Financial Knowledge of Securities Analysis: 5 (12)

Open Access Article

1 - Effect of Changes Percentage in Dividend Payout on Future Earnings Growth
آزیتا جهانشاد محمدرضا عسگری وحید اسدی کلی

This research investigates the effect of changes percentage in dividend payout onfuture earnings growth in Tehran stock exchange .This investigation contains anindependent variable that is called percentage changes in dividend payout and adependent variable future earni More

This research investigates the effect of changes percentage in dividend payout onfuture earnings growth in Tehran stock exchange .This investigation contains anindependent variable that is called percentage changes in dividend payout and adependent variable future earnings growth in one and three years period and 5 variablecontroller variables such as firm size, leverage , return on assets , E/P Ratio, laggedearnings growth(one and three years period).This research is based on yearlyobservations period from 1384-1388.the result of this research shows that changes percentage in dividend payout haspositive effect and significant relationship on future earnings growth, it means whenthe changes percentage in dividend payout is increased the future of earnings growthis increased although this increase is low. Manuscript profile

Open Access Article

2 - Forecasts of financial turmoil in Tehran Stock Exchange member banks
مریم خلیلی عراقی کامبیز پیکارجو لیلا جرّاحی

In this research, we assessed the extent to which stock market information can beused to predict leading indicators of the bank financial distress.Likewise, we specified and tested a logit early warning model of bank financialdistress, designed for Iranian banks, which More

In this research, we assessed the extent to which stock market information can beused to predict leading indicators of the bank financial distress.Likewise, we specified and tested a logit early warning model of bank financialdistress, designed for Iranian banks, which tests if market-based indicators addpredictive value to models relying on accounting data obtained from stock market.On the other hand, we studied the robustness of the link between marketinformation and financial downgrading of a bank in the light of the safely net andasymmetric information hypotheses. In the end, we concluded that some of the resultsof accomplished studies, support the use of market-related indicators in order topredict the financial distress.Other results, however, show that the accuracy of the predictive power of thefinancial distress depends on the extent to which bank liabilities are market traded. Itmeans that if the bank undertakes to offer accurate data to the market, then a muchbetter prediction can be made based on the bank data. Manuscript profile

Open Access Article

3 - Direct and indirect effects of financial development on economic growth in Iran
فاطمه شمس الاحرار فرد اسفندیار جهانگرد

Emergence of a group of countries with the same growth path and divergenceincreasing augmentation between growth performance of different groups of countriescause ever increasing interest to review the effect of financial sector on the process ofeconomic growth in texts More

Emergence of a group of countries with the same growth path and divergenceincreasing augmentation between growth performance of different groups of countriescause ever increasing interest to review the effect of financial sector on the process ofeconomic growth in texts in an international level.Texts in which the relationshipbetween financial system and economic growth is discussed are divided into twodistinct groups. Financial liberalization and financial repression. In texts whichfinancial liberalization is being supported, currency or financial system makeeconomic growth in a country, while in texts which the financial repression is beingsupported currency or financial system is considered as an obstacle. Recentinternational theoretical and practical findings emphasis on ever increasing financialsystem in explaining economic growth. They support the necessity of a strongfinancial sector with minimum financial crisis for economic growth. Internationalevidences show the indirect relation between financial sector and growth of both directand by increase in investment rate and productivity of total factors. Moreover there areevidences about bilateral relationship between financial sector and real sector ofeconomy. This thesis shows possibility of existence of direct and indirect effects andfeedback. So from the appropriate approach of vector error correction model, themaximum likelihood with complete information of Johansen is used and also forreviewing the direction of relationship between variables and determination ofdirection of relationship between financial sector and real sector of economy themethod of Shins sons’ and smith Autoregressive Distributed Lag Model is used. InIran the period which is being studied is1350-85. This thesis represents the progresscompared to the past. First two models are used for estimating. The first model onlyreviews the effects of direct and indirect financial sector on real sector of economy.While in the second model the first model is completed with considering thepossibility of existence of effects of feedback between financial and real sector.second, in this paper the model of (FI ML VECM Full Information MaximumLikelihood vector error correction model) is used to review the possibility of existenceof multiple relationships between financial sector and real sector. The result is that inIran during 1350-85 there is a positive and significant relationship between financialdevelopment and economic growth because obtained relationship shows that grossdomestic product per capita has positive influence on volume of liquidity(as one of theindex of financial development) and also the direction of relationship betweenfinancial development and economic growth is unilateral. And since there is aunilateral relationship between variables of financial developments and investment,there is no possibility of feedback effects in this model. Manuscript profile

Open Access Article

4 - Effective factors on abnormal return of IPO in Tehran stock exchange
منصور گرکز حمیدرضا وکیلی فرد اکتای یمرعلی

In this research, the effective factors on abnormal return of IPO companies inTehran Stock Exchange from 1990 until 2007 have been studied. So, for this westudied 73 qualified companies according to elimination method and studied them forperiods pf 12 and 24 months afte More

In this research, the effective factors on abnormal return of IPO companies inTehran Stock Exchange from 1990 until 2007 have been studied. So, for this westudied 73 qualified companies according to elimination method and studied them forperiods pf 12 and 24 months after entrance to stock exchange. Amazing six variablesof firm size, ownership type forecast error of earnings per share return on equity netprofit margin ratio and debt to net assets ratio , just return on equity (adversely) anddebt to net assets ratio (directly) had a meaning full relationship with abnormal return.But, in general, the analysis of multivariate regression showed that every sixindependent variable have the ability of justifying the 13.7 percent of abnormal returnat the time. Manuscript profile

Open Access Article

5 - The relation study between Free Float with Downside Risk and Liquidity on Tehran Stock Exchange (TSE)
فروغ رستمیان المیرا اسلامی برجلو

The risk of investing in financial market is one of the investors' major concerns, asmarket participants, confronting any kind of bonds will ask about the risk level. on theother hand, liquidity as an effective element in risking rate and return is considerablyimportant More

The risk of investing in financial market is one of the investors' major concerns, asmarket participants, confronting any kind of bonds will ask about the risk level. on theother hand, liquidity as an effective element in risking rate and return is considerablyimportant on the stock exchange. Avoiding risk gets investors look for lower riskstocks with high liquidity to provide more financial security. According to studies andresearches, it sees that free float stocks rate can affect on liquidity and stocks risk.Therefore, regarding free float and their changes can be efficient in analyzing marketconditions and help investors make better decisions.The research is tried to study the relationship between Free Float with DownsideRisk and Liquidity on Tehran Stock Exchange (TSE).Considering the years 2004 to 2008, we had 233 companies to test theories. Weused Eviews and SPSS softwares to deal with the relationship between variablesduring 16 quarterly terms.The results confirm the significant relationship between Downside Risk andLiquidity with Free Float. Manuscript profile

Open Access Article

6 - The Relationship Between created shareholder value (csv) and Performance Evaluation Measures in Growth and Value Companies
دنیا احدیان پور پروین

The aime of this study is to analyze the Relationship Between created shareholdervalue (csv) and Internal Performance Measurement in Growth and Value Companiesconsidering to size during 2003-2009 in Exchange Tehran Stock.The results show that there was significant corre More

The aime of this study is to analyze the Relationship Between created shareholdervalue (csv) and Internal Performance Measurement in Growth and Value Companiesconsidering to size during 2003-2009 in Exchange Tehran Stock.The results show that there was significant correlation between the refinedeconomic value added in the growth companies and market value added in valuecompany and shareholder wealth was more than the other variables and inclassification of company in size, in growth companies coefficient between MVA inmedium companies and REVA in large companies and in value companies coefficientbetween MVA in small and medium companies and shareholder wealth was more thanthe other variables. Manuscript profile

Open Access Article

7 - The study of effective factors on probability of default banks' credit facilities (The case study of legal customer of Export Development Bank of Iran)
شمس اله شیرین بخش ندا یوسفی جهانگیر قربان زاد

The aim of this research is to verify effective factors of legal counterparty creditrisk of Export Development Bank of Iran (EDBI), and design a probability of defaultmeasurement model using logit regression.330 probability samples were selected from companies that took More

The aim of this research is to verify effective factors of legal counterparty creditrisk of Export Development Bank of Iran (EDBI), and design a probability of defaultmeasurement model using logit regression.330 probability samples were selected from companies that took loans in year 1387(2008-2009) including 256 good pay bank customers and 65 bad pay bank customers.Seven variables have been recognized which have significant influence atcompanies' credit risk among 13 selected financial ratios as effective explanatoryvariables in default probability based on statistics indexes and economic and financialtheories. after significant examining total of the regression with LR statistic finalmodel in 5% level of significance created by them.The results expressed that cash flow on total debt ratio (CSDT), assets turnoverratio (SATA), current ratio (CACD) and liquidity ratio (LR) have a reverse effect oncredit risk. Free cash flow ratio (RETA), total debt ratio (TDTE) and current debts tonet worth ratio (CDTE) have a direct effect on credit risk. Manuscript profile

Open Access Article

8 - A Proposed Model For Cooperation Between The Bank Branches For Construction With Analytic Network Process And Zero One Goal Programming
ناصر حمیدی رضا کشاورز جهانی پروانه سموئی

Nowadays, customer satisfaction has been considered as the most significantsubject in value production by many organizations. Among these, banks can behighlighted in which customer attraction, attainment and improvement of customersatisfaction are the essential factors More

Nowadays, customer satisfaction has been considered as the most significantsubject in value production by many organizations. Among these, banks can behighlighted in which customer attraction, attainment and improvement of customersatisfaction are the essential factors of success in their competitive environments.Distribution method of branches is also an important issue which has considerableeffect on customer satisfaction. On the other hand, the resource shortage is asignificant concerns of customer oriented organizations which may occur on varioustimes and organizational structures. Relating to banks, it can be mentioned that theyhave continuously faced human and financial resource shortage for developing furtherbranches and providing distinctive services.This research deals with finding a desirable approach for selecting optimizedlocations of new branches for private banks to achieve customer satisfaction andmarket dominance in competition with their governmental counterparts. Meanwhile,the cooperation of various departments in private organizations will also beconsidered.In order to harmonize the dispersion of branches, this thesis was aimed to find newmethodology for future development of branches which can remarkably increase themarket share of private banks compared to the governmental section if used by allcomponents of private sector. Manuscript profile

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