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Open Access Article
1 - Relationship between Stock Liquidity and Investment Opportunities
حسین کاظمی عباس حیدریOne of risks which relevance with firm’s stock is stock liquidity. Stock with highliquidity for stockholders and investments have been attractive and increase demand forit. Increasing in demand and attractive for firm’s stock, leads to easy and inexpensivefi MoreOne of risks which relevance with firm’s stock is stock liquidity. Stock with highliquidity for stockholders and investments have been attractive and increase demand forit. Increasing in demand and attractive for firm’s stock, leads to easy and inexpensivefinancing and increase in firm’s expanding. More over decrease expected returns ofstockholders. Therefore in this article investigate relationship between stock liquidity andinvestment opportunities which liquidity measure with bid- ask spread, the period from1383 to 1389(Iranian calendar). Results show that there is a positive and relationsignificant between stock liquidity and investment opportunities. More overThere is a negative and significant between stock liquidity and expected returns. Onthe other hand liquidity is one of ingredient which increase firm’s opportunities anddecrease cost of equity capital. Manuscript profile -
Open Access Article
2 - A study of APT and Adj-CAPM Models for Forecasting Expected Return
Z. Amirhosseini S. Mohseni BehbahaniThe question in a Securities of Iran is which one of models of pricinghave better and more precise result in financial science for pricing stocksof company. In this research the expected return will be explaining inAdj-CAPM on the basis of liquidity and in APT on the ba MoreThe question in a Securities of Iran is which one of models of pricinghave better and more precise result in financial science for pricing stocksof company. In this research the expected return will be explaining inAdj-CAPM on the basis of liquidity and in APT on the basis of set ofrisk«price of oil, price of gold, inflation, and rate of foreign exchange,rate of interest and index of stock exchange». The main purpose of thisresearch is the examination of ability explaining Arbitrage pricing theoryand Liquidity adjusted capital assets pricing model. For this purpose,first, the Betas have been computed, and then according to betas,expected return of two models will be computed. Therefore by usingRegression Analyzing and Pearson Correlation we will reach to this resultthat Arbitrage Pricing Theory has more performance and ability thanAdjusted Capital Asset Pricing Model. Manuscript profile -
Open Access Article
3 - Modeling daily price fluctuations, liquidity and the effect of magnetism on the temporary cessation of trading on the Tehran Stock Exchange
saeed gholami seyed yahya abtahi gholamreza askarzadeh hamid khajeh mahmoodThe importance of volatility in financial markets is that sharp price fluctuations in markets lead to a decrease in public confidence and, as a result, reduce the demand for investors in the market, and this will reduce economic growth in the future. Had. The purpose of MoreThe importance of volatility in financial markets is that sharp price fluctuations in markets lead to a decrease in public confidence and, as a result, reduce the demand for investors in the market, and this will reduce economic growth in the future. Had. The purpose of this study is to investigate the effect of daily price fluctuations, liquidity and the effect of magnetism on the temporary cessation of trading on the Tehran Stock Exchange. In this study, to test the relative effectiveness of the symbol stop and the price fluctuation limit, the changes in the mean from the pre-event period to the post-event period have been investigated. 600 trading interruptions and 1149 price fluctuations of 120 selected companies by elimination sampling method during the period 2010-2020 have been investigated. The statistical test of the research performed using SPSS software. The results show that the factor of daily price fluctuations, liquidity and the effect of magnets on the stoppage of trading and the development of research models with this factor and the formation of corresponding modified models, improves the performance of those models in explaining stock stops. Manuscript profile -
Open Access Article
4 - Study the Effect of Stock Liquidity on Excess Return with Five Factors Arbitrage Pricing Model
Zahra Farshadfar Mansour Khalili EraghiIdentifying the important factors of risk and return and optimal resources is one of the most important element to reach the maximum return. This would help individuals and institutions investors searching the best strategy to help them reaching this. This research try MoreIdentifying the important factors of risk and return and optimal resources is one of the most important element to reach the maximum return. This would help individuals and institutions investors searching the best strategy to help them reaching this. This research try to study the five factor arbitrage pricing model based on the Cerhat four factor model plus stock liquidity and testing the empirical model in Iran Stock ExchangeFor do that we have used the panel data model for the period of 2008-2012 for 173 active unit in Tehran Stock Exchange Manuscript profile -
