. In order to analyze and verify the research hypothesis, firstly, the researcher estimated the survival analysis, survival function, and then the value of the probability of default function by three parametric, semi-parametric (proportional hazards model), and non-parametric methods. Finally, the author compared these three methods by using the ROC method. In order to analyze data, SPSS, SAS, R, and Minitab softwares were used. The results revealed that the parametric model was better and more suitable than the other models. After the parametric model, it was observed that, the semi-parametric model (proportional hazards model) and then the non-parametric model proved to be the best models. The results of this research suggest using rating or credit score in banks, because, in addition to the proper management of allocation of facility to customers, using a credit score as an explanatory variable can result in more efficient and more accurate estimations of default probability. Manuscript profile

  • Article

    2 - A study of Financing Decisions and Capital Structure in Real Investment
    Iranian Journal of Optimization , Issue 2 , Year , Winter 2019
    In real investment, there is a relationship between external financing and abnormal stock returns. This study predicts a negative correlation between external financing and stock returns. The dependent variable of the research is stock returns and the independent variab More
    In real investment, there is a relationship between external financing and abnormal stock returns. This study predicts a negative correlation between external financing and stock returns. The dependent variable of the research is stock returns and the independent variables are net financing and equity ratio. Also, control variables of the research includes assets growth, company’s size and company’s age. In this research, the hypotheses have been tested using the financial statements of 178 industrial companies accepted in Tehran Stock Exchange over the 2012-2016 period and also regression models with panel data. The results indicate a positive correlation between external financing, in both net and composition cases, with abnormal stock returns and also a negative correlation between external financing –again in both net and composition cases- with abnormal stock returns in the stock model. In addition, when we use net and composition financing simultaneously, there is not a significant relationship between net and composition finiancing and abnormal stock returns. Manuscript profile

  • Article

    3 - External Financing Method: Financing through Debt and Stock Issuance
    International Journal of Agricultural Management and Development , Issue 5 , Year , Autumn 2017
    Countries need short, medium, and long-term investment plans for production growth and development. Different sources for these investments can be supplied through retained profit, stock issuance, and bank loans, or a combination them. Institutions and firms need huge a More
    Countries need short, medium, and long-term investment plans for production growth and development. Different sources for these investments can be supplied through retained profit, stock issuance, and bank loans, or a combination them. Institutions and firms need huge amount of capitals for their survival, production, and also development of activities. In addition, these institutions and firms rely heavily on financial markets for self-financing. The role of financial markets is to provide the required capitals for institutions and firms. Financing strategy is considered as one of the main areas of financial management decisions in companies seeking to increase shareholders’ wealth. Therefore, the aim of this paper was to discuss conventional methods of external financing through debt and stock issuance and explain their associated advantages and disadvantages. Manuscript profile