Journal of Investment Knowledge: 5 (8)

Open Access Article

1 - The Impact of intellectual capital on Economic Value Added in Growth and Value companies
Zahra Pourzamani Mohammad Bagher Taghieh

The aim of present study examines the impact of intellectual capital on economic value added of the shares, growth or value, and determines its difference impact in growth and value companies. Hence 103 enterprises of listed companies in Tehran Stock Exchange during the More

The aim of present study examines the impact of intellectual capital on economic value added of the shares, growth or value, and determines its difference impact in growth and value companies. Hence 103 enterprises of listed companies in Tehran Stock Exchange during the period 2005 to 2012 under study were. Using panel data regression finally fitting models according to the assumptions of the classical regression using data analysis by software Eviews and SPSS the results of testing hypotheses this suggests that in level of growth companies the only component of human capital of intellectual capital that have influenced EVA Companies and in level of value companies the only component of organization capital of intellectual capital that have influenced EVA Companies but the coefficient of determination models this indicates that 45% of the economic value added of changes in growth companies and less than 7% of the economic value added of changes in the value companies be explained by intellectual capital. Also the results indicate that the between effect of intellectual capital on economic value added growth and value companies, there is a significant difference. Manuscript profile

Open Access Article

2 - Relationship between Stock price & NAV
Nasser Shams Mahsa Pezeshki Abolfazl Davoudabadi Davoudabadi

Theoretically, the net asset value of closed end funds is considered as one of the most important indicators of their stock valuation. In practice, closed end fund stock is traded with discount or premium to their net asset value and trading with discount is more popula More

Theoretically, the net asset value of closed end funds is considered as one of the most important indicators of their stock valuation. In practice, closed end fund stock is traded with discount or premium to their net asset value and trading with discount is more popular. The purpose of this research is studying the relation between the price and net asset value of investment companies. The data for this research is the price and net asset value of investment companies accepted in Tehran stock exchange for the period from 2002 to 2009 that were investigated by econometrics methods.  According to research results in short-term relationship, auto correlation in price series is clear. The reason is more affected by two restriction factors, "Tick Size" and "Base Volume". It is clear that in long-term relationship after 2004, investment companies stock price is 67% of their net asset value plus a constant and a variable amount which is depended on time (Trend). The variable amount of long-term equilibrium relationship in Tehran Stock Exchange has descending trend that shows increase in discount of stock price in recent years.  Considering the high correlation coefficient between different companies discount in the sample over time, it can be concluded that behavioral theories have played more important role in describing discount fluctuations in Tehran Stock Exchange. Manuscript profile

Open Access Article

3 - Presenting of Investment Model for Interaction Between Industry and University with System Dynamic
Mahdi Homayounfar Abbas Toloie Ashlagy Mahdi Fadaei Ashkiki

System dynamic as emergency approach in modeling & Complex System analysis. In this paper, we use based on SD, modeling for interaction between industry and university. The research result show that can design casual chart between inventory and flow.

System dynamic as emergency approach in modeling & Complex System analysis. In this paper, we use based on SD, modeling for interaction between industry and university. The research result show that can design casual chart between inventory and flow. Manuscript profile

Open Access Article

4 - The Effect of trading volume and high P/E ratio on the price bubble in Tehran stock exchange market
Mostafa. Zandieh Rouzbeh. Ghouchani

In this study, we tested the effect of high trading volume and high P/E ratio on the price bubble in Tehran stock exchange market. In this study, trading volume and P/E ratio are independent variables, and price bubble is dependent variable.    In this study, More

In this study, we tested the effect of high trading volume and high P/E ratio on the price bubble in Tehran stock exchange market. In this study, trading volume and P/E ratio are independent variables, and price bubble is dependent variable.    In this study, At first we took a sample from the statistical population that includes all the accepted companies in the Tehran Stock Exchange Market by Cochrane method, then data accumulated by Rahavard Novin software, then we distinguished existence of price bubble by the run test method  and finally the relation between variables of the hypothesis were tested by linear regression.    At the Tehran stock exchange market we are witnessed high rate volatilities of total index from 1385 till now. Experts find the root of stock exchange market crisis in different things; some of them consider bubble price as the reason of the crisis.    According to the results of testing the hypothesis of the research from 1385 until bahman 1391; First, low trading volume increases the bubble price; Second, high P/E ratio directly affects the bubble price.   Manuscript profile

