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Open Access Article
1 - Investigating the Relation between Corporation Social Responsibility and Cost Stickiness
Naser Izadinia Majid Hashemi DehchiRecent researches about cost behavior shows that costs are not changed regarding the fluctuation in sales. In other words, costs are increasing during the sale increase. However, when the sale decreases, the costs reduction will not be as much as sale’s decline. T MoreRecent researches about cost behavior shows that costs are not changed regarding the fluctuation in sales. In other words, costs are increasing during the sale increase. However, when the sale decreases, the costs reduction will not be as much as sale’s decline. This cost asymmetric timeliness is called costs stickiness. Several aspects such as corporation social responsibility (CSR) influence the cost stickiness.in oreder to measure corporation social responsibility as the independent variable of the study are used KLD. Hence, the purpose of this study is to investigate the effects of CSR on cost stickiness. To test the hypothesis, we study 115 companies listed in Tehran Stock Exchange in the period of 2009 to 2014. For data analysis and hypothesis testing, multivariate regression model and the compound data method are utilized. theresults show that the relation between CSR and cost stickinessis positive and significant.In other words,the cost stickiness will be intensified due to the CSR. Manuscript profile -
Open Access Article
2 - The Impact of Real Earning Management on Investors' Asymmetric Perceptions in the Capital Market: Examination of the moderating role of Excess Stock Price Volatility
Leila Zamanianfar Bahman Banimahd zahra dianati dalamiInvestors' perceptions in the capital market will not only influence individual decision-making and the allocation of monetary resources to the investment on corporate stocks, but also affect the total capital market. Investors' asymmetric perceptions are not usually in MoreInvestors' perceptions in the capital market will not only influence individual decision-making and the allocation of monetary resources to the investment on corporate stocks, but also affect the total capital market. Investors' asymmetric perceptions are not usually influenced by one measure because of the extent of the expansion, but in a general segmentation it can be attributed to macroeconomic dimensions and industry-level criteria. The purpose of this study is to investigate the impact of real earning management on the investors' asymmetric perceptions in the capital market with regard to the moderating role of Excess Stock Price Volatility. In this study, 102 companies in Tehran stock exchange that were selected through systematic elimination sampling were evaluated in the period of 2015 -2019. Logistic regression was used because of the biased measurement of the dependent variable of this study, namely investors' asymmetric perceptions.The results showed that real earnings management has a significant positive effect on investors' asymmetric perceptions. It was also found that Excess Stock Price Volatility intensifies the positive impact of real earnings management on investors' asymmetric perceptions. Manuscript profile -
Open Access Article
3 - Designing a conceptual framework for analyzing implemented curriculum in class from the perspective of “human as an agent” theory
behnaz Bahadori Zahra Niknam Nematollah Mousapour Khosrow Bagheri Noaparast,The purpose of this article is to present a conceptual framework for the analysis of implemented curriculum based on the human agent theory and the characteristics of elementary classrooms in order to provide grounds for the implementation of the aforementioned theory i MoreThe purpose of this article is to present a conceptual framework for the analysis of implemented curriculum based on the human agent theory and the characteristics of elementary classrooms in order to provide grounds for the implementation of the aforementioned theory in the classroom. The research was conducted in an inferential way by examining about forty sources related to the theory of human action. Forty-four principles resulted in six dimensions of "teacher's educational end", "teacher's knowledge", "Awareness of the student", "method", "content", "teacher-student emotional relationships". in the dimension of "teacher's educational end " six principles, in the "teacher 's knowledge" and the "Awareness of the student", each one of the principles in the dimension of "Method" teaching, evaluation, class management, encouragement and punishment and behavior with difficult students' components were found nine, four, nine, three and four principles. in the content dimension, four principles and in " teacher - student "emotional relationship" were mentioned three principles. If the teacher can act based on the principles derived from this article, he can cross the narrow border of the agent student and the confusion of the class; Because the first and most important challenge for teachers in the classroom is classroom management and how to implement the curriculum in practice. Manuscript profile -
Open Access Article
4 - Higher moments portfolio Optimization with unequal weights based on Generalized Capital Asset pricing model with independent and identically asymmetric Power Distribution
Bahman Esmaeili Ali Souri Sayyed Mojtaba Mirlohi -
