List of Articles اختیارات سرمایه گذاری

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  1 - Clarifying the Relationship between the Return and the Simultaneous Volatility of Stock Returns Utilizing Investment Options Pattern
  Rahnamay Roodposhti farydoon Hashem Nikoomaram Jafar Joola
  The aim of this study is clarifying the relationship between the return and the simultaneous volatility of stock returns utilizing investment options pattern. Covariance of return and volatility (based on standard deviation of stock return) as the dependent variable and More

  The aim of this study is clarifying the relationship between the return and the simultaneous volatility of stock returns utilizing investment options pattern. Covariance of return and volatility (based on standard deviation of stock return) as the dependent variable and investment options, based on four measures including: firm size, firm age, sale revenue growth and market value to book value ratio, as the independent variable have been calculated. In the developed model of research, effects of two factors were studied as the control variable, including: flexibility of management decisions and performance of the Fama French model on the relationship between the return and the simultaneous volatility. The results of the multiple regression using data of 63 companies in the sample between 2006 and 2015 show, 95% confidence level, variables which affect real options and control variables, will also affect the relationship between the return and simultaneous volatility of return. More the amount of options for a company gives the stronger effect. Manuscript profile
• Open Access Article
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  2 - Explaining the Effective Factors of Stock Returns Using the Investment Options Approach
  Farzin Khoshkar Hassankiadeh Seyed Ali Nabavi Chashmi Iman Dadashi Kaveh Azinfar
  The necessity of research on predicting investment returns and presenting effective models of its explaining and compare the most efficient ones, affects both the expansion of investment in the financial market and the creation of more confident conditions for decision More

  The necessity of research on predicting investment returns and presenting effective models of its explaining and compare the most efficient ones, affects both the expansion of investment in the financial market and the creation of more confident conditions for decision making and portfolio formation. Experimental testing of some models has shown that investment options are measurable as a way to create more options as one of the most common types of real options based on investment options and can be effective in explaining stock returns. The purpose of study is to explain the factors affecting equity returns using the investment options approach. The information from this study is taken from the financial statements of 146 companies during the period 1390-1397. The research is applied in terms of purpose; in terms of nature and content it is a correlation type. Multiple regression based on panel data analysis was used to test the relationship between variables and the significance of the model. The results of the hypotheses test showed that investment options based on Grullon's four-factor model affect stock returns and firms with more aggregated investment options based on Grullon's model have higher stock returns. In addition, the results showed that there is a significant difference between the explanatory power of Fama and French's five-factor asset pricing model and the investment options model based on Grullon's model in explaining stock returns. And the explanatory power of the Grullon's model in explaining stock returns is more than the Fama and French five-factor model. Manuscript profile