Open Access Article

5 - Studying the Effect of the components of the cash conversion cycle and return on assets in abkame company.
Khosro Faghani Makarani Zahra Bineshian Yaser Ahmadi

This study examines the relationship between the cash conversion cycle and return on assets in this company from (1382) through (1390).in this research we study the effect of different variables of cash conversion cycle on profitability in this company. these variables More

This study examines the relationship between the cash conversion cycle and return on assets in this company from (1382) through (1390).in this research we study the effect of different variables of cash conversion cycle on profitability in this company. these variables consist of: Account Payable period,Inventory Turnover Period,Account Receipt Period. Current ratio, debt ratio, sales growth was considered as a control variable. For analyzing datas and accepting or rejecting each hypothesis we use from pearson and regresun correlation coefficient also we use that for normality. The conclusion of this study shows an inverse relationship between variables of cash conversion cycle and return on assets. it means if account receipt, cash conversion cycle and period of debt payment  increase ,the profitability of this company will decrease  so managers can create the positive value for shareholders with decreasing period of debt payment, period of inventory turnover, period of demand collection and… Manuscript profile

Open Access Article

6 - Measurment of stock liquidity criteria surrounding capital raising decisions
Ebrahim Abbasi Alireza Rajabpour

This study investigates the explaining ability of the stock liquidity criteria before and after capital raising decisions by using stock rights and stock dividends.For this purpose liquidity criteria including trading volumes, trading value, number of trading days, trad More

This study investigates the explaining ability of the stock liquidity criteria before and after capital raising decisions by using stock rights and stock dividends.For this purpose liquidity criteria including trading volumes, trading value, number of trading days, trading frequency and the number of buyers are investigated.This study includes are month before closing  the symbol and one month after opening the symbol following extra ordinary assemblies on stock right and stock dividends issue.This paper investigates 215 capital raising cases during 2005-2010 years in Tehran stock exchange. The results of the pairs t-test demonstrated that the mean liquidity criteria after capital raising in comparasion with before that doesen’t have any significant differences. But there is significant and positive correlation between percent of capital raising with liquidity criteria. Manuscript profile

Open Access Article

7 - Style Investing and Return Predictability
Maryam Davallou Hamidreza Fartokzadeh

This research investigates cross section individual stock return predictability by style return in Tehran Stock Exchange. Test of stock return predictability is performed based on Fama and Mac-Beth regression model using data from 1380 to 1389. Also for profound analysi More

This research investigates cross section individual stock return predictability by style return in Tehran Stock Exchange. Test of stock return predictability is performed based on Fama and Mac-Beth regression model using data from 1380 to 1389. Also for profound analysis, the relation between co-movement of stock return with its style return and momentum is examined. So, Portfolio analysis approach based on dual sorting is used for the latter test. The outcomes of this research confirm future cross-section stock return predictability by style-based return over twelve month formation period. The results indicate that co-movement of stock return with its style return generates variation in momentum profit. This finding is restricted to twelve month formation period and one month future return horizon and is not observed over longer horizon future return. Manuscript profile

Open Access Article

8 - Causes increased past maturity and delayed debt real customers bank mellat branches of Tehran
Hosein Safarzadeh Mohammadhasan Ebrahimi Sarvolia Abdol Rasul Karimi Yazdi

 Since the delayed demand result in sources loss,Blocking the sources Of markazi bank  , loss cush , profit , rate of cash flowing , and totally decrease the  power of the competition of the bank. So it shows the importance of delayed demands. and the del More

 Since the delayed demand result in sources loss,Blocking the sources Of markazi bank  , loss cush , profit , rate of cash flowing , and totally decrease the  power of the competition of the bank. So it shows the importance of delayed demands. and the delayed  demand directly or indirectly offect on profit . and the profit of markazi bank has a direct effect on the share market. because of the importance this study is about identifing the causes rising in the delayed demand (debt).the static sample in this study is all of the Tehran branches and is about 250 people from the mangers , experts , credit clerks of the mellat bank in tehran branches. The casuses of the rising in delayed debt is categorized in tree groups ,quantity information , quality information analysed and the actions of mangers and clerks . and by testing the z or t samples with statistic soft ware and finally the results categorized with fredman test . the results  show that , the customer quality information the action of mangers , and clerks , the quantity information of the customers effect on vising the delayed debt respectivly. In other word , customers quality in formation has high and quantity informqtion has low effect on creating delayed debt and among secondry variables and the value of security (quality variable) has high importance , and among the credit policy (the variable of clerks and mangers)has low importance so the aftention of the clerks to the quality information of the  customers  has high importance. Manuscript profile

Open Access Article

9 - Strategic Performance Analysis
Mohammad Jalili Mousa Ahmadi Elham Asgari

Ultimate goal of each commercial company is rising in wealth of shareholders. Proper function increase Company’s value and ultimately increase the shareholder’s wealth. Companies can’t achieve their goals without any proper strategy and making strategy More

Ultimate goal of each commercial company is rising in wealth of shareholders. Proper function increase Company’s value and ultimately increase the shareholder’s wealth. Companies can’t achieve their goals without any proper strategy and making strategy is a result of performance evaluation of different aspects. economic value added and cash management are two items of internal performance evaluation criteria and today’s  economic value added is considered as the best criteria for internal performance evaluation which is representative of shareholder’s wealth and it has close relation to market value added as an external index of value creation. Two dimensional matrix of financial strategy with a combination of cash management and economic value added considering to company’s position in each area, proposes four financial strategy objectives. In this research, position of food companies accepted in Iran Stock Exchange since 2001 to 2010 are defined in financial strategy matrix and considering to their positions in the matrix proper strategies are proposed for move to better position and ultimately relation between EVA, spread and difference between sales growth rate and sustainable growth rate with changes in MVA during ten years is investigated. Result of this research demonstrates that there is a meaningful relation between EVA and spread with changing MVA. But there is not meaningful relation between difference of sales growth rate and sustainable growth rate and changing MVA. Hence Food Companies accepted in Iran Stock Exchange must enlist other criteria for their own cash management and to evaluate their performance and taking proper financial strategies. Procedure of this research is linear regression analysis and spss software is used for hypotheses examination. Manuscript profile

Open Access Article

10 - Efficiency Evaluation and Rating of registerd brokerage firms of Tehran Stock Exchange Using data envelopment analysis (DEA)
Heidar Foroughnejad Ghader Masoomi Khanegha Manochehr Mirzaei

The main purpose of this study is to evaluate the efficiency and rating of registerd brokerage firms of Tehran Stock Exchange using data envelopment analysis. To do this, the rating data of 87 active brokers in Tehran Stock Exchange that have done for 1390(2012) year b More

The main purpose of this study is to evaluate the efficiency and rating of registerd brokerage firms of Tehran Stock Exchange using data envelopment analysis. To do this, the rating data of 87 active brokers in Tehran Stock Exchange that have done for 1390(2012) year by securities and exchange organization, was used and broker’s efficiency was measured by using DEA-Master software. Also, efficient brokers were rated based on Anderson-Peterson method in two states of input oriented and output oriented. Results showed that, among the 87 brokers, only 44 brokers were efficient. Results also showed, brokers that have top rated by securities and exchange organization, based on data envelopment analysis techniques are not necessarily efficient. In other words, some of low rated brokers by securities and exchange organization were more efficient than top rated brokers by securities and exchange organization. Manuscript profile

Open Access Article

11 - Using the Utility Theory for Finding an Optimal Structure of Bank Asset Liability
M. E. Pourzarand M. Alborzi F. Hosseinzade Lotfi M. Shahriari

A classic bank Asset - Liability problem tries to find an optimal solution that maximize the return and minimize the risk simoltaneously. But there is an obvious conflict between these objectives that makes it impossible. Based on this situation, there are too many stud More

A classic bank Asset - Liability problem tries to find an optimal solution that maximize the return and minimize the risk simoltaneously. But there is an obvious conflict between these objectives that makes it impossible. Based on this situation, there are too many studies that try to propose some helpful method; But most of them lie on decision makers empirical ideas. This paper proposes a novel method that use a utility theory as a more quantitative approach for solving the problem. At first, it measures the utility function of the related managers and then the problem reduce to a solvable one for finding the optimal solution.   Manuscript profile

Open Access Article

12 - The Impact of Income Management on the Performance of Shares Valuation Models
Ali Baghani

Choosing a suitable method for stock assessment can be responsive to the needs of investors in determining the fair value of the stock. But the question is whether earnings management can affect performance evaluation models? In order to answer this question, In this s More

Choosing a suitable method for stock assessment can be responsive to the needs of investors in determining the fair value of the stock. But the question is whether earnings management can affect performance evaluation models? In order to answer this question, In this study hypotheses regarding the impact of earnings management on the performance evaluation model based on Residual income and based on discounted cash flow in the two – year short term periods and seven –year long term periods were developed. This study, which was performed by the correlation analysis, by using regression analysis and Means Comparison test, tries to provide the possibility of the optimal model selection for investors. The population of this study is Companies listed on the Stock Exchange which has been active in the period of 1379-1390 years. The results indicate that in the short-term horizon, earnings management hasn't a significant effect on the predictive ability of the listed evaluation models. But in the long-term time horizon Income smoothing has a significant effect on the evaluation models’forecast error, and in the long-term timescales Residual income model has Lower prediction error. Manuscript profile

Open Access Article

13 - The effect of fluctuations of the Tehran Stock Exchange index (TEDPIX) on return of investment in gold
Eftekhar Sadat Kafash Hoseini Ali Rostami

The purpose of this paper is to examine the relation between gold return and stock market Return (TEDPIX) and whether its relation changes in times of consecutive negative market returns for an indeveloping  market, Iran. The paper applies the autoregressive dist More

The purpose of this paper is to examine the relation between gold return and stock market Return (TEDPIX) and whether its relation changes in times of consecutive negative market returns for an indeveloping  market, Iran. The paper applies the autoregressive distributed model to link gold returns to stock returns with TGARCH/EGARCH error speciﬁcation using daily data from 6, th Farvardin 1390 to 24, th Shahrinar 1391, a total of 341 observations. Findings show A signiﬁcant positive but low correlation is found between gold and once-lagged stock returns that was not significant in 5% level. Moreover, consecutive negative market returns do not seem to intensify the co-movement between the gold and stock markets as normally documented among national stock markets in times of ﬁnancial turbulences. Indeed, there is some evidence that the gold market surges when faced with consecutive market declines. Based on these results, there are potential beneﬁts of gold investment during periods of stock market slumps. The ﬁndings should prove useful for designing ﬁnancial investment portfolios. Originality value of this paper is to evaluate the role of gold from a domestic perspective, which should be more relevant to domestic investors in guarding against recurring heightened stock market risk. Manuscript profile

Open Access Article

14 - Portfolio Rebalancing Model based on Fuzzy Decision Theory
Zahra Amirhosseini Laleh Shabani Barzegar

In this paper, we used portfolio rebalancing strategy as a mechanism for review of the stock of investor The Fuzzy approach to trading costs.  The designed Model is based on three key factors, expected return, risk and the stock Degree of liquidity. To test the mo More

In this paper, we used portfolio rebalancing strategy as a mechanism for review of the stock of investor The Fuzzy approach to trading costs.  The designed Model is based on three key factors, expected return, risk and the stock Degree of liquidity. To test the model, we used data and information of traded stocks on the Tehran Stock Exchange during the period 1388 to 1390 and with arrival of Enter the subjective expectations levels of investors, we have examined the performance of the model in two scenarios. The results can show the subjective expectations levels of investors than expected return, risk and liquidity in order to re-balancing of Investors portfolio. Manuscript profile

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