Open Access Article
5 - Evaluating the Asymmetric Effects of Parallel Financial Markets Shocks on Financial and Commercial Risk as well as Cash Returns
Farzin Axon Seyed Hossein Nasl Mousavi Abbas Ali Pour AghajanListed companies are always affected by shocks and instabilities in parallel financial markets such as exchange rates and gold. Knowledge of how these impacts are useful for managing companies and investors to make optimal decisions regarding risk management, financing MoreListed companies are always affected by shocks and instabilities in parallel financial markets such as exchange rates and gold. Knowledge of how these impacts are useful for managing companies and investors to make optimal decisions regarding risk management, financing and investment. Therefore, in this study, the effect of investigating the asymmetric effects of parallel financial markets shock on stock returns and financial and commercial risk of 262 companies listed on the Tehran Stock Exchange during the period 2009-2010 using the Generalized Torque (GMM) approach. Been investigated. The results show that the negative and positive shocks of the exchange rate and the price of gold have an asymmetric effect on trade risk, finance and stock returns. These asymmetric effects apply in terms of size, sign and significance. Positive gold price shocks also have a negative effect on trade risk and a positive effect on financial risk, but these shocks do not have a significant effect on stock returns. In contrast, the impact of negative gold price shocks on financial risk is negative and market returns are positive (the impact of negative shock on trade risk is not statistically significant). Based on the above results, it can be stated that corporate operating costs and financing costs are affected by price shocks in the gold and foreign exchange markets. Manuscript profile -
Open Access Article
6 - Design and modeling of high-sensitivity plasmon multifunction optical-mechanical sensor based on thin metal grooves
vali Pourhossein Hamed SaghaeiIn this paper, a high-sensitivity plasmonic sensor for molecular absorption using symmetric and asymmetric grooves are engraved into thin metal films. The creation of very small grooves with sub-wavelength sizes (nanometers) on a thin metal film leads to a significant i MoreIn this paper, a high-sensitivity plasmonic sensor for molecular absorption using symmetric and asymmetric grooves are engraved into thin metal films. The creation of very small grooves with sub-wavelength sizes (nanometers) on a thin metal film leads to a significant increase in the sensitivity associated with molecular absorption. By concentrating light within the grooves, the peak wavelength shift is improved. When the groove is engraved inside the structure, the sensitivity improves to 8.4 times more than the grooveless structure. The sensor functions for plasmonic structures with symmetric and asymmetric grooves have been investigated and it is shown that the proposed sensor is capable of performing biomolecular detection in multiplex form. Manuscript profile -
Open Access Article
7 - Asymmetric Effects of Stock Market shocks on Foreign Exchange Market in Iran: Application of DDC and APARCH Models
Mansoreh Zeraati Masoud Soufi Majidpour Mamood Mahmoodzadeh Mhdi FathabadiAbstractIn this paper, the asymmetric effects of stock market shocks on the exchange rate in Iran were evaluated using the daily data from 20/03/2016 to 21/06/2023 using cointegration and APARCH methods. The evidence shows that both shocks (positive/negative) are repeat MoreAbstractIn this paper, the asymmetric effects of stock market shocks on the exchange rate in Iran were evaluated using the daily data from 20/03/2016 to 21/06/2023 using cointegration and APARCH methods. The evidence shows that both shocks (positive/negative) are repeatedly found in the Iranian stock market. Out of 2642 days, 1601 days of the market had negative returns and 1041 days had positive returns. In 511 days the market has fluctuated more than one standard deviation (big shocks). Estimates show that there is a strong long-term relationship between these two markets. The findings showed that the reaction of exchange rate to the positive and negative shocks of the stock market is asymmetric and has a long-term effect on the exchange rate. The behavior of the exchange rate towards negative and positive impulses is cyclical. The big negative shocks in the stock market gradually increase the return of exchange rate and eventually this effect does not disappear and puts the exchange rate at a higher level. But the effect of the big positive shocks in the stock market on the exchange rate is dampening. Negative shocks have a greater impact on conditional volatility compared to positive momentum. Also, the fluctuation of the stock market shows a very stable pattern. Keywords: shocks, stock market, exchange rate, asymmetric, APARCH.JEL Classification: G19, N25, F31, C58 Manuscript profile -
Open Access Article
8 - Examine The Asymmetric Effects of oil Price shocks on Iran’s Economic Growth and Interest Rate: Nonlinear VAR Model
saeed samadi ali sarkhosh-sara Omid Amini DarrevazanAbstract The aim of this paper Major part of GDP of Iran driven by oil revenues. As the oil price fluctuations vary the oil incomes, assess the effect of this variation on economic growth is a matter of importance. In this regard, this survey investigate the asymmetric MoreAbstract The aim of this paper Major part of GDP of Iran driven by oil revenues. As the oil price fluctuations vary the oil incomes, assess the effect of this variation on economic growth is a matter of importance. In this regard, this survey investigate the asymmetric effects of oil price shocks on Iran's economic growth and interest rate using seasonal data from 1999:4 to 2015: 3 using self-equilibrium pattern of nonlinear transient nonlinear transmission (LSTVAR) series, including high and low oscillation regimes. Oil price fluctuations are selected as a transition variable, and using the generalized instantaneous reaction function, the asymmetric effects of oil price shocks on economic growth and interest rate have been examined. The results indicate that oil price shocks in both high and low volatility regimes have different and asymmetric effects on economic growth and interest rate. The shock of oil prices in the high-fluctuation regime at the start will reduce economic growth to a greater extent than the increase in economic growth in a regime with low volatility. According to the results, it is suggested that saving excess oil revenues in oil price increases should be considered so that this surplus can be used to reduce the adverse effects of oil price fluctuations. Manuscript profile -
Open Access Article
9 - Investigating Impact of Market Structure and Asymmetric Information on Performance of Active Firms on the Tehran Stock Exchange in a Dynamic Model
Monir Sadat MirjamaliMehrabadi Abbas Najafizadeh Majid Zanjirdar Peyman GhafariAshtianiAbstractIn the stock market, information plays an important role, if there is information asymmetry in market, maybe over time, the market moves toward incomplete competition models. The Tehran Stock Exchange, as the largest and most integrated part of the Iran capital MoreAbstractIn the stock market, information plays an important role, if there is information asymmetry in market, maybe over time, the market moves toward incomplete competition models. The Tehran Stock Exchange, as the largest and most integrated part of the Iran capital market, does not have much history and as a result, several factors affect the activities of this market. Therefore, in this study, we investigate the factors affecting the performance of these firms. For this purpose, the 40 active firms in the Tehran Stock Exchange whose data are available are considered. The required data of the study were collected from the Tehran Stock Exchange site, the Rahavard Novin software and balance sheets of these firms during the period of 2008-2018 and models are estimated using with STATA 14. The performance variable in this study has three proxies including ROA, ROE and EBT indexes. The data analysis was done with GMM Dynamic Panel. Two main variables of market structure and asymmetric information are examined. The results show that the former have a direct relationship and the later have an inverse relationship with firm performance. The results also indicate that the information asymmetry trend is increasing and monopolistic competition is the best description of the degree of competition among the active firms of the Tehran Stock Exchange. Manuscript profile -
Open Access Article
10 - Investigating the asymmetric effects of high-frequency transactions on the returns of companies listed on the Tehran Stock Exchange (using the MS-EGARCH model)
Alireza Zafarpour Ahmed Sarlak Gholam Ali HajiAbstract The purpose of this research is to investigate the asymmetric evaluation of the high-frequency valuation of the company listed on the Tehran Stock Exchange using the MS-EGARCH model. For this purpose, the 5-minute data of Tehran Stock Exchange was used in the MoreAbstract The purpose of this research is to investigate the asymmetric evaluation of the high-frequency valuation of the company listed on the Tehran Stock Exchange using the MS-EGARCH model. For this purpose, the 5-minute data of Tehran Stock Exchange was used in the period of 2021-2022. Based on the results of the research, it was determined that the variable trend of stock exchange returns in non-linear mode (separation of period length into high and low regimes) is preferable to linear mode, and when the volatility of stock trading is small, the average return of the stock market changes, but the variance of the return changes. The stock market has no significant effect. Also, the results show the asymmetric effects of the effect of stock trading on the changes in stock exchange returns in the boom regime, and the fluctuations of stock trading in the average and high variance regime, in the state of increasing and decreasing stock trading, will have a different effect on the changes in stock exchange returns, and generally its positive effect It is smaller than its negative effects. As a result, it is suggested that the policy makers in the implementation of policies related to the capital market should be proportional to the regime in which the capital market is located, different policies and even if the policies are the same, the intensity of their implementation should be proportional to the characteristics of that regime in each regime. Manuscript profile -
Open Access Article
11 - The Evaluation of the Static Trade-off Theory in Capital Structure