Open Access Article
5 - The Relationship between Disclosure Quality and Stock Liquidity in listed Companies on Tehran Stock Exchange
احمد یعقوب نژاد علی ذبیحیThis study examines relationship between disclosure quality and stock liquidity in Tehran stock exchange. We use a sample of 72 listed companies over a five-year (1383-1387). Results in other countries show that improving disclosure quality decreases information asymmet MoreThis study examines relationship between disclosure quality and stock liquidity in Tehran stock exchange. We use a sample of 72 listed companies over a five-year (1383-1387). Results in other countries show that improving disclosure quality decreases information asymmetry. So stock liquidity increases to decline information asymmetry. The focal point of our study is improving disclosure quality resulting in more stock liquidity .The multivariate pooled regression model is used to examine the hypotheses. However, we do not find any significant association between disclosure quality and stock liquidity. Manuscript profile -
Open Access Article
6 - عوامل مؤثر بر قدرت بازاری بانکها در بازارهای مالی
اعظم حاجی آقاجانی -
Open Access Article
7 - Modeling risk in accordance with the financing structure in the money market based on probabilistic decision theory
hamidreza iravani hamidreza kordlouieuie narges yazdanianhas not been raised in recent years, but has been the focus of researchers in recent decades. Different sources of financing make it possible to make the desired investment and can increase the wealth of shareholders. Therefore, considering the importance of risk in the Morehas not been raised in recent years, but has been the focus of researchers in recent decades. Different sources of financing make it possible to make the desired investment and can increase the wealth of shareholders. Therefore, considering the importance of risk in the financing structure, the purpose of this study is to model risk in accordance with the financing structure in the money market based on probabilistic decision theory. In terms of research method, this research is in the category of descriptive-analytical research of the time series type. The statistical population of the study is experts in the field of financial management of banks. In this study, after reviewing various literature in the fields of financial risks and financial ratios of banks, the most important risks were identified. A combination of two methods was used to collect data. By using the library method of the subject literature; A theoretical framework and background were provided for the research, and in the second stage, we modeled by collecting the opinions of experts. In this study, after collecting information, Ahp technique was used. The results showed that systematic risk has the highest priority. Liquidity risk is in the second priority. Income distribution risk in the third priority, operational risk in the fourth priority, capital risk in the fifth priority, credit risk in the sixth priority,Market risk in the seventh priority,Competition risk in the Eighth priority andMarket liquidity risk in the last priority. has it. Manuscript profile -
Open Access Article
8 - The Impact of Excess Cash Holding on Liquidity Risk by Using Liu’s Theoretical framework
Seyedeh Neda Habibzadeh sina kherdyar Seyed Mozaffar Mirbargkar Mehdi Meshki MiavaghiThe aim of the current research is to study the impact of excess cash holding on liquidity risk regarding to the stock trading indexes, and based on management and investment approach of liu (2006) theoretical framework that respectively includes twelve-month liquidity MoreThe aim of the current research is to study the impact of excess cash holding on liquidity risk regarding to the stock trading indexes, and based on management and investment approach of liu (2006) theoretical framework that respectively includes twelve-month liquidity risk and beta liquidity risk. In this research, multiple regression and ordinary least square method have been used for testing hypotheses. The research sample includes the 130 companies which listed in Tehran stock exchange, and the period of study includes seven years from the 2011 to 2017. Results show that excess cash holding has significant and negative impact on twelve-month and beta liquidity risk, which the impact of excess cash holding on twelve-month liquidity risk is more than beta liquidity risk. Moreover, regarding to the stock trading indexes, excess cash holding leads to reducing liquidity risks, which the level of decreases in beta liquidity risk is more than twelve-month liquidity risk. Overall, holding excess cash by companies due to reducing liquidity risks, however, regarding to the stock trading indexes, the results show more decrease in beta liquidity risk based on investment approach, therefore, this study can deeply represent excess cash holding reduce the market liquidity effect on the liquidity risk. Manuscript profile -
Open Access Article
9 - Liquidity analysis based on principle of fluidity of physics: a new approach.
Fraydoon Rahnamay RoodposhtiLiquidity is one of the main and crucial elements of capital market which resulted inits ultimate performance and is a indicator of its development. As such Liquidityleads to availability of required funds and finance for active investment firms in Stockmarket.The main MoreLiquidity is one of the main and crucial elements of capital market which resulted inits ultimate performance and is a indicator of its development. As such Liquidityleads to availability of required funds and finance for active investment firms in Stockmarket.The main purpose of this research is to analyse stocks liquidity using the physics principlesthat is considered to be one of the innovative concepts which increases the possibility of acomprehensive analysis in the subject matter as well as increased financial knowledgethrough other scientific branches such as physics and introduction of a new concept calledfinancial physics.This research in terms of methodology, philosophical and analytical and its approach is areview and extension which has been carried out by analysing the relevant literature andrelated literature.The findings of the research show that firstly, the analysis of stock liquidity using theprinciple of fluidity means, liquid properties in analyzing the states of this matter in physics,is more comprehensive and of the scientific foundations, and secondly, the interactionbetween the disciplines of finance and physics is the field of science development.subsequently, the results show that the stock market and its analysis can be determinedmore rationally by taking advantage of the characteristics of the liquid. fourth, the results ofthis study revealed that the roots of liquidity (fluidity) of liquid translation (liquid) derivedfrom liquid properties i.e. fluidity and flow. being transparent and …). Manuscript profile -
Open Access Article
10 - Design and Explanation of a Model for the Registration and Listing of company's shares to achieve the development of Tehran Stock Exchange based on 1404 vision of Islamic Republic of IRAN
Hamid Mirmoini Gholamhosein Asadi Mohammadreza Hamidizadeh Ahmad RoostaThe present research was conducted with the aim of designing and explaining the model of registration and public offering of stocks in order to develop Tehran Stock Exchange based . The research was applied in terms of aim, correlational and survey based in terms of met MoreThe present research was conducted with the aim of designing and explaining the model of registration and public offering of stocks in order to develop Tehran Stock Exchange based . The research was applied in terms of aim, correlational and survey based in terms of method of data collection, and mixed (quantitative-qualitative) and exploratory in terms of type of collected data. The population consisted of two parts: qualitative part which is including ten persons of university teachers and economic-financial researchers those selected by targeted method and capital market participants, in Tehran among whom 384 individuals were selected as a sample size using Cochran formula and random sampling method. In the section of questionnaire, a researcher-made questionnaire with 52 questions was utilized which were about pre-offering measures, post-offering requirements, Successful Initial Public Offering of shares, accepting shares, liquidity and Tehran Stocks Exchange. The validity of the interview questions were approved using the opinions of the related experts (Content Validity) while the validity of the questions used in the questionnaire were approved using construct validity in two parts of convergent and divergent. In addition, the reliability of the questionnaire was approved using the Cronbach's alpha method which the results of the validity and reliability were acceptable. On the other hand, analysis of the qualitative data was carried out through coding and content analysis. Moreover, analysis of the quantitative data was done using Correlation test through SPSS software and Structural Equation Modeling (SEM) through Smart PLS software. The results demonstrated that holding meeting for introducing and appropriate informing, advertising initial public offering of securities, determining the right time of initial offering and appropriating pricing are factors affecting pre-offering measures, and management of liquidity of securities, management of fluctuations in securities, and innovation in derivative instruments are among factors influencing post-offering requirements in Tehran Stocks Exchange. According to the identified components, a model was presented in the field of accepting and offering stocks in order to develop Tehran Stock Exchange based on Islamic Republic of Iran's horizon vision in 2025 which the model fitting criteria were acceptable. Moreover, the test results indicated that pre-offering measures and post-offering requirements had impact on IPO in Tehran Stocks Exchange; IPO had impact on Tehran Stocks Exchange; accepting shares had impact on Tehran Stocks Exchange; liquidity had impact on Tehran Stocks Exchange; liquidity had impact on IPO. Manuscript profile -
Open Access Article
11 - Forecasting Stock Price Manipulation in Capital Market
Mirfeiz Falah Shams Hamid Reza Kordlouei Amir DehghaniThe goal of the present article is extending and developing Multiple Disciminant Analysis (MDA) method which is able to distinguish buble price in Tehran stock exchange. The principal goal of the present study is to offer model for approximating buble price and also the MoreThe goal of the present article is extending and developing Multiple Disciminant Analysis (MDA) method which is able to distinguish buble price in Tehran stock exchange. The principal goal of the present study is to offer model for approximating buble price and also the factors efficient to make the model work at Tehran stock exchange. In order to do so by applying separation method a sample consisting of 397 companies accepted at Tehran stock exchange were selected and information related to their price and volume of trades during years 2001 until 2009 were collected and then through performing runs test, skewness test and duration correlative test the selected companies were divided into 2 sets of with bubble price and non bubbled companies. In the next stage by investigating cumulative return process and volume of trades in bubbledted companies, the date of starting bubble price was specified and in this way the multiple discriminant analysis, and by using information related to size of company, clarity of information, ratio of P/E and liquidity of stock one year prior bubble price; a model for forecasting bubble price of stocks of companies present in Tehran stock exchange were designed. At the end the power of forecasting model was studied by using data of test set. Whereas the power of forecasting MDA model was 90.2%; the model has high power to anticipate bubble price. Manuscript profile -
Open Access Article
12 - Measurment of stock liquidity criteria surrounding capital raising decisions
Ebrahim Abbasi Alireza RajabpourThis 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 MoreThis 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
13 - Portfolio Rebalancing Model based on Fuzzy Decision Theory
Zahra Amirhosseini Laleh Shabani BarzegarIn 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 MoreIn 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 -
Open Access Article
14 - بررسی تاثیر تغییر حسابرس بر نقدشوندگی سهام در شرکت های پذیرفته شده در بورس اوراق بهادار تهران
حسن همتی غلامحسن تقی زاده محمدرضا طهماسبیان -
Open Access Article
15 - Investigating the Impact of Economic Uncertainty on Stock Liquidity with an Emphasis on CEO Tenure
Arash Derajhshanmehr roghayeh nazari Ali MashayekhiIn the current study, the impact of economic uncertainty on stock liquidity has been investigated with an emphasis on CEO tenure. This research is practical in purpose, and from a correlation methodological perspective, it is causal (post-event). The research population MoreIn the current study, the impact of economic uncertainty on stock liquidity has been investigated with an emphasis on CEO tenure. This research is practical in purpose, and from a correlation methodological perspective, it is causal (post-event). The research population consists of companies admitted to the Tehran Stock Exchange. A systematic elimination sampling method has been used to select 124 companies from 2012 to 2019. In this research, macroeconomic variables, including changes in the inflation rate, interest rate, exchange rate and gross domestic product (GDP), have been used to assess economic uncertainty. Furthermore, both autoregressive conditional heteroscedasticity (ARCH) and generalized autoregressive conditional heteroscedasticity (GARCH) models have been employed to investigate uncertainty. Finally, by using the panel data model and multivariate regression, research hypotheses have been investigated. According to the results of the classical hypothesis test based on variance heterogeneity, the generalized least squares (GLS) method has been utilized. According to research findings, economic uncertainty has a substantial impact on stock liquidity. The interactive effects of CEO tenure along with changes in inflation and interest rates on stock liquidity are inverse and significant. For economic growth and exchange rate changes, however, they are positive and significant. . Manuscript profile -
Open Access Article
16 - Evaluation on the Relationship between Assets Liquidity and Stock Liquidity
Manizheh Firoozi Hassan Hemmati Hassan GhodratiStock Liquidity risk can be thought as one of the factors affecting the investors expected return. Clarifying a measure according to the specifics of the company to measure the stock liquidity could help the investors to make better decisions. In this study, we examine MoreStock Liquidity risk can be thought as one of the factors affecting the investors expected return. Clarifying a measure according to the specifics of the company to measure the stock liquidity could help the investors to make better decisions. In this study, we examine the relationship between assets liquidity and stock liquidity in hole of druggist firms listed in Tehran Stock Exchange during the years 1387 and 1388. We use the turnover ratio. The results show that there is a significant relationship between the assets liquidity and stock liquidity. This relationship depends on market expectations regarding the deployment of the firm's liquid assets. Thus our hypothesis links stock liquidity to managerial actions that change the liquidity of the firm's assets, such as investment financing, and payout. Consistent with my prediction, I find that after controlling for firm fixed effects, increase in asset liquidity increases stock liquidity, too.The relation is stronger when the manager is less likely to convert liquid assets into illiquid assets such as for low market to book, during economic recessions, and when expected payout is high. Manuscript profile -
Open Access Article
17 - تعیین رابطه بین شفافیت اطلاعاتی، نقد شوندگی و ارزشیابی شرکت
محمد رضا نیکبخت حمید کلهر نیا -
Open Access Article
18 - The Relationship between Stock Returns and Return Fluctuations with the Liquidity of the Stock Market of Companies Listed on the Tehran Stock Exchange during the Outbreak of the Corona Virus
Zahra Hooshmand Naqabi Hossein Eslami Mofid Abadi Mohammed AghasiAbstract The current research was conducted with the aim of investigating the relationship between stock returns and volatility with the liquidity of the stock market during the outbreak of the Corona disease in companies listed on the Tehran Stock Exchange. The resear MoreAbstract The current research was conducted with the aim of investigating the relationship between stock returns and volatility with the liquidity of the stock market during the outbreak of the Corona disease in companies listed on the Tehran Stock Exchange. The research method is descriptive, in terms of practical purpose and in terms of the type of post-event information collection. The statistical population of this research includes all the companies admitted to the Tehran Stock Exchange, which have been determined using the systematic sampling and elimination method for the period between 2018 and 2019, which is 133 companies. Multivariate regression analysis and statistical tests such as Durbin-Watson, Shapiro, Dickey and variance inflation factor have been used to analyze the data and test the research hypotheses. Finally, Fisher's test was used to check the significance of the regression line equation, and Student's t-test was used to check the significance of the coefficients. The data related to research variables after being collected in Excel software have been analyzed using the statistical software Eviews. The results of the hypothesis test showed that there is a significant direct relationship between stock returns and fluctuations with the liquidity of the stock market during the outbreak of the Corona disease. Manuscript profile -
Open Access Article
19 - Risk modeling of financing structure according to probabilistic decision theory through ANP
Hamidreza Iravani Hamidreza Kordlouie Freydoon Rahnamay Roodposhti Narges YazdanianDifferent types of risks threaten financial and credit institutions. Therefore, managers of organizations must identify and manage the existing risks. The risk that directly affects the profitability of financial and credit institutions is called financial risk. Financi MoreDifferent types of risks threaten financial and credit institutions. Therefore, managers of organizations must identify and manage the existing risks. The risk that directly affects the profitability of financial and credit institutions is called financial risk. Financial risks include: balance sheet structure risks, income and profitability structure, capital adequacy, credit risk, liquidity risk, interest rate risk, market risk and exchange rate risk. Banking industry is one of the most sifnificant and critical section of economics which faces many sorts of risk. Financial structur risk is the most threating one that in case of non centrolling will lead to bankruptcy . the purpose of study is modeling risk in compaliance with finance structure in money market based of probabilistic decition theory. The populational of the research is experts and bank fanciancial statements after reviewing the literature all the aspects of risks and also financial ratios are being identifined. After gathering data ANP techinques are being app;ied . resuls show that the srquence of risks are, market , credit, liquidity, capital. The significance of risks are as follow: credit, capital, liquidity, income disturbution, market and systematic. Manuscript profile -
Open Access Article
20 - Performance Comparison of tcopula GARCH-LVaR with GARCH-VaR To optimize the portfolio in the Tehran Stock Exchange
Gholam Reza Taghizadegan , Gholamreza Zomorodian rasoul saadi, mirfeyz FallahThe aim of this research is to compare the performance of the value-at-risk model with the liquidity-t-copula approach with dynamic conditional correlation (t-copula-GARCH-LVaR) with the value-at-risk (VaR) model to optimize the portfolio in the Tehran Stock Exchange. I MoreThe aim of this research is to compare the performance of the value-at-risk model with the liquidity-t-copula approach with dynamic conditional correlation (t-copula-GARCH-LVaR) with the value-at-risk (VaR) model to optimize the portfolio in the Tehran Stock Exchange. In the current research, in order to test the desired hypotheses, the period is between 2001 and 2021. All the variables used in this research on a quantitative scale and observations in the form of time series are the daily logarithmic returns of 40 stock market indices, including 39 industry indices and one index of fixed-income bonds from the beginning of September 2011 to the end of July 2021. In this research, to perform the final analysis, all the calculