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      • Open Access Article

        1 - Modeling the Relationship between Efficiency, Risk and Capital in the Iranian Banking System
        sayed majid koocheki mohammad hasan janani Mohammadreza Setayesh Mahmoud Hematfar
        AbstractIn this study, we first calculate and estimate the efficiency of all banks listed in the Iranian Stock Exchange in the period 2012-2012. This estimation is made using the model of Eegner et al. (1977). Then, using the three-stage model presented by Shrews & More
        AbstractIn this study, we first calculate and estimate the efficiency of all banks listed in the Iranian Stock Exchange in the period 2012-2012. This estimation is made using the model of Eegner et al. (1977). Then, using the three-stage model presented by Shrews & Dahl (1992), Kay Van & Eisenberg (1997) and Altonbass et al (2007), using the Simultaneous Equation Path Analysis method to investigate the relationship between productivity, risk and We have capitalized and calculated the direct and indirect impact of these variables and their impact on each other. The results show that the model used is appropriate and there is a significant relationship between these three variables. The data obtained from this analysis, based on the adjusted coefficient of determination obtained from the research model, show that the impact of productivity and banking risk on capital is greater.Keywords: Banking Productivity, Banking Risk, Capital, Route Analysis Manuscript profile
      • Open Access Article

        2 - Explain the appropriate pattern of risk-taking power of stock market investors based on social capital using the factor of exploratory factor analysis approach and modeling of structural equations
        seyed pouria Mirbozorgi mahmood ahemmatfar mohammad hasan janani
        Social capital is a concept that expresses the quantity and quality of human relations in society. High social capital reduces exchange costs, increases the possibility of cooperation and activities with mutual benefits, and the severity of problems that lead to market More
        Social capital is a concept that expresses the quantity and quality of human relations in society. High social capital reduces exchange costs, increases the possibility of cooperation and activities with mutual benefits, and the severity of problems that lead to market failure, so the purpose of this study is to explain the appropriate pattern of risk-taking power of stock market investors based on capital. Social is using the analytical factor analysis approach and structural equation modeling. This research is applied in terms of purpose, applied research and is in the category of causal research. The research community includes experts and investors to identify indicators from Questionnaire 28. A question was used which, after confirming the validity and reliability, was used to collect the data. Exploratory and confirmatory factor analysis using SPSS and PLS software has been used to analyze the data. According to the data analysis, the findings and statistical information of this study show that seven after social capital sub-factors have a positive and significant effect on investor risk-taking, so it can be concluded between social capital and risk-taking. There is a strong relationship between investors, which is in line with the results of the present study. Manuscript profile
      • Open Access Article

        3 - Explanation of the Role of Investors’ Emotional Inclination on the Stock Liquidity of Firms Listed on Tehran Stock Exchange
        hamid moridipour Mahmoud Hemmatfar mohammad hasan janani
        Many studies introduce the liquidity of assets, one of the variables considered by investors, to be influenced by various factors such as investors’ emotions. The investors’ emotions in the market are explained by the financial behavioral approach. This appr More
        Many studies introduce the liquidity of assets, one of the variables considered by investors, to be influenced by various factors such as investors’ emotions. The investors’ emotions in the market are explained by the financial behavioral approach. This approach is the opposite of the classical financial theories. Hence, this study was mainly aimed at investigating the relationship between investors’ emotional features and the stock liquidity in the Iranian stock market. To this end, the data of 95 active firms from those listed in stock exchange market in a 7-year period from 2013 to 2019 (Solar Years 1392-1398) were investigated using a multivariate regression model based on the panel data method. The results of testing the research hypotheses revealed a significant relationship between the investors’ emotional features and the stock liquidity of large and small firms. Given the significance level of the research model’s modulators, the high and low emotional features in small firms have a significant negative relationship with stock liquidity; however, this significant relationship was not confirmed for large firms. Furthermore, the significance of the whole regression model may be concluded given F statistic. Based on Durbin-Watson statistics, there is no strong autocorrelation between the research variables. Manuscript profile
      • Open Access Article

        4 - Behavioral biases and decisions of real and legal investors under conditions of uncertainty in Tehran Stock Exchange
        mohammad zeynivand mohammad hasan janani mahmod hematfar mohammad reza setayesh
        In this study, the behavioral biases and decisions of real and legal investors under conditions of uncertainty in the Tehran Stock Exchange were investigated. For this purpose, two market conditions including uncertainty due to uptrend without resistance and uncertainty More
        In this study, the behavioral biases and decisions of real and legal investors under conditions of uncertainty in the Tehran Stock Exchange were investigated. For this purpose, two market conditions including uncertainty due to uptrend without resistance and uncertainty due to downtrend without support are studied as conditions of uncertainty in investment decisions and the effect of 15 behavioral biases of investors in two groups of investors. Real and legal were tested on financial decisions based on buying, selling or not taking action for the transaction. The statistical population of the study included real and legal investors in the Tehran Stock Exchange, of which 385 real investors and 100 legal investors were selected by available sampling method and research questionnaires were provided to them. In order to analyze the data obtained from the distribution of the questionnaire, the fitting of polynomial logistic regression models was used and the results showed that the behavioral biases of real and legal investors had different effects on their investment decisions and also the type of influence of each. Behavioral biases on a variety of investment decisions have varied due to market uncertainty. Finally, models were proposed to predict the investment decisions of both groups of real and legal investors using their behavioral biases. Manuscript profile
      • Open Access Article

        5 - The relationship between stock liquidity, cost of capital, and family ownership
        omid farhad toski mohammad hasan janani mahmood hematfar
        The main purpose of this research is to investigate the relationship between stock liquidity and cost of capital and family ownership in 113 companies among the companies listed in the Tehran Stock Exchange during the period of 1391 to 1395. The research method is corre More
        The main purpose of this research is to investigate the relationship between stock liquidity and cost of capital and family ownership in 113 companies among the companies listed in the Tehran Stock Exchange during the period of 1391 to 1395. The research method is correlational and multivariate regression has been used using combined data with a fixed effect regression model approach. The research findings indicate that there is a positive and significant relationship between the Amihud lack of liquidity variables and the number of trading days with cost of capital equity, and there is a negative and significant relationship between the spread ask – bid price and the cost of capital equity. Also, there is a positive and significant relationship between the percentage of free floatation shares and the number of trading days with the cost of capital debt and there is a negative and significant relationship between the bid – ask spread and with the cost of debt capital. Also, there is a positive and significant relationship between the Amihud lack of liquidity variables and the number of trading days with the weighted average cost of capital, and there is a negative and significant relationship between the price bid – ask spread and the value of transactions with the weighted average cost of capital. In addition, the family ownership variable has a positive and significant effect on the between stock liquidity and weighted average cost of capital. Manuscript profile