Hashem Nikoomaram Fereydoon Rahnama Roodposhty Arefeh MoshefiOne of the major tasks of a financial manager in company is determining providing the best combination of financial resources for their company, in other words, the best capital structure. These decisions should be in line with increase in value of the company. Accordin MoreOne of the major tasks of a financial manager in company is determining providing the best combination of financial resources for their company, in other words, the best capital structure. These decisions should be in line with increase in value of the company. According to modern theories of capital structure, a lot of important factors must be considered in combination the capital structure. so, in this study, we have concentrated on examining some major factors on the capital structure of the companies registered in securities exchange within 1382-1387 interval, in the frame of modern theory of capital structure such as static trade-off theory .for this paper we have ed 75 companies registered in T.S.E and also we use multiple regression with panel data to measure correlation between capital structure and factors mentioned about. Finding show that during the study period, factors such as: profitability and liquidity have an indirect meaningful relationship with capital structure, also variables like collaterals have direct meaningful and size have meaningless relationship with capital structure. Finally we conclude that finding in this study in T.S.E don’t confirm the static trade-off theory findings except collaterals. Manuscript profile -
Open Access Article
12 - The Impact of Cash Flow Asymmetric Sensitivity on Relationship between Financing Constraints and Conditional Conservatism
یداله تاری وردی ندا عمادیانThis study reviewed the impact of cash flow asymmetric sensitivity on relationship between financing constraints and conditional conservatism in listed firms of Tehran Stock Exchange (TSE). In this study, 138 firms of Tehran Stock Exchange were evaluated. To test the hy MoreThis study reviewed the impact of cash flow asymmetric sensitivity on relationship between financing constraints and conditional conservatism in listed firms of Tehran Stock Exchange (TSE). In this study, 138 firms of Tehran Stock Exchange were evaluated. To test the hypothesis, themultiple linear regression modelswere used. The findings show that financing constraints have a positive& meaningful impact onconditional conservatism.AlsoCash flow asymmetric sensitivitydoesn't have positive &meaningful impact on conditional conservatism. In addition, Cash flow asymmetric sensitivity does not have a positive & meaningful impact on relationship between financing constraints and conditional conservatism. Manuscript profile -
Open Access Article
13 - Forecasting Volatility & Risk Management in Tehran Stock Exchange through Long memory impacts
ehsan Taiebysani Madihe Changi AshtianiIn this paper we explored the relevance of asymmetry and long memory in modeling and forecasting the conditional volatility and market risk of equity market in Iran capital M MoreIn this paper we explored the relevance of asymmetry and long memory in modeling and forecasting the conditional volatility and market risk of equity market in Iran capital Market (Tehran Stock exchange(TSE) and Iran Fara Bourse(IFB)). A broad set of the most popular linear and nonlinear GARCH (generalized autoregressive conditional Heteroskedasticity)-type models is used to investigate this relevancy of asymmetry and long memory. Our in sample and out-of-sample results displayed that volatility of commodity returns can be better described by nonlinear volatility models accommodating the long memory and asymmetry features. In particular, the FIAPARCH (Fractionally Integrated Asymmetric Power ARCH) model is found to be the best suited for estimating the VaR forecasts for both short and long trading positions. This model given a risk exposure at the 99% confidence interval level have Several implications for equity market risks, policy regulations and hedging strategies can be drawn from the obtained results of this paper. Manuscript profile -
Open Access Article
14 - The Probability of Informed Trading Criterion in measuring the information asymmetry risk and ranking of Tehran Stock Exchange companies
Hamidreza Korditamandani Gholmreza Zamanian Madjid Hatefi MadjumerdAsymmetric information can have a huge impact on financial markets. One of the important effects of asymmetric information in the market is the Inclination of market performance towards disruptions and inefficiencies, as the way information is input in the fluctuation o MoreAsymmetric information can have a huge impact on financial markets. One of the important effects of asymmetric information in the market is the Inclination of market performance towards disruptions and inefficiencies, as the way information is input in the fluctuation of market prices and determining the final price and asymmetric information can reduce efficiency. In this regard, the main objective of this research is to measure the risk of information asymmetry using theProbability of Informed Trading (PIN) model in Tehran Stock Exchange companies. The results show that the information asymmetry risk of Tehran Stock Exchange companies is not the same and there is a significant difference between the information risk asymmetry indexes. Manuscript profile
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