ارزش ذاتی

Open Access Article

1 - Stock valuation models with a view to achieving optimal model in the banking industry of Iran
Zahra Taraghi Jah Hashem Nikoomaram

Valuation is a knowledge which helps modeling all effective factors in the company's cash flow, while helping the share holders to determine stock intrinsic value, through discounting company's cash flow. One objective of a valuation system is to help students simulate More

Valuation is a knowledge which helps modeling all effective factors in the company's cash flow, while helping the share holders to determine stock intrinsic value, through discounting company's cash flow. One objective of a valuation system is to help students simulate changes in a firm’s financial strategies and discover how these changes affect a firm’s credit health or its value. It also simulates all company's financial affairs, through which the investors could calculate the relative reports on stock intrinsic value efficiency and regulate their transactions, as regards to the expected profit.Moreover, the Managers could also measure their decisions efficiency before the operations and render the highest return (value) to the stockholders.This research is a study over the efficiency of applying deferent approaches of valuation in obtaining the acceptable stock intrinsic value of private banks in Tehran securities exchange. Tentative instances show that discounted operating cash flow model has the most correlation coefficient with actual price of stock. Manuscript profile

Open Access Article

2 - Testing the informational Efficiency and Rational Bubble in TSE and its Subsections Using Variance Ratio Test and Stationary Test of Price- Dividend Ratio
فریدون رهنمای رودپشتی مهدی معدنچی زاج شهرام بابالویان

In an efficient market, both the allocation of capital is done optimally and the stockprice of firms is determined fairly. The bubbles in price of stocks may occur ininefficient markets, because the lack of information transparency is the major reasonof bubble arising a More

In an efficient market, both the allocation of capital is done optimally and the stockprice of firms is determined fairly. The bubbles in price of stocks may occur ininefficient markets, because the lack of information transparency is the major reasonof bubble arising and the gap between intrinsic and market value.The purpose of this paper is investigating the informational efficiency and rationalbubble in stock prices of Tehran Stock Exchange (TSE) and its subsections (TEFIX30,TX-50 and the principle 44 companies offered in TSE) in 1389 by using variance ratiotest and stationary test of price-dividend ratios. The results indicate that:1- Total index of TSE an its subsections (TEFIX30, TX-50 and the principle 44companies offered in TSE) is not weak form efficient in 1389.2- The null no bubble hypothesis of TSE and its subsections is rejected in 1389.3- There is direct relationship between inefficiency and bubble in 1389. Manuscript profile

Open Access Article

3 - Assess the profitability of fundamental analysis with present a model for the construction of the fundamental power variable using factor analysis
Saeed Fathi Ali safari Mahbobeh Jafari mazaheri kalahrodi

The investors should select which stocks to invest that maximize their wealth in the future. The present study attempts to analyze the relationship between fundamental power of stock and real return through developing an overall variable through combination of different More

The investors should select which stocks to invest that maximize their wealth in the future. The present study attempts to analyze the relationship between fundamental power of stock and real return through developing an overall variable through combination of different fundamental models. This study was conducted for predicting the best intrinsic value for investors. To do this, a sample of 35 companies which listed in Tehran Stock Exchange in chemical, petroleum, and steel industries were survey foreseen financial statemen in 2012. This study, was use for produce fundamental power from factor analysis and for valuation producted fundamental power profitability from Correlation Coefficient. The findings revealed that profitability of fundamental power is resulted from P/E ration and economic value added (EAV) model which has a positive relationship with weekly and monthly return. In addition, The findings also revealed that the use of fundamental power is resulted from Gordon Growth Model (GM) and Free Cash Flow to Equity (FCFE) has not considerable profitability for weekly and monthly investment. Manuscript profile

Open Access Article

4 - Identify factors affecting on under pricing of Initial Public Offering (IPO) shares of listed companies Tehran Stock Exchange
Shirzad Naderi Jalal Espoukeh

Every years, several companies around the world enter the capital market for the first time, through offering own shares to the public. It is the main problem to discover the stock price in initial offering .In the most capital markets in the world, the new IPO underpri More

Every years, several companies around the world enter the capital market for the first time, through offering own shares to the public. It is the main problem to discover the stock price in initial offering .In the most capital markets in the world, the new IPO underpricing has become a common phenomenon. Private companies trend to offer their shares to the public, when they receive intrinsic value of their asset and future development and growth opportunities from investors. If the price of the new shares offered to the market is determined fairly, Investors with more confidence in the capital market buy new shares. Therefore, understanding the factors affecting on IPO underpricing shares is significant. The aim of this research is to determine whether new IPO shares in Iran is underpriced or not, if so, what are the factors influencing it.For this purpose, 34 companies with IPO are selected during 1386 – 1392 and related hypothesis were tested using the method of least squares regression .The result of the correlation between the independent variables (size of company, new offering volume, market performance, uncertainty and industry type) and dependent variables of research show a meaningful negative correlation between market performance and uncertainty reverse criteria ( Age and number of personnel)on the new IPO underpricing during the research period. Manuscript profile

Open Access Article

5 - Estimating Stock Prices in the Stock Market Using the Behavioral Financial Modeling Method and Comparing Results by Earning Per Share and Markov Chains
Davoud Ahmadian

In this project, we study stock prices using behavioral financial methods to check stock prices of 50 companies from the Stock Exchange Organization during the years 2002-2013. We also want to compare the results of this method with the results of the methods of the sto More

In this project, we study stock prices using behavioral financial methods to check stock prices of 50 companies from the Stock Exchange Organization during the years 2002-2013. We also want to compare the results of this method with the results of the methods of the stock price ratio to the Markov chain. Behavioral financial-based research suggests that there are many exceptions to financial markets, and the results indicate that psychological phenomena play an important role in determining behavior in financial markets. It has been confirmed in studies that behavioral responses of investors can be considered as an important component in the market pricing process. A robust research that presents both reactive and non-reactive modes in the form of a model is Barbierz et al. In this model, investors estimate the possibility of returning to the average and the trend of prices using historical trend index and return to average, and based on that basis, they contribute to pricing, which is different from that of rational model.Markov chain is also used for stock price analysis. In this regard, the stock dividend model is used to determine the inherent value of the stock in the Markov chain. The stock price review process converts to a linear system. In addition, in the analytical method, the share price to profit (earning) ratio (P / E), is considered by analysts as a common practice in valuing stocks. The results showed that the P / E ratio was more stable with the help of different companies’ data. This ratio is used in the framework of the profit model from basic analysis.     Manuscript profile

Open Access Article

6 - Predicting academic procrastination based on utility value and intrinsic value of assignments among 10th grade high school students of Tabriz
Delaram Mohammadi Eskandar Fathi Azar Rahim Badri gargari Omid Ebrahimi

The aim of the present study was to predict academic procrastination based on the utility value and intrinsic value of assignments using a descriptive- correlational method. 350 high school students ( 175 boys and 175 girls) were selected randomly through multistage clu More

The aim of the present study was to predict academic procrastination based on the utility value and intrinsic value of assignments using a descriptive- correlational method. 350 high school students ( 175 boys and 175 girls) were selected randomly through multistage cluster sampling from among the statistical population of 10thgrade high school students of Tabriz.To collect the data, the researchers used both Takman’s procrastination scale and a validated researcher-made scale for measuring assignment value. The collected data were analyzed through conducting Pearson Product correlation and standard multiple regression analyses.The findings revealed that there was a negative significant relationship between the utility and intrinsic values of assignments and students’ academic procrastination. Moreover, the results of the standard multiple regression showed that intrinsic value was a significant predictor of academic procrastination. These findings can be utilized by teachers, counselors, and parents to enhance students’ learning and provide them with better educational guidance. Manuscript profile

Open Access Article

7 - Classification, Prioritization, Intrinsic Value, Critical Infrastructure, Assets, Indices, Best-Worst.
Gholam reza hossein ali beyki Abbas Akbarpoor Nikghalb Rashti Seyed Azim Hosseini Hamidreza Abbasian Jahromi

Today, the growth and development of societies in economic, social, political, public health and security dimensions depends on the performance of critical infrastructure. Infrastructure management and management is one of the most important concerns in this field to en More

Today, the growth and development of societies in economic, social, political, public health and security dimensions depends on the performance of critical infrastructure. Infrastructure management and management is one of the most important concerns in this field to ensure their proper performance and sustainability against the risks ahead. Securing and safeguarding critical infrastructure and key assets against all risks, factors and adverse conditions is one of the most challenging issues for governments due to limited financial resources. One way to overcome these limitations is to prioritize and classify infrastructure. Proper determination of priorities, using measurable indicators, in addition to distinguishing critical assets and infrastructure from non-critical ones, leads to optimal resource management and increases the effectiveness of measures to protect critical infrastructure. The main purpose of this study is to evaluate and validate the indicators of the vitality of critical infrastructure and determine the weight of each indicator by the best-worst method. The results of studies performed on 26 initial indicators and the validity and reliability of the indicators led to the final confirmation of 24 indicators. Weighting of indicators was done according to the best-worst method (BWM). Based on calculations based on the opinions of selected experts, the index "Number of population at risk" with a weight of 8.5%, "Independence and territorial integrity" with a weight of 7.8% and "Defense capability" with a weight of 7.8%, respectively, have the highest weight and importance. Are assigned among the indicators. Manuscript profile

Open Access Article

8 - A Model Explaining the Informational Efficiency of Stock Price Based on Various Stock Price Adjustment Speed Approaches
Mohammad Naghizadeh Younes Badavar Nahandi Rasoul Baradaran Hassanzadeh Ali Asghar Mottaghi

10.30495/faar.2024.1985726.3658

Knowing the information efficiency in stock markets and the speed with which stock markets incorporate information flow into asset prices is very important for stakeholders. The present study tried identifying and explaining the factors affecting the information efficie More

Knowing the information efficiency in stock markets and the speed with which stock markets incorporate information flow into asset prices is very important for stakeholders. The present study tried identifying and explaining the factors affecting the information efficiency of stock prices, investigating the efficiency of stock prices and providing an explanatory model for it in the Tehran Stock Exchange since 2011 to 2021. So, by investigating the literature reviews and analyzing experts’ perspectives, 65 variables were identified, and classified into 12 groups (economic variables, industry, quality of financial information, risk, market, corporate governance, regulatory, political, managerial, functional, financial limitation and company strategies). To measure the information efficiency of the stock price, the speed of the stock price adjustment in reaching the intrinsic value, the reaction to the general market information and the specific company information have been used. To identify the influential variables and provide a model explaining the efficiency of stock price information, the path analysis method was used in M_PLUS software. The models based on the stock price adjustment speed approach in reaching the intrinsic value had the explanatory power of 64 and 52 percent. The model based on the adjustment speed approach in response to general market information and the model based on the adjustment speed approach to company-specific information have an explanatory power of 74 and 64 percent. The current research, is considered an important step to help improve the level of efficiency of the country's stock market. Manuscript profile

Open Access Article

9 - The effect of investors' sentiments and risk premium factors on stocks valuation
Hamid Rostami jaz yadollah tariverdi Ahmad Yaghoobnezhad

The purpose of this study is to examine the relative importance of risk premium factors and the investor's sentiments to explain the deviations of the market price of the fundamental value of the stock of the companies. To achieve this goal, using the data of 95 compani More

The purpose of this study is to examine the relative importance of risk premium factors and the investor's sentiments to explain the deviations of the market price of the fundamental value of the stock of the 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 risk premium factors in explaining market price deviations from fundamental value of stocks has been investigated using multiple regression model. The results of the study showed that the deviation of the stock market value from the fundamental value of the stock can be explained by both the investor's sentiments and the risk premium. Negative effects of investor's sentiment lead to an assessment of below the stock market value relative to its fundamental values. The variable of the financial crisis also has no significant effect on the relationship between the investor's sentiments and the deviation of the stock market price from the fundamental value of the stock. Manuscript profile

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