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Open Access Article
1 - The Representation of Sacred Lineage of Caliphate on the Coins of the Second Century
Hossein Mohseni Hamidreza AzariniaThe sacred lineage of Imamate/Caliphate is one of the most challenging problems in the Islamic society in the first century. Prophet's family occupied a privileged position in political atmosphere of Muslims from the earliest period. This article puts forward the MoreThe sacred lineage of Imamate/Caliphate is one of the most challenging problems in the Islamic society in the first century. Prophet's family occupied a privileged position in political atmosphere of Muslims from the earliest period. This article puts forward the history of the controversies on the sacred lineage among the Hashimtes and Umayyids and then the Hashimites and Alavids and Abbasids through the study of the coins minted in this period. The struggles of the Abbasids and Alavids in the sacred lineage and the concession of Caliphate in Imam Ali's progeny caused in long-term disputes that could be traced through the coins. These disputes lead to mint of various coins that contained the representation of sacred lineage of caliphate from the Prophet's progeny via Imam Ali and Fatima in the years 145-200 H. Eventually, the Abbasids had to withdraw their previous approach of the rejection of Alavids legitimacy of leadership in the Ma'mun's reign and tried to have a turn into the Alavids that appeared in the coins of the Imam Reza's crown prince. Manuscript profile -
Open Access Article
2 - Buhlål the Ruler of Rey in the Time of H§rån al-RashÊd:A Study Based on a Coin Minted in MuhammadÊya (173 AH)
Mohammad Jafar Ashkevari Seyed Ali Alavinia AbarghueiThis article raises the question of who is meant by Buhlål inscribed on the coin of Ray multiplied in 173 and whether it is the name or title of a person or a phrase in confirming the grade and quality of the coin. In order to obtain the answer of MuhammadÊy MoreThis article raises the question of who is meant by Buhlål inscribed on the coin of Ray multiplied in 173 and whether it is the name or title of a person or a phrase in confirming the grade and quality of the coin. In order to obtain the answer of MuhammadÊya mint coins in the years 170 to 173 AH were compared with the data of written sources. According to the findings of this study, the Buhlål engraved on the MuhammadÊya coin is the famous Buhlål of the Abb§sÊd era, namely Abū wuhayb b. ʿAmr b. Moḡīra. With the BarmakÊds domination in the Harån period, Yahy§ BarmakÊ sent Buhlål as the MuhammadÊya (Ray) administration. Buhlål did not be in this office for a long time because of his tendency towards Shiism and possibly the caliph's concerns. Then he pretended to be mad and spent the last years of his life in Kåfa Manuscript profile -
Open Access Article
3 - Forecast the Gold Coin Future Contracts prices by ARIMA models in Iran Mercantile Exchange (IME)
سعید علی احمدیThis paper is investigated the Forecasting the Gold Coin Future Contracts prices in Iran Mercantile Exchange (IME). In this paper survey the ability the Forecasting the Gold Coin Future Contracts by Box- Jenkins Methodology. The Box- Jenkins Methodology is included the MoreThis paper is investigated the Forecasting the Gold Coin Future Contracts prices in Iran Mercantile Exchange (IME). In this paper survey the ability the Forecasting the Gold Coin Future Contracts by Box- Jenkins Methodology. The Box- Jenkins Methodology is included the Identification, Estimation, Diagnostic Checking and Forecasting. This result indicates that the ARIMA model with the two lags of Autoregressive and with the two lags of Moving Average is appropriated to predict the Gold Coin Future Contracts prices and have the ability the Forecasting the Gold Coin Future Contracts. Manuscript profile -
Open Access Article
4 - The relationship between futures and cash market price of gold coins
بهزاد فکاری سردهایی اکبر میرزاپور علی صیامی مصطفی کجوریAbstractThe aim of this study is to investigate the relationship between spot and futures priceof gold coins in Iran and how market information spread between these markets, andanalysis between changes in cash and futures price volatility is the daily gold coins. Dailyd MoreAbstractThe aim of this study is to investigate the relationship between spot and futures priceof gold coins in Iran and how market information spread between these markets, andanalysis between changes in cash and futures price volatility is the daily gold coins. Dailydata for the future price of gold coins collected in 2012 from Iran Mercantile Exchange,has been used. To examine the relationship between spot price and futures price of goldcoins multiple regression models, vector Autoregressive , GARCH and Granger causalitytest is used. The results showed that changes in futures and spot coin price does not havea significant relation in the VAR model and multiple regression , But the spot and futuresprice volatility have an effective relationship. Granger causality tests also showed there isa relation from the spot price to the futures price changes. But the spot price and futuresprice volatility results indicate that this is Duplex relationship between markets, there isinformation flow between the two markets as a perfect. Manuscript profile -
Open Access Article
5 - Analyze of the dynamics of optimal hedge ratio in the gold coin market: MS-DCC approach
