Journal of Investment Knowledge: 4 (39)

Open Access Article

1 - Comparative analysis of the effect of performance criteria and monitoring TZ and Jones Earning Smoothing Models (RELIEF LARS - Variable Selection Approach)
farshid fridoni roya darabi aliasghar anvari

The phenomenon of profit smoothing is a common subject at the frontier of accounting and finance knowledge. One of the incentives for companies to mitigate profits is to minimize tax effects over time. One of the issues involved in the analysis of the factors affecting More

The phenomenon of profit smoothing is a common subject at the frontier of accounting and finance knowledge. One of the incentives for companies to mitigate profits is to minimize tax effects over time. One of the issues involved in the analysis of the factors affecting profit smoothing is the appropriate benchmark for the recognition of profit smoothing. In this research, a comparative analysis of the TN, JONES profit smoothing model was presented. The purpose of this study is to find out whether there is a difference between the profit smoothing indicators from the viewpoint of monitoring and performance with the use of Rilef and Lars alternatives. This study uses information of 150 companies during 7 fiscal years (2012-2018) in Tehran Stock Exchange to compare the effect of regulatory and functional measures on two earnings smoothing indicators. . The results show that the Rilf and Lars performance factors have a higher impact on the two indicators of tz and jones than the regulatory criteria. In general, it can be concluded that by changing the profit smoothing index and the method of selection, there is no significant difference in the impact of effective indicators, although the change in the method of affecting the impact of small indicators has little effect. Manuscript profile

Open Access Article

2 - Investigating Efficiency Stock Ranking Based on CANSLIM Analysis Criteria Using Fuzzy Multiple Attribute Decision Model
Ahmad Goodarzi Pouya Goorani

AbstractInvestors mostly rely on fundamental and technical analysis in applying past and present information to choose the optimum stock and its future trend in an attempt to increase returns. The present study investigates the relationship factors ranking of CANSLIM mo More

AbstractInvestors mostly rely on fundamental and technical analysis in applying past and present information to choose the optimum stock and its future trend in an attempt to increase returns. The present study investigates the relationship factors ranking of CANSLIM model in synthetic fundamental-technical model by Fuzzy Multiple Attribute Decision method with stock return using econometric models. The variables of the CANSLIM model include the percentage of seasonal earnings, the percent of change in annual profit, the new price, level Free Float Stock, the leading, the support of institutional investors, and the direction of the market (changes in the total index). The study also weighs stock by the Fuzzy-AHP using CANSLIM criteria, and measures its efficiency using TOPSIS technique is ranked annually. Population of the study includes 73 companies listed at stock exchange during 2010-2017 Multi-variable regression analysis based on synthetic and panel data was used. Results of testing hypotheses revealed direct effects of rating factors: percent of seasonal earnings change, percentage of annual profit changes, industry leading companies, free float stocks, CANSLIM model on stock returns. Manuscript profile

Open Access Article

3 - Investigation the Impact of Earning Smoothing and Financial Information Transparency on Stock Price Crash Risk
Leila Barati Alireza Heidarzadeh Hanzaei

The purpose of this study is to examine the impact of Earning Smoothing and Financial Information Transparency on Stock Price Crash Risk. In order to measure the financial information transparency, stock price crash risk and earning smoothing, respectively Donelson et a More

The purpose of this study is to examine the impact of Earning Smoothing and Financial Information Transparency on Stock Price Crash Risk. In order to measure the financial information transparency, stock price crash risk and earning smoothing, respectively Donelson et al. research (2010) and Len et al. (2012), Houghton et al. research (2014) and the model of Chen et al. (2012) and Tucker and Zarowin (2006) through evaluating the correlation between changes in accruals (unusual) and changes in pre-managed profits have been used. A total of 196 companies listed in the Tehran Securities Exchange have been selected during the period of six years from 2013 to 2018 according to the society's screening conditions. In addition 1176 company-year observations have been included in the statistical analyzes. The results of the research show that Earning Smoothing has a significant positive effect on the crash risk and Financial Information Transparency has a significant negative effect on the crash risk. Indeed, managers who are willing to smooth the reported earnings and create a more stable flow to support a higher level of profits, are more exposed to the stock price crash risk. Company size, financial leverage and institutional shareholders have a significant negative effect on the stock price crash risk, and the company age has a significant positive effect on the stock price crash risk. But the market value to book value ratio and Sale Standard Deviation do not have a significant effect on the stock price crash risk. Manuscript profile

Open Access Article

4 - corporate governance role in readability of board of directors' report of companies listed in Tehran Stock Exchange
Hosna ghahramani Saghir fatemeh sarraf Roya darabi

The readability and receiving a quick message from a financial report is one of the main features of a report on usefulness of decision-making by users. In this regard, board of directors' report is one of the company's (firm) optional disclosures that plays a significa More

The readability and receiving a quick message from a financial report is one of the main features of a report on usefulness of decision-making by users. In this regard, board of directors' report is one of the company's (firm) optional disclosures that plays a significant role in the decision making and reaction (response) of investors. This study has also examined readability of board of directors' report. The purpose of this study is to investigate the effect of strategic factors and corporate governance on the degree of comprehensibility and readability of manager's discretionary disclosures. This study has considered companies listed in Tehran Stock Exchange as the statistical population, sampling method is systematic removal and the sample size is 159 companies during 2013 and 2017. The research method is descriptive-correlational with causal-correlation variables. In order to process and test hypotheses, we have used the multivariate regression method and panel data as well as constant effects model. In the research model test, a significant relationship was found between corporate governance factors other than financial knowledge and readability of board of directors' report, and consequently, the company leadership system's factors were effective on readability of board of directors' report so that with strengthening corporate governance, disclosed information is more readable and the quality of optional disclosure is increased. Manuscript profile

Open Access Article

5 - Management of Downside risk and Upside risk with exchange rates and stock prices
Hosein Rad Kaftroudi Mohammadhasan Gholizadeh Mehdi Fadaei Eshkiki

The purpose of this research is to manage downside risks and upside risk with exchange rates and stock prices. This research is descriptive in nature and in terms of its purpose. The statistical population of the research is the companies accepted in the Tehran Stock Ex More

The purpose of this research is to manage downside risks and upside risk with exchange rates and stock prices. This research is descriptive in nature and in terms of its purpose. The statistical population of the research is the companies accepted in the Tehran Stock Exchange and the sample of the companies accepted in the cement and pharmaceutical industry, which can be extracted from the research data. The research period is from 1391 to 1396. This research has a theoretical model and the self-regression model was used to test the hypotheses. In the cement industry, the exchange rate variables are combined with adverse risk combination and optimal risk. But the stock price variable does not have this capability. Also, in the pharmaceutical industry, the exchange rate changes with the combination of undesirable risk and optimal risk of correlation. But the stock price variable does not have this capability. Manuscript profile

Open Access Article

6 - Calculating Tail Value at Risk Using a EGARCH-Extreme Learning Machine Model And The long-term forecast approach in the insurance industry
reza raei Azam Honardoust ezzatolah abbasian

One of the most important methods for market risk measurement is Value-at-risk (VaR) that financial institutions such as banks, insurers and investment funds use them extensively. VaR as a risk measure is heavily criticized for not being sub-additive, thus the researche More

One of the most important methods for market risk measurement is Value-at-risk (VaR) that financial institutions such as banks, insurers and investment funds use them extensively. VaR as a risk measure is heavily criticized for not being sub-additive, thus the researchers focuses on the assessment of the Tail value-at-risk (TVaR), and this measure is using on the Basel Committee on Banking and Solvency II of Europe and Swiss Solvency Test (SST). this paper focuses on TVaR to measure the risk of the stock market. Considering that the time horizon of the risks of an insurer unlike banks is annually. thus, to calculate the TVaR, we use of the two methods of the variance-covariance approach with the EGARCH-Extreme learning Machine model to volatility forecasting and use of square-root-of-time rule; and Filtered Historical simulation model. The results of using the daily returns of the Tehran Stock Exchange Index for 1388 to 1396 confirm that the EGARCH-Extreme learning Machine model with use of square-root-of-time rule performs better in TVaR calculation in terms of efficiency and accuracy. Manuscript profile

Open Access Article

7 - Bank opacity and efficiency of stock prices
Heyedeh Erfani Ali Rahmani Alireza Heidarzadeh Hanzaee

This research investigates the effect of opacity on the delay of the stock price (Tehran stock exchange and Iran Farabourse) reactions in the banks and other companies in Iran Capital Market. The proxy of opacity has been considered the spread (bid – ask gap). Hou More

This research investigates the effect of opacity on the delay of the stock price (Tehran stock exchange and Iran Farabourse) reactions in the banks and other companies in Iran Capital Market. The proxy of opacity has been considered the spread (bid – ask gap). Hou and Moskowitz's (2005) model was used to calculate the price delay reaction. Moreover, considering the importance of economic conditions, the impact of periods of boom and stagnation (GDP) on this relationship was also investigated. The research sample consisted of banks listed in Iran Capital Market as well as companies whose market capitalization is equal to 25% of the average market value of banks. The time period was from the beginning of 2009 to the end of September 2016. The hypotheses were tested using panel data. The results indicated a significant relationship between reaction price delay and spread, which confirmed the effect of opacity on the delay price reactions. The results also showed that there is no significant difference between the stock price delay reaction of banks and other companies while there is a significant relationship between economic conditions and delay price reactions. Manuscript profile