Sanaz Miri Teimur Mohammadi Farhad GhaffariIn this paper, for the first time ,calculation of optimal hedge ratio for future gold coin contracts has been conflated a multivariate GARCH model (dynamic conditional correlation) with Markov Switching (MS).To this end, we use spot and futures daily prices over the 201 MoreIn this paper, for the first time ,calculation of optimal hedge ratio for future gold coin contracts has been conflated a multivariate GARCH model (dynamic conditional correlation) with Markov Switching (MS).To this end, we use spot and futures daily prices over the 2017 March through 2018 March in Iran.The results of the Markov regime switching model indicate that the study period is identified under two regimes, which is a regime that reflects the low correlation regime of the futures market and other regime indicating a high correlation on the future market. Furthermore, the optimal hedge ratio of futures contracts are less than 1 and it means the cost of this strategy is less than simple hedge ratio. In general, it can be said that a higher risk prediction under the influence of bad news leads to a transition to a high correlation regime, with the relief of uncertainty, it will be shifted in other regime. In the Economic Analysis of Extreme points of the time series of optimal hedge ratios, results show that among the major fluctuations, the absolute minimum of them is related to 2017 August 25 because of factors such as the transfer of liquidity from the futures market to the stock market at the election in Iran and the 12th of March (the absolute maximum point) because of reasons like managing investors towards secure assets due to fractures in the markets affected by fear of Trump have had dramatic changes in the aforementioned ratio. Manuscript profile -
Open Access Article
6 - Anticipation of Iran Mercantile Exchange (IME) gold coin price using Artificial Neural Network Approach with GMDH Algorithm
عباس معمار نژاد وحید فرمان آراThe economy of every country is composed of different sectors in which, the relationship amongst them determines the dimensions of the economy of that country. The capital market together with money market make up the financial market as the main arteries of an economy. MoreThe economy of every country is composed of different sectors in which, the relationship amongst them determines the dimensions of the economy of that country. The capital market together with money market make up the financial market as the main arteries of an economy. Their operation has a significant influence on the growth and development of the economy. In cases where there is no constructive relationship between the financial market and economic sectors, economic performance might be subject to distortions. The stock market as a fundamental pillar of the financial market plays a crucial role in facilitating investments in the capital market. Given the importance of expectations in different economic fields, the main purpose of this study, as its title explains, is to anticipate of Iran Mercantile Exchange (IME) gold coin price Therefore, after a brief review of dominant economic theories, a new method, artificial neural network GMDH, is used to forecast the impact of macroeconomic variables( including the rate u.s. dollar as foreign exchange, the price of gold coin, the price of gold and oil in termes of dollar, the over-all index of stocks, the delivery date of gold coin) on the gold coin price. The GMDH Algorithm is a nonlinear model to anticipate complex systematic relationships between variables of the model. The special feature of this deductive algorithm is recognition and screening of the most effective variables to estimate the model with training samples and omit the non-significant ones from the simulation process with testing samples. So, an attempt is made to solve the model via iterative methods to minimize the typical standard Error like RMSE, MAPE, and so on. Manuscript profile -
Open Access Article
7 - Estimation the risk-neutral processes in jump–diffusion models of gold coin future contracts in Iran Mercantile Exchange
Nahid Malekiniya hosein asgari aloujEstimation the risk market prices and the functions of the stochastic processes of the model are necessary in commodity derivatives pricing. When a closed-form solution is unclear, estimating of the risk market price is a main question in the jump–diffusion models MoreEstimation the risk market prices and the functions of the stochastic processes of the model are necessary in commodity derivatives pricing. When a closed-form solution is unclear, estimating of the risk market price is a main question in the jump–diffusion models. This paper along with Gomez's, Habibilashgari's and Rodriguez's review (2016) is suggested to estimate the functions of the risk-neutral processes directly from market data of Iran. In this approach, there is no need to estimate the physical drift and the risk market prices of coin future contracts pricing. This research estimates the risk-neutral drifts, volatilities and parameters of the jump range distributions with Iran Mercantile Exchange data of the coin future contract , from 2010 to 2017. The findings show that JDM and DM under price the futures prices and the prices obtained with the JDM are closer to the observed prices than those obtained with the DM. For the longest maturities the JDM provides smaller errors than the DM. The higher the maturity, the higher the differences between the two models. Manuscript profile -
Open Access Article