Open Access Article

8 - To Investigate Relation between Business Strategies and Overvalued Equity on Stock ‎Price Crash Risk with regard to intermediate role of companies’ ownership
Mohammad Roozbeh abdollah rajabi khanghah hamidreza kordlouie

Companies generally use aggressive and defensive strategies. The directors of aggressive companies tend to keep bad news confidential, therefore, Information Asymmetry in these companies is higher than defensive companies. So, the goal of this research is to investigate More

Companies generally use aggressive and defensive strategies. The directors of aggressive companies tend to keep bad news confidential, therefore, Information Asymmetry in these companies is higher than defensive companies. So, the goal of this research is to investigate Relation between Business Strategies and Overvalued Equity on Stock &lrm;Price Crash Risk with regard to intermediate role of companies’ ownership. Thus, the financial information of 91 companies listed in the Stock Exchange of which 14 ones with institutional entities and 77 companies with corporate ownership, has been used within years 2012 to 2017. The results figure out that business strategy has a positive and significant relationship with the overvalued equity and stock price crash risk; type of company’s ownership has not impacted on this relation, that is, in the companies with aggressive business strategy, stock price crash risk and overvalued equity are higher. Manuscript profile

Open Access Article

9 - Design financing model Small and Medium Enterprises (SMEs) with (DANP) approch
Bizhan Nosrati Barandagh Abas Toloei Eshlaghi Ehsan Sadeh Zeinolabedin Amini Sabegh

The purpose of this paper is to design small and medium-sized enterprises (SMEs) financing model. The present research is distinct from other papers published on SMEs financing in that it identifies financing criteria using fuzzy screening (FC), considers the relations, More

The purpose of this paper is to design small and medium-sized enterprises (SMEs) financing model. The present research is distinct from other papers published on SMEs financing in that it identifies financing criteria using fuzzy screening (FC), considers the relations, and weighs these criteria using Decision Making Trial and Evaluation Laboratory model based on Analytic Network Process (DANP). Statistical population and sample included 23 senior experts of SMEs industries, senior managers of banks, and university professors familiar with the concepts of SMEs financing. The results indicated that 8 dimensions and 20 criteria were identified using FC and expert opinions. Moreover, the results of DANP method showed that attracting new members is the most important criterion of SMEs financing, and loan rate from procuration and proprietary sources of banks is ranked the second. The other criteria were also weighed and ranked. Considering the causal relationships of criteria showed that revaluation of assets is the most effective criterion, and bank loan growth rate is the most affected criterion in SMEs financing. The research findings can enhance decision making and decision taking in financial performance improvement, and experts can be provided with optimal financing practices so as to develop the economy of Iran and growth these enterprises. Manuscript profile

Open Access Article

10 - Identifying the Effective Factors on developing a model for Supervision and Regulation of Financial Markets using Meta-Synthesis Approach
Ehsan Askari Firouzjaei Fraydoon Rahnamay Roodposhti

After the financial crisis from 2007 to 2009, the regulation and supervision on the financial sector has undergone massive changes and became stricter. Financial institutions that were not being monitored by the time of the crisis are now under regulation and supervisio More

After the financial crisis from 2007 to 2009, the regulation and supervision on the financial sector has undergone massive changes and became stricter. Financial institutions that were not being monitored by the time of the crisis are now under regulation and supervision, and those that were under regulation, have become obliged to comply with strict regulations. This research has designed a model of regulation for financial markets in Iran with an adaptive approach to international financial markets. Meta-synthesis method is used to examine questions in this research. Since regulation on financial markets is an important issue, there are many articles in this regard, however due to the different political, economic and legal conditions in each country, the dimensions, components, effective factors and strategies used in the regulatory process in financial markets are somewhat different and involve quantitative and qualitative studies with a broad subject dispersion. Therefore, in this research, the Meta-synthesis method is considered as an appropriate method for achieving a comprehensive combination of factors influencing the mechanisms of financial market regulation based on translation of reviewed literature. Hence, based on this, the dimensions and indicators that affect the regulation and supervision of financial markets were extracted in two separate sections. Manuscript profile

Open Access Article

11 - The impact of supporting minority shareholders and the majority stakeholder's patience on the relationship between managing information impact and corporate performance
Nima Afzalpour farzin rezaei Abdolsamad Khalatbari Limaki

Impact management is an opportunistic and informed behavior that is expressed as a targeted management strategy in the presentation of a bi-directional financial statement by the managers in the organization, and by fully disclosing the effective information related to More

Impact management is an opportunistic and informed behavior that is expressed as a targeted management strategy in the presentation of a bi-directional financial statement by the managers in the organization, and by fully disclosing the effective information related to the performance appraisal of companies, affect the perceptions of users of information and their perceptions in the direction Acquiring or protecting its interests.The purpose of this study was to investigate the effect of supporting minority shareholders and the majority shareholders' fortitude on the relationship between managing information impact on corporate performance in companies admitted to Tehran Stock Exchange. For this purpose, the required data from 79 listed companies in Tehran Stock Exchange during the period of 2008 to 2017 was collected.The results of the research indicate that information management has a negative and significant effect on the company's performance, and support for minority shareholders strengthens the relationship between information management and performance, and the majority shareholder's patience strengthens the relationship between information management and performance impact, but the impact The recovery between the management of the impact of information on performance and the willingness of majority shareholders is no more than the protection of minority shareholders. Manuscript profile

Open Access Article

12 - Competitiveness of Iran's Power Industry
RASOUL SATTATI karim emami jaz teimor mohammadi

Competitiveness is a key measure for assessing the degree of success of firms in the fields of economic and commercial competition. The Pansra Ross model is used to measure the degree of competition and compare it in recent decades, using the above model. In addition, e More

Competitiveness is a key measure for assessing the degree of success of firms in the fields of economic and commercial competition. The Pansra Ross model is used to measure the degree of competition and compare it in recent decades, using the above model. In addition, economic indicators are used to analyze the macroeconomic status of a country and determine the status of a country. Industry and organization are used in their field of activity and among other competitors at the micro level. On the other hand, productivity is a key source of national development and survival of companies in the marketplace and determines the level of competitiveness. In this study, the Panzaros model was used to rank the companies active in the electricity industry of Iran. The main purpose of this research is to estimate the competitiveness of the electricity industry firms using and finally the ranking list based on competitiveness. By combining different approaches, using power plant statistics and financial information and summarizing the opinions of relevant industry experts on key components in the model design industry. Thus, using this model information, the electricity industry firms and the designed model identify the industry's best (most competitive) and the other firms are appropriately indexed. Manuscript profile

Open Access Article

13 - Investigation Of The Relationship Between Corporate Governance And Profitability Indexes Of Investment In Iranian Commercial Banks.
mohamad ebrahim mohamadpur zarandi Mehrzad Minouie hamid tabaiezadeh fesharaki

This paper focuses on the corporate governance and profitability indexes of investment in iranian commercial banks. In this paper we discuss the state of corporate governance in Iranian commercial banks and try to find a link between corporate governance mechanisms and More

This paper focuses on the corporate governance and profitability indexes of investment in iranian commercial banks. In this paper we discuss the state of corporate governance in Iranian commercial banks and try to find a link between corporate governance mechanisms and those indexes. We found that there are some relationships between auditing quality measures, characteristics of CEO and board of directors as measures of corporate governance mechanisms and asset quality measures, efficiency measures, profitability measures, liquidity measures and capital sufficiency as measures of profitability indexesof investment in Iranian commercial banks. We report that the finding can improve the governance roles and performance evaluation of Iranian commercial Banks. Manuscript profile

Open Access Article

14 - Investigating the effects of investors' sentiments on stocks valuation
Hamid Rostami Jaz Ahmad Yaghoobnezhad Yadollah Tariverdi

The purpose of this study is to examine the impact of investor's sentiments and the volatilities of profits on the stock price of companies. To achieve this goal, using the data of 95 companies during the financial periods from 2011 to 2016, the effect of the investor's More

The purpose of this study is to examine the impact of investor's sentiments and the volatilities of profits on the stock price of companies. To achieve this goal, using the data of 95 companies during the financial periods from 2011 to 2016, the effect of the investor's sentiments and the volatilities of profits on the Expected Earnings Growth rate and required rate of return has been investigated using multiple regression model. The results of the study showed that the investor's sentiments affect the Expected Earnings Growth rate and required rate of return .The profit volatilities variable as a factor in the uncertainty of information does not have a moderating effect and does not affect the relationship between the investor's sentiments and stock prices. Manuscript profile

Open Access Article

15 - Study of The pecking order theory in financing behavior's firms in Iran under financing deficit and surplus situations
hojjat-allah ansari ronak ghanbarpour zeinab aidi

Capital structure is a combination of debt and equity that companies use to finance their long-term assets. Each of the theories proposed in the field of capital structure is influenced by a specific factor or factors, but so far no single theory has been developed that More

Capital structure is a combination of debt and equity that companies use to finance their long-term assets. Each of the theories proposed in the field of capital structure is influenced by a specific factor or factors, but so far no single theory has been developed that can comprehensively explain the structure of capital. This study tries to examine the ability of the theory of preferential behavior to explain the financing decisions of 119 companies listed on the Tehran Stock Exchange, in the period of 1388 to 1398. Therefore, by examining the financing behavior of companies under financing deficit and surplus situations, the correctness of the theory of preferential behavior has been examined. Data analysis was performed using the generalized least squares method. The results show that the financing hierarchy of companies in a deficit situation does not follow the theory of preferential behavior, and in this case, companies finance first through the issuance of shares and then through debt. The results also show that the theory of preferential behavior is valid for companies in a surplus situation. Manuscript profile

Open Access Article

16 - Predicting Customer Churn in the Insurance Industry: Identifying the Influential Factors
samaneh soltani Lifshagerd Kambiz Shahroodi Ebrahim Chirani

Iran insurance industry has recently faced with various problems regarding fluctuations in profitability, portfolio composition, the rate of loss, the rate of penetration, retention and satisfaction of insurers and market share, due to presence of numerous insurance com More

Iran insurance industry has recently faced with various problems regarding fluctuations in profitability, portfolio composition, the rate of loss, the rate of penetration, retention and satisfaction of insurers and market share, due to presence of numerous insurance companies in the competitive market. As a result, insurer maintenance has become a major goal for most of the insurance companies. Since in the insurance industry, like many other industries, the cost of searching for new insurers is far more expensive than retaining the current insurers, it is essential to identify the factors that drive insurers to churn. The purpose of this study is to investigate the literature and research background in the field of customer churn, which ultimately leads to identifying and classifying “influential factors in predicting customer churn in the insurance industry”. A systematic literature review method is used to collect and review previous studies by integrating automated and manual search strategies of all the related research articles in this field, published for the period 1389 to 1398 for Persian articles and 2010 to 2018 for English articles. The research findings identified 85 factors that affect customer churn, specifically in the insurance industry. They are classified into four categories; the factors related to the insurer, the factors related to the insuree, product/service related factors and factors regarding the relationship between the insurer and the insuree. Manuscript profile

Open Access Article

17 - The Impact of Excess Cash Holding on Liquidity Risk by Using Liu’s Theoretical framework
Seyedeh Neda Habibzadeh sina kherdyar Seyed Mozaffar Mirbargkar Mehdi Meshki Miavaghi

The aim of the current research is to study the impact of excess cash holding on liquidity risk regarding to the stock trading indexes, and based on management and investment approach of liu (2006) theoretical framework that respectively includes twelve-month liquidity More

The aim of the current research is to study the impact of excess cash holding on liquidity risk regarding to the stock trading indexes, and based on management and investment approach of liu (2006) theoretical framework that respectively includes twelve-month liquidity risk and beta liquidity risk. In this research, multiple regression and ordinary least square method have been used for testing hypotheses. The research sample includes the 130 companies which listed in Tehran stock exchange, and the period of study includes seven years from the 2011 to 2017. Results show that excess cash holding has significant and negative impact on twelve-month and beta liquidity risk, which the impact of excess cash holding on twelve-month liquidity risk is more than beta liquidity risk. Moreover, regarding to the stock trading indexes, excess cash holding leads to reducing liquidity risks, which the level of decreases in beta liquidity risk is more than twelve-month liquidity risk. Overall, holding excess cash by companies due to reducing liquidity risks, however, regarding to the stock trading indexes, the results show more decrease in beta liquidity risk based on investment approach, therefore, this study can deeply represent excess cash holding reduce the market liquidity effect on the liquidity risk. Manuscript profile

Open Access Article

18 - Investigating the factors affecting the determination of deposit insurance premiums among Iranian banks listed on the Iranian stock exchange and OTC
Mohammadreza Aghamohammad semsar Saeed fallahpor saeed shirkavand Ali Forosh Bastani

Bank deposits are a very important resource for banks, which, if accompanied by weak investments or fuel facilities, will cause many problems for financial institutions. One way to combat the burning of deposits is to insure them. The present study seeks to provide a mo More

Bank deposits are a very important resource for banks, which, if accompanied by weak investments or fuel facilities, will cause many problems for financial institutions. One way to combat the burning of deposits is to insure them. The present study seeks to provide a model that can measure the risk of the banking industry in proportion to the price of premiums. And it uses risk-based modeling. This modeling uses multivariate GARCH models, which can lead to more accurate pricing of deposit premiums. To determine the factors affecting premiums and determine their relationship, the information of active banks of Tehran Stock Exchange between 1393 and 1397 has been used. Using Blacksholes, Merton Blacksholes, Merton Blacksholes models with systematic risk and Merton Blacksholes models using multivariate GARCH modeling, premium pricing has been done. According to the results obtained from the estimation of regression equations, it was found that the premium received by the Deposit Guarantee Fund was not due to the systemic risk of the banking network and it seems better that the value of the deposit premium is considered considering the risk. Be banking. In this regard, and according to the estimated models, the systemic risk of the banking network better considers the calculated value of the premium by considering the multivariate Garchi model. Manuscript profile

Open Access Article

19 - Investigating the factors related to the implementation of economic policies of Bank Melli Iran in order to boost production to improve the performance of the financial system
Mohammad Javad Rezayati Ajpisheh Sanjar Salajeghe Mohammad Jalalkamali

The banking nature of Iran's economy has undeniably denied the key role of banks - especially Bank Melli as the economic engine and representative of the government in implementing government fiscal policies - in accelerating economic prosperity, supporting national pro More

The banking nature of Iran's economy has undeniably denied the key role of banks - especially Bank Melli as the economic engine and representative of the government in implementing government fiscal policies - in accelerating economic prosperity, supporting national production, and boosting domestic production. The purpose of this study is to investigate the factors related to the implementation of economic policies of Bank Melli Iran in order to boost production in order to improve the performance of the financial system. In this study, first the factors related to the implementation of Bank Melli Iran's economic policies, components of Bank Melli economic policies for production prosperity and components of production prosperity were identified through exploratory studies and surveys of experts aware of the issue using Delphi technique. And then these factors were tested in the form of a designed model in the statistical population. The present study is a descriptive-correlational research that has been done by survey method. Structural equation modeling was used to analyze the data. Findings of the research, while confirming the proposed research model, showed that there is a positive relationship between factors related to the implementation of economic policies and its components: intra-institutional factors and extra-institutional factors with economic policies. Also, there is a positive relationship between economic policies and its components: attracting liquidity, targeted injection of liquidity, interaction with working groups to remove barriers to production, payment of micro-facilities and payment of debt purchase facilities with a boom in production. Manuscript profile

Open Access Article

20 - Identification of the indicators of the life cycle management model for the development of banking services Case Study: Parsian Bank))
Samira Shafaei yamchelou vahidreza mirabi esmaeel hassanpoor Mohammad Hossein Ranjbar

This research was conducted using the method of thematic analysis and interviews with 10 experts from the banking sector. The results of the categorization of the topics identified during the coding phases into the four phases of the product life cycle in the model for More

This research was conducted using the method of thematic analysis and interviews with 10 experts from the banking sector. The results of the categorization of the topics identified during the coding phases into the four phases of the product life cycle in the model for the management of the life cycle of banking services showed that distinct facilities, service quality and human resources management are the basic themes of the indicators in the introduction phase, communication with customers and increases in marketing activities are the basic themes of growth stage indicators ,structural changes, customer retention, new services and internal audit are the basic themes of maturity stage indicators, and the granting of inappropriate facilities, ineffective communication with government and inaccurate estimates are one of the basic themes of indicators for the decline stage.In the quantitative part of the research, the analytic hierarchy process of AHP was used to prioritize the categories of the LCM model. The Expert Choice software is used by performing bidirectional comparisons between decision elements. According to the experts, the quality of services is the most important indicator in the introduction phase and the increases in marketing activities is the most important indicator in the growth phase and structural changes are the most important indicator in the maturity phase and inaccurate estimates are the most important indicator in the decline phase. Then the qualitative results of the research were also tested quantitatively, using statistical tests such as the t-test one sample and the Friedman test. Manuscript profile

Open Access Article

21 - Providing a model for evaluating and measuring the impact of types of intelligence on investor decisions
zahra bineshian khosro faghani makrani khadijeh eslami

The purpose of this research is to provide a model for evaluating and evaluating various types of intelligences affecting investor decisions and identifying their components, including spiritual intelligence, cultural intelligence, ethical intelligence, emotional intell More

The purpose of this research is to provide a model for evaluating and evaluating various types of intelligences affecting investor decisions and identifying their components, including spiritual intelligence, cultural intelligence, ethical intelligence, emotional intelligence, organizational intelligence, business intelligence and financial intelligence. For Data collection was done using two methods of librarianship and critical evaluation (checklist). The surveyor developed a questionnaire and distributed it among 300 of the brokers and investment companies in Tehran Stock Exchange. Data analysis was done by SPSS software and charts by EXCEL software. Structural equation design and analysis was performed by AMOS software. The Kolmogorov-Smirnov test was used to measure normality and the SEM structural equation modeling technique was used to provide the model. The results indicate that emotional intelligence, business intelligence, financial intelligence, ethical intelligence, cultural intelligence, organizational intelligence, spiritual intelligence affects investment decisions, so that emotional intelligence with factor load of 0.554, business intelligence with factor load of 0.368, Financial intelligence with factor load of 0312 has had the most impact on investor decisions, respectively. Manuscript profile

Open Access Article

22 - Liquidity and Information Efficiency in Cryptocurrencies Market
Mohammad Salehifar

In this paper, we evaluate the behavior of return, liquidity, and information efficiency in cryptocurrencis market. Cryptocurrencis are a kind of virtual currencies which cryptography technology is a basic element in their designing. They are often managed in an undistr More

In this paper, we evaluate the behavior of return, liquidity, and information efficiency in cryptocurrencis market. Cryptocurrencis are a kind of virtual currencies which cryptography technology is a basic element in their designing. They are often managed in an undistributed manner. The sample consists of 13 cryptocurrencies which were traded during 3 years (11/1/2015 until 11/1/2018) consistently. We apply Dickey-Fuller test, Ljung-Box autocorrelation parametric test, Fama-French autocorrelation test, Run and Hurst non-parametric tests to explore momentum and long-run memory in cryptocurrencis market. Findings show that cryptocurrencis return has an unpredictable behavior in markets which are more liquid. Indeed, liquidity has a direct relationship with information efficiency in cryptocurrencis market. Totally, the more liquid cryptocurrencis markets are, the less return predictability will be happened and cryptocurrencis return time series will move to a random walk. Therefore, the efficient market hypothesis will be improved. Manuscript profile

Open Access Article

23 - A study of the price bubbles in pharmaceutical firms listed in Tehran Stock Exchange
saeed khodabakhshzadeh

The price bubbles in medical commodities and medications can interrupt the pharmaceutical market. The objective of the present study is to explore the occurrence of price bubbles in the pharmaceutical market of the firms listed in Tehran Stock Exchange (TSE). The presen More

The price bubbles in medical commodities and medications can interrupt the pharmaceutical market. The objective of the present study is to explore the occurrence of price bubbles in the pharmaceutical market of the firms listed in Tehran Stock Exchange (TSE). The present work is of applied and developmental type conducted as an econometric study (time series). The statistical population was composed of 21 pharmaceutical firms listed in TSE for the period of 2012.03-2017.02. Recursive unit root tests (GSADF, RADF, and SADF) were applied for the discovery and date-stamping of the price bubbles. It was revealed that 95 percent of firms have experienced bubbles over the studied period, of which 22 percent were multiple and 78 percent were single. In 2013, 91 percent of the studied firms were encountered with bubbles while it was 62 percent in 2010. In contrast, the results of SADF refuted the existence of bubbles in 57 percent of the studied firms but confirmed that 43 percent of firms have experienced bubbles. Also, SADFG showed that 95 percent of firms have had bubbles over the studied period, of which 17 percent were multiple and 83 percent were single. In 2013, 86 percent of firms were struggling with bubbles, while in 2010, 57 percent have had bubbles.In the pharmaceutical market, we can mitigate the implications of bubbles and control the price of medical and pharmaceutical commodities by early recognition of the price bubbles. Manuscript profile

Open Access Article

24 - Trend salience, investor behaviours and momentum profitability
parvaneh khaleghi kasbi MohammadAli Aghaei

Based on Momentum investing strategy and unlike labour market hypothesis, achieving a higher profitability comparing to the profitability of the market is possible. Momentum profitability is the resultant of behavioral bias of investors in the market. Based on behaviora More

Based on Momentum investing strategy and unlike labour market hypothesis, achieving a higher profitability comparing to the profitability of the market is possible. Momentum profitability is the resultant of behavioral bias of investors in the market. Based on behavioral models investors allocate a more possibility to trend saliences and they use trends which are effective in the future stuck price predictions. It is proved in this essay that the limitation on which the investor estimates past trends is dependent on the salience of that trend.To test the hypotheses, a multivariate regression model has been used and the selected sample includes companies accepted in Tehran Stock Exchange between 2012 and 2016. The results of the research showed that investors are sensitive to the value of the price signal during the formation period and are likely to estimate stocks with an increasing trend. For this reason, it can be argued that the salience momentum strategy acts better than the non- salience momentum strategy. Manuscript profile

Open Access Article

25 - Design and explanation of stock price forecasting model in the real estate companies's stock in the Tehran Stock Exchange using Stochastic Process
hossein ojaghi Zadaleh Fathi Mehrzad Minouie

The present study has designed and explained the stock price forecasting model using stochastic processes. The statistical population of the study is all companies of the mass real estate industry in the Tehran Stock Exchange from 1390 to 1398. Data were analyzed in Evi More

The present study has designed and explained the stock price forecasting model using stochastic processes. The statistical population of the study is all companies of the mass real estate industry in the Tehran Stock Exchange from 1390 to 1398. Data were analyzed in Eviews10 and MATLAB software. Predicting stock price behavior and the whole industry index by autoregressive methods and moving average in terms of random processes showed that the explained pattern can not be used to predict stock price behavior but in some random steps, the forecasting error was negligible. Regarding the forecast of stock price behavior, the last three steps of the process, winter have a significant effect on stock price forecast; But the first step has a significant effect on predicting the behavior of the industry index. In the first steps, the error of predicting the behavior of the industry index is very small and the explained model can be used to predict the behavior of the index in the first months of the year. Manuscript profile

Open Access Article

26 - Stakeholder Integration and Financial Performance: The Mediating Role of Environmental Sustainability Orientation
Masoud Farahabady Farzaneh Heidarpoor Azita Jahanshad

The purpose of this study was to study the impact of stakeholder integration and financial performance with respect to the mediating role of environmental sustainability orientation. The statistical sample consisted of 392 managers and experts of stock exchange companie More

The purpose of this study was to study the impact of stakeholder integration and financial performance with respect to the mediating role of environmental sustainability orientation. The statistical sample consisted of 392 managers and experts of stock exchange companies who were selected using random sampling method. The type of research was applied research in terms of purpose and descriptive-survey research in terms of data collection with a description of structural equation modeling. Examining the results of the analysis, testing the hypotheses showed that stakeholder integration has an impact on financial performance with the mediating role of environmental sustainability orientation. Accordingly, stakeholder monitoring and participation in management behavior in the field of environmental sustainability orientation according to agency theory, in addition to improving economic performance due to better production and management strategies, including long-term benefits of environmental performance. Better yet, it will be like avoiding environmental commitments in the future. Manuscript profile

Open Access Article

27 - Corporative Game Theoretic Application in Stock Selection Optimization
Peyman Tataei Hashem Nikoomaram Ashkan Hafez Alkotob

Although Markowitz initially could present a compounded model of risk-return trade-off, the model was incapable of dealing with real constraints. One of financial market characteristics is conflict of interest among market players which cause to the main trend of market More

Although Markowitz initially could present a compounded model of risk-return trade-off, the model was incapable of dealing with real constraints. One of financial market characteristics is conflict of interest among market players which cause to the main trend of market be derived by market player’s interactions and each player’s strategy be a function of the other’s play. The second one is uncertainty. Both features are analyzed in Game Theory in order to optimize decision making process.In this paper, united players with negative, less than one, more than one and zero beta, established a coalition against the Market and tried to select securities that enable them to outperform it. The Market used its mean plus and mines three standard deviation as its strategies. Then player’s payoff in each strategy is determined based on how its return is better than Market and Risk free return and also how its Sharp ratio is better than the Market one. After running the game and finding the Shapely value, the optimized weights of each player and each security was calculated. The findings shows that united players won seventy five percent of twelve annual periods ending March 2018 regarding Treynor and Sharp Ratios. Also their performance was meaningfully better than the Market in the whole twelve year period. Manuscript profile

Open Access Article

28 - Designing and explaining the final purchasing model with the financial risk and investment approach Significance-Performance (IPMA)
Aliakbar Shahri Mejarshin Alireza Rousta Abdullah Naami

Today, the purchase and risk of buying domestic products is accepted as an important and fundamental principle for the prosperity of the business environment and achieving economic growth and development. The purpose of this study is to design and explain the final purc More

Today, the purchase and risk of buying domestic products is accepted as an important and fundamental principle for the prosperity of the business environment and achieving economic growth and development. The purpose of this study is to design and explain the final purchase model using the financial risk analysis and importance-performance investment approach by examining the effectiveness of variables affecting the final purchase of Iranian goods. This research is an applied goal in terms of quantitative research approach and has a descriptive survey strategy. The statistical population of the study was consumers of Iranian goods, 377 people were calculated and selected as a sample by G-Power software. The data collection tool is a questionnaire and the structural equation model with Smart Pls software has been used to analyze the data. The results of this study showed that the variable of financial risk has a positive effect on trust and a negative effect on the intention to buy. perceived value were effective on trust and purchase intention, but unlike the results of previous research, the variable of trust had a negative effect on purchase intention, so the variable of trust was not approved as a mediator. Also, the results of the importance-performance analysis of the research model show that the variables of perceived quality, perceived value and intention to buy in the model have a very favorable situation in terms of performance and importance, but the variables of product knowledge, trust and financial risk should be effective. Reduced and removed. Manuscript profile

Open Access Article

29 - The impact of business model innovation on financial performance of petrochemical company
Mohammad Fallah alireza salamatbakhsh-varjovi ali Pahlevani

The present study empirically analyzes the impact of business model innovation on financial performance of companies operating in petrochemical industry. The statistical population includes companies listed in Tehran Stock Exchange operating in petrochemical industry du More

The present study empirically analyzes the impact of business model innovation on financial performance of companies operating in petrochemical industry. The statistical population includes companies listed in Tehran Stock Exchange operating in petrochemical industry during 2011 to 2018. A total of 15 companies are selected as statistical sample. The research method is causal. The related data for theoretical literature section and hypothesis testing are gathered using library method research and financial statement data mining, respectively. Panel data regression models are used to analyze the data. The results indicate materials and equipment supply innovation and product innovation directly and significantly impact on corporate asset returns. However, the impact of marketing innovation on return on assets is not significant. The results also show Q-tobin, as a measure of firm value, is not effected by materials and equipment supply innovation and product innovation , while marketing innovation has a direct and significant effect on corporate market value. Manuscript profile

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