8 - Empirically examining of the effect of week days on future contracts market of Bahar Azadi Coin in Tehran Merchandise Exchange
Peyman Tataee Jalal Seifoddini Emad Ahmadipour Leila AzadiThis study empirically examined the effect of week days on future contracts of Bahar Azadi Coin in Iran Merchandise Exchange. We used the classic Linear Autoregressive and Generalized Autoregressive Conditional Heteroscedasticity (GARCH) to show that there isn't a stand MoreThis study empirically examined the effect of week days on future contracts of Bahar Azadi Coin in Iran Merchandise Exchange. We used the classic Linear Autoregressive and Generalized Autoregressive Conditional Heteroscedasticity (GARCH) to show that there isn't a standard pattern for the return of future contracts of Bahar Azadi Coin. Also, we presented that the daily return of future contracts depended on previous day and even the day before. Thus we concluded that the prices didn't follow "Random Walk" phenomenon in the future market of Bahar Azadi Coin and we couldn’t find any evidence for market information efficiency in weak level. Manuscript profile -
Open Access Article
9 - Algorithmic Trading System for future contract of gold coin based on intra-day data
Mohammad Ali Rastegar Amin SedaghatipourToday, with the prevalence of online trading and algorithmic trading, it is required that the trading data of financial markets be analyzed faster and become profitable decision. The purpose of this paper is to develop an automated and algorithmic trading system on gold MoreToday, with the prevalence of online trading and algorithmic trading, it is required that the trading data of financial markets be analyzed faster and become profitable decision. The purpose of this paper is to develop an automated and algorithmic trading system on gold coin future contracts in Iran Mercantile Exchange. According to the suitableness of technical analysis for two-sided markets (long and short position), 8 technical tool signals has been used for trading system. In order to develop the trading system, MOPSO algorithm is used with the aim of optimizing the efficiency function and Conditional Value at Risk (CVaR). Besides for completing the risk management system, optimized take profit and stop loss has been specified for future contract. The results show that the designed trading system has a more favorable ratio of return to risk than other competitor strategies such as buy & hold and sell & hold. Also the time frame of 30 minutes seems appropriate for designing a trading system based on gold futures contract. Manuscript profile -
Open Access Article
10 - Feasibility of Currency hedging for exporter and importer companies by Using the Iran Mercantile Exchange Coin futures contract
Ali Rostami Gholamreza Zomorodian Meysam AlimohammadiOne of the most important applications of futures, hedging is that this application is also evident in the futures coins and various stakeholders can use it. In this paper, using time series dollar in free market and price of futures contracts coin during the period 139 MoreOne of the most important applications of futures, hedging is that this application is also evident in the futures coins and various stakeholders can use it. In this paper, using time series dollar in free market and price of futures contracts coin during the period 1390 to 1393 to assess the risk of cross hedging exchange rate using futures contracts coin. First, the correlation between the exchange rate and price time series econometric model for future Coin vector regression (VAR) found. After the confirmation of residual autocorrelation and heteroscedasticity conditional on the VAR, the model BEEK (which is a multivariate GARCH model), conditional variance Currency and coins was estimated future prices and then by minimum variance hedge ratio was calculated for different maturities and the profit or loss resulting from currency risk hedging gain or loss resulting from exchange rate fluctuations were real. The results show that there is a high correlation with the price of the coin exchange rate (US Dollar), possibility of covering cross-currency risk using futures contracts provide for gold coins. Also, due to long-term memory between exchange rate fluctuations and price estimation of future coins hedge ratio through BEEK-GARCH model, and using this model include more than 70 percent to compensate losses from currency risk. Manuscript profile -
Open Access Article
11 - The effect of maturity date, trade volume and open interests on gold coin future price volatility
Reza Raei Azam Honardoost Yunes Salmani Peyman TataeiIn this research, the effect of maturity, trade volume and open interests on gold coin future price volatility in Iran commodity market have been studied since Dey 1387 to Shahrivar 1391.For doing that we can utilize two approach. In first approach, by considering 27 co MoreIn this research, the effect of maturity, trade volume and open interests on gold coin future price volatility in Iran commodity market have been studied since Dey 1387 to Shahrivar 1391.For doing that we can utilize two approach. In first approach, by considering 27 contracts separately, we perceived that the effect of trade volume is meaningful and positive. As we expected, the effect of maturity and open interests are negative, but it’s not meaningful. In second approach, by using time series observation during sample period, the effect of trade volume and open interests on future price volatility have been studied. As a result, we find that the effect of trade volume and open interests on future price volatility is positive and negative respectively. Both of these effects are meaningful, but,the former is substantially more than the latter. Manuscript profile -
Open Access Article
12 - The effect of fluctuations of the Tehran Stock Exchange index (TEDPIX) on return of investment in gold
Eftekhar Sadat Kafash Hoseini Ali RostamiThe 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 MoreThe 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
13 - Application of Geometric Brownian motion in prediction of gold price and currency rate
Hojjatollah Sadeqi Mohammadesmaeil Fadaeinejad Alireza VarzidehVariables such as exchange rates and gold prices has a great importance for economic actors therefore the aim of this study were determined as prediction of U.S Dollar exchange rate and gold coin price in Iran Market. Forecasting has been done by Geometric Brownian Moti MoreVariables such as exchange rates and gold prices has a great importance for economic actors therefore the aim of this study were determined as prediction of U.S Dollar exchange rate and gold coin price in Iran Market. Forecasting has been done by Geometric Brownian Motion model that is considered as one of the stochastic differential equations. Data were collected and analyzed in the period from the beginning of 1392 until the end of 1395. also forecasting prices for each under study time series has been done in various forecasting horizons involved 7, 14, 21, 30, 60, 90, 180 and 360 day time period. The results show that Geometric Brownian Motion model can simulate the prices of gold coin and exchange rate highly accurate in accordance with the criteria of mean absolute percentage error. Also The other results obtained from this study is that According to ten different prediction accuracy criteria, By increasing the forecast horizon, ability of the GBM model in simulation and forecasting exchange rates and the price of gold coin decreases. Manuscript profile -
Open Access Article
14 - The Analysis of Dramatic Discourse with a Layered Stylistics Approach in the novel of Hiccup Moments by Ahmad Akbarpour
somayeh avarand Seyyed Ahmad Hosseini Kazerouni Seyed Ja'far Hamidi mohamad reza shahbaziDiscourse is a term used for examples of language usage and how it affects the audience, including the language of communication, or larger linguistic units such as interviews, conversations, texts, etc. Therefore, discourse manifests in a variety of forms. Sometimes it MoreDiscourse is a term used for examples of language usage and how it affects the audience, including the language of communication, or larger linguistic units such as interviews, conversations, texts, etc. Therefore, discourse manifests in a variety of forms. Sometimes it manifests as a lecture, sometimes a novel, and sometimes as a play or script, and the like. With this mission of discourse, it appears that in some of the texts, especially novels, two or more types of discourse can be distinguished due to the circumstances and the type of sentence structure. The present descriptive-analytical study tried to first define the discourse and then to examine dramatic discourse with respect to the stylistic characteristics of the novel of Hiccup Moments by Ahmad Akbarpour. The findings indicate that the obvious style of the novel is satyre and is structurally close to a play or screenplay, so that if the author has chosen the play and screenplay forms instead of the novel to express his ideology, he would have been still successful. Manuscript profile -
Open Access Article
15 - Typology and Analysis of Characene Coins in the Ancient Iranian Museum
Bita Sodaei Abotaleb MoghassemNumismatic studies have an important role in reconstructing the history and culture of governments, which can be an accurate source of information about the past, and with their help illuminate a dark and forgotten part of history. Alexander the Macedonian established C MoreNumismatic studies have an important role in reconstructing the history and culture of governments, which can be an accurate source of information about the past, and with their help illuminate a dark and forgotten part of history. Alexander the Macedonian established Characene in 324 BC, for commercial purposes at the bank of Arvand River. The Seleucid kings ruled this city until 127 BC. Until Hyspaosines founded a local government in this region in 125 BC. Historical sources give researchers a little information about the local kings of Characene. Therefore, identifying and studying Characene coins in museums can significantly contribute to elucidating historical events during this period and fill the existing research gaps to some extent. This study aims to introduce the Characene coins of the National Museum of Iran and to examine historical events through the coin. In this research, field and documentary methods with a historical approach have been used. The results show that the Characene coins in the National Museum of Iran belong to the kings Hyspaosines, Mithradates II, and Attambelos Kings. Historical and numismatic studies show that these kings had trade relations with the Arab regions of the Persian Gulf from the period of Hyspaosines to Attambelos VI, which politically, these local rulers played the role of negative balance in the region. However, from the period of Pacorus II (AD 131), the administration of this region was entrusted to the Parthian princes and in this way limited the power of local rulers. Manuscript profile -
Open Access Article
16 - Historical Developments in East Iran during the Sassanid Period
Fereidoun Nahidi Azar Farhang Khademi NadoushanImmigrant people who had rushed to the eastern part of Iran since the time of Achaemenian up to the time of Sassanian and then had dwelt there by passage of time played an important role in politics and economical relationships of this region. In this article, we w MoreImmigrant people who had rushed to the eastern part of Iran since the time of Achaemenian up to the time of Sassanian and then had dwelt there by passage of time played an important role in politics and economical relationships of this region. In this article, we will discuss about the process of invasions of these new-comer people from eastern north borders to the Territory of Sassanid Empire. The main goal of this article is to survey and show the manner of cultural relationship and interaction of Sassanid culture and civilization with these people and capacity of culture acceptance with these cultures and tensions or accomplished developments in this mutual confrontation. Several multi dimensional contacts between Iran and its eastern neighbours in most of the cases had been compressed and foreign cultures had interacted and principally the culture that has deeper origin will have more effects in the culture of its opponent. In this time importance of eastern part of Iran was in the extent that this region had become one of the main obsessions of Sassanians and some agents of Sassanid government in Koshan (Koshan Shah) and Sakestan (Sokan Shah). In the absence of any written resources, archaeological findings reflect required informations. From among the most important of these archaeological findings, are Sassanid coins that to some extent determine the governments' territory. These coins were imitated and sampled by the kings of Gajarat, Koshan and Hons. Hons were highly influenced by Sassanid culture and transferred it to India and paved the way for immigration of Zoroastrian Iranian to this region in the later periods. Manuscript profile -
Open Access Article
17 - A Study on Parthians Economy Base on XRF Analysis of Silver Coins During Mitridat I and Mitridat II
Mahdi Sabzali Alireza Gudarzi Mostafa Khazaei Kouhpar Farhang Khademi NadoushanDue to the lack of enough information for studying the long period of Parthians, the coins are the best sources of information. There is a direct relation between elemental analysis of coins and the economic and political conditions at the period of their minting. In th MoreDue to the lack of enough information for studying the long period of Parthians, the coins are the best sources of information. There is a direct relation between elemental analysis of coins and the economic and political conditions at the period of their minting. In the current study, 12 silver coins including 8 samples from the period of Mitridat I and 4 samples from the period Mitridat II are analyzed using XRF. This test showed that at the period of Mitridat I the amount of silver in the coins was 90/863 to 96/869 percent. This large amount of silver in the coins indicates the opulence of Parthians which was the outcome of mastering the Mesopotamia trading path and pillages obtained by plundering the rich temples of Elimaid. The test on the samples of Mitredat II period reveals that the amount of silver in the coins varies from 95/671 to 65/995 percent. This significant reduction in silver content from last years of Mitriedat II period is the result of Gutares independence (who overpowered Babel and its trading path) and losing Susa. Losing these rich areas caused economic problems for Parthia ns at that period. Due to the shortage of silver, mints decreased the amount of silver used in the coins and replaced it with copper. Manuscript profile -
Open Access Article
18 - Analysis of Silver Coins during Phraates IV Period Based on PIXE Method
Mahdi Sabzali Farhang Khademi Nadoushan Alireza Gudarzi Bita sodaei Hossein Sadeghi SaghdelSilver Coins analysis technique (PIXE), seems an accurate method of measuring their constituent elements. It can offer valuable information about the chemical elements and minerals from the coins living in the coinage. During the Parthian Mint due to various reasons, th MoreSilver Coins analysis technique (PIXE), seems an accurate method of measuring their constituent elements. It can offer valuable information about the chemical elements and minerals from the coins living in the coinage. During the Parthian Mint due to various reasons, the usual procedure would change the coins for melting metal, also chose a new mineral. During the reign of the Phraates IV (38-2 B.C.) As well pre (Mitridat I 171-138 BC.), silver coins, including one derhami and four drahmy coins were bronze and copper. The silver coins to the value of the metal and geographies that in turn, were more important than practice. In this study, 10 samples of coins - a complexity Phraates IV by the PIXE were tested. It spectroscopy revealed that the element silver coins in them varies greatly. Silver drop on some coins represent an abnormal situation of economic complexity and effort to win control of the state mint for reign. Manuscript profile -
Open Access Article
19 - An Investigation in Atabakan of Azerbaijan's Coins Discovered in Zanjan
Parastoo Ghasemi AndaroudThe numismatics is an important part of archaeology which in fact is a live evidence of ancient world and different nations. It has an important role in brightening the dark and vague edge of ancient history. Every coin at every epoch, is the symbol of, customs, script, MoreThe numismatics is an important part of archaeology which in fact is a live evidence of ancient world and different nations. It has an important role in brightening the dark and vague edge of ancient history. Every coin at every epoch, is the symbol of, customs, script, language, art, civilization, wealth and trade of that nation and country. In fact, in excavated sites, coins have been used to identify the history and art of the ancient world. Coin is like a valuable written document or a small book which is not only used for trade but also has a symbolic and ethic usage. In comparison with other periods, the coins of seljukids period has been studied a lot less, so such would be so valuable. This study try to present epigraphs and artistic characteristic of Seljukids period coins which is belong to Atabakan of Azerbaijan and discovered in Sojas and Varmazyar village in Zanjan. Manuscript profile -
Open Access Article
20 - Estimation Sasanian Government Tax Incoming
hasanali arab hosein sadeghiStudy on ancient economics based on modern economic theoretical is deficiency because these have fundamental differences and we have to do with more attention. Aim of this article is estimation of tax income of Sasanian government. Poll and land tax are most important i MoreStudy on ancient economics based on modern economic theoretical is deficiency because these have fundamental differences and we have to do with more attention. Aim of this article is estimation of tax income of Sasanian government. Poll and land tax are most important incoming resources of Sasanian government cited by historical resources and archeological evidence. The Sasanian up and down economic, had influence on coins of this period and historical resources confirm with diagrams based on these. Each of taxes studied on three sections include size, value and process of taxation. We valuate quality and quantity of tax pattern and in conclude we recognize that substructure of Sasanian economic based on agriculture, and Kowad is founder and continuator of economic reforms. At least we are showing uplift process taxation system with historical resources Manuscript profile -
Open Access Article
21 - ضرابخانه های ساسانی و فعالیت آنها بعد از سقوط ساسانیان (قرن اول ه ق)
دکتر سید اصغر محمودآبادی مجتبی منصوریان -
Open Access Article
22 - تاثیر مسکوکات هخامنشی در تغییر شرایط اقتصادی دنیای قدیم(قرن پنجم و چهارم ق.م)
دکتر سید اصغر محمود آبادی مرتضی زلقی -
Open Access Article
23 - پژوهشی بر حقوق ، دستمزد و مواجب در دوران هخامنشیان
دکتر شکوه السادات اعرابی هاشمی مرضیه صدیقی هفشجانی -
Open Access Article
24 - Investigation of the Effect of Pre-dryer Types (Wheelchair and Stacking) on Quality Properties of Kale-Ghuchi Pistachio Cultivar During Storage
Ahmad Shaker Ardekani Faeze Karami Robati -
Open Access Article
25 - .
نعمت الله علی محمدی -
Open Access Article
26 - مطالعه و بررسی طرح تاج های حاکمان خوارزم باستان بر روی سکه های آن سرزمین
سارا روحانی -
Open Access Article
27 - شمایل شناسی سکه های سلجوقیان ایران و روم از منظر گفتمان مذهب بر اساس دیدگاه اروین پانوفسکی
شهره بیروتی پرناز گودرزپروری امیر باقری گرمارودی -
Open Access Article
28 - Presentation an structural model of human resource risks in capital market financial institutions In Islamic governance
azim sabet Vajhollah Ghorbanizadeh Ahmad VedadiHuman resource risks for identifying and examining environmental factors that can have a positive and negative impact on the realization of the missions and goals of financial institutions. This study aims to investigate the structural model of human resource risks in c MoreHuman resource risks for identifying and examining environmental factors that can have a positive and negative impact on the realization of the missions and goals of financial institutions. This study aims to investigate the structural model of human resource risks in capital market financial institutions. This research is applied in terms of purpose and in terms of descriptive-survey data collection method, is of correlation type. Data were collected from 86 employees of capital financing companies in Tehran and analyzed using structural equation modeling. Findings show manpower problems, the need for special manpower and special organizational needs have a significant effect on human resource risks. The results also showed that the impact of human resource risks, organizational characteristics, behind-the-scenes events and following the law on organizational strategies has been significant Organizational and human resource strategies have a significant impact on cost reduction. Therefore, taking into account that the occurrence of human resource risks in capital supply companies is considered inevitable, in order to prevent these risks and direct them in line with the improvement of the organization, the managers of these companies should be able to predict the factors that cause these risks. and take measures to reduce their harmful effects. Manuscript profile -
Open Access Article
29 - The Impact of Country Risks Index on Commercial Insurance Demand (Case Study: MENA Countries)
Ali Dehghani Niloufar Sheikh RezaieIn this research the main objective is to explore the impact of country risk index on business insurance demand in MENA countries. To this end, understanding the impact of per capita GDP, risk transition function, education level, inflation, urban population and the rea MoreIn this research the main objective is to explore the impact of country risk index on business insurance demand in MENA countries. To this end, understanding the impact of per capita GDP, risk transition function, education level, inflation, urban population and the real interest rate risk in terms of macro-economic, financial, political and commercial insurance demand in the MENA countries are targeted. The research model estimates, the demand for life insurance in three models (with regard to financial risks, economic and political) and three commercial insurance claims (by taking economic, political and financial risks), using data MENA panel of 16 countries during the period from 2007 to 2014, were to examine the effect of country risks. According to the results, political risk in business demand model is ineffective while the other risks related to financial and economical variables are positive and have a significant effect. Manuscript profile -
Open Access Article
30 - بررسی رابطه همبستگی شرطی بین بازارهای مالی ایران با تأکید بر اثر حافظه بلندمدت و عدم تقارن
شهرام فتاحی مرتضی سحاب خدا مرادی میثاق ایوتوند -
Open Access Article
31 - Pricing The Gold Coin Options of Iran Mercantile Exchange Market:"Black Scholes" and "Put-Call Parity"Approaches Pricing The Gold Coin Options of Iran Mercantile Exchange Market:"Black Scholes" and "Put-Call Parity"Approaches
Nafishe Baharadmehr Narges TahmasabiAbstractThe purpose of this paper is to price the gold coin options contracts in the Iranʻs Exchange Market. For this purpose, the "Black Scholes" model has been used as well as the "Put-Call Parity" method. GARCH model and Statistical method have been used for the "Bla MoreAbstractThe purpose of this paper is to price the gold coin options contracts in the Iranʻs Exchange Market. For this purpose, the "Black Scholes" model has been used as well as the "Put-Call Parity" method. GARCH model and Statistical method have been used for the "Black Scholes" model. The data for six Gold Coin options in the Iran mercantile exchange has been obtained for period of 16/12/1395 to 1/4/1396. The results show that both the "Black Scholes" and the "put-call parity" suggest investors buy call options. Manuscript profile -
Open Access Article
32 - سرریزی و انتقالات نوسان قیمت سکه طلا بر بازار سرمایه
مهدی صادقی شاهدانی حسین محسنی -
Open Access Article
33 - بررسی صرف ریسک واریانس در بازار قراردادهای اختیار سکه ایران
وحید میرزایی بادیزی نفیسه بهرادمهر -
Open Access Article
34 - پیشبینی تلاطم بازدهی سکه طلا در بازار داراییهای مالی ) رهیافت ANN-GARCH)
فرزین اربابی -
Open Access Article
35 - Modeling of Gold coin futures with stochastic differential equations
Rahele Baqeri mohammadreza setayesh Reza RadfarThe capital market is one of the financial markets that in a dynamic economy can pave the way for long-term economic growth.Futures contracts that derive their values from an underlying asset, are included these financial instruments.To enter the futures market, the inv MoreThe capital market is one of the financial markets that in a dynamic economy can pave the way for long-term economic growth.Futures contracts that derive their values from an underlying asset, are included these financial instruments.To enter the futures market, the investor needs to anticipate future trends to cover his risk. For this purpose, the appropriate random differential equation has been selected to model the prediction of future coin contracts in the present study.Thus, after providing the necessary explanations about the necessity of using random models and as a result of new principles called random accounts, to introduce the most important stochastic differential equation in financial sciences including geometric Brownian, geometric Brownian with jump term, Heston and the explained model are discussed. Then, the appropriate model is selected, with a practical approach and based on the ability of each model to predict the price of futures contracts by assembling the Monte Carlo.The results of the fitness criteria regarding the predictive power indicate the superiority of the model explained in these contracts. Manuscript profile -
Open Access Article
36 - Comparison of the performance of Merton and Heston models in predicting the price of gold coin futures contracts
Rahele Baqeri mohammadreza setayeshToday, investing in gold markets is an important part of any country's economy, so estimating the price of gold is one of the most important topics of study for economists and financial analysts who have developed different approaches and perspectives. Naturally, method MoreToday, investing in gold markets is an important part of any country's economy, so estimating the price of gold is one of the most important topics of study for economists and financial analysts who have developed different approaches and perspectives. Naturally, methods can be durable and suitable for use that have the least investment error and risk. In developing countries such as Iran, due to inflation and uncertainty about the future, the demand for gold to cover the risk of inflation is high.The formation of the Bahar Azadi coin futures contract market in the Commodity Exchange in recent years has also helped to create an organized market to cover risk and also to use arbitrage opportunities in the gold market. The trading statistics of Bahar Azadi coin futures contract have grown significantly since the entry of its first symbol in the trading table of Iran Commodity Exchange, so that it has created an organized market with high trading volume and appropriate liquidity in the field of derivatives trading in the country. In this study, we decided to use two models of stochastic differential equations (Heston and Merton) to predict the price of futures contracts and compare the results. Manuscript profile -
Open Access Article
37 - Investigating and analyzing the spillover effects of stock market in interaction with currency, gold-coin, crude oil and housing markets: VARMA-BEKK-AGARCH Approach
mohammadbagher mohammadinejad pashaki seyed jalal sadeghi sharid Mohammad EqbalniaOne of the most important issues in financial knowledge which is related to portfolio selection, efficiency market and asset allocation is spillover effect between markets and this effect includes return, volatility and shock effect. These days every shock or volatility MoreOne of the most important issues in financial knowledge which is related to portfolio selection, efficiency market and asset allocation is spillover effect between markets and this effect includes return, volatility and shock effect. These days every shock or volatility in one market effect on other markets. Correct identification of spillover effect is very important. This paper aims to measure and analysis spillover effect between stock, currency, gold-coin, oil and housing markets. For these purposes we collect daily data of stock, currency, gold-coin, oil and housing for the time period of 2009 to 2020.we used VARMA-BEKK-AGARCH model for estimation. Results show return spillover from currency to stock and from stock to housing and shock spillover from currency, gold-coin and oil to stock and also volatility spillover from currency and gold-coin to stock and from stock to housing. Besides result show leverage effect of shocks from stock to housing market.so we suggest in order to minimize investment risk we had better to evaluate the spillover effects in selecting markets(assets)for our portfolio. Manuscript profile -
Open Access Article
38 - ارائه مدلی برای شناسایی عوامل موثر بر قیمت آتی سکه به روش شبکه عصبی مصنوعی و مقایسه آن با مدلهای رگرسیونی
میلاد گودرزی بهزاد امیری -
Open Access Article
39 - Investigating the Value at Risk of Gold Coin Future Market through Wavelet Analysis Approach
Mohammad Hamed Khan Mohammadi mehrnoosh ebrahimiThe most common criterion used to measure market risk is the value at risk method. The value at risk is the maximum loss which may occur over a specified time period and considering a specified degree of confidence in a portfolio of assets. In the current research, data MoreThe most common criterion used to measure market risk is the value at risk method. The value at risk is the maximum loss which may occur over a specified time period and considering a specified degree of confidence in a portfolio of assets. In the current research, data related to coin future market price indicator have been considered. The daily data used were gathered over a time period from 2008 to 2017. According to the results obtained from this study, coin future price data did not have a normal distribution; accordingly, the value at risk in this market was estimated using TGARCH method. Time series was analyzed using wavelet analysis over 7 time periods of 2-128 days. In short time periods the normal distribution outperformed other distributions, but in longer time periods, the skewed-t distribution outperformed other distributions. In the sales situation, this threshold behavior is observed over a longer time period. The hope of increased future price by investors can somewhat justify these behavior changes over time. Manuscript profile -
Open Access Article
40 - Feasibility of Currency hedging for exporter and importer companies by Using the Iran Mercantile Exchange Coin futures contract
ali rostami Gholamreza Zomordian Meysam AlimohammadiOne of the most important applications of futures, hedging is that this application is also evident in the futures coins and various stakeholders can use it. In this paper, using time series dollar in free market and price of futures contracts coin during the period 139 MoreOne of the most important applications of futures, hedging is that this application is also evident in the futures coins and various stakeholders can use it. In this paper, using time series dollar in free market and price of futures contracts coin during the period 1390 to 1393 to assess the risk of cross hedging exchange rate using futures contracts coin. First, the correlation between the exchange rate and price time series econometric model for future Coin vector regression (VAR) found. After the confirmation of residual autocorrelation and heteroscedasticity conditional on the VAR, the model BEEK (which is a multivariate GARCH model), conditional variance Currency and coins was estimated future prices and then by minimum variance hedge ratio was calculated for different maturities and the profit or loss resulting from currency risk hedging gain or loss resulting from exchange rate fluctuations were real. The results show that there is a high correlation with the price of the coin exchange rate (US Dollar), possibility of covering cross-currency risk using futures contracts provide for gold coins. Also, due to long-term memory between exchange rate fluctuations and price estimation of future coins hedge ratio through BEEK-GARCH model, and using this model include more than 70 percent to compensate losses from currency risk. Manuscript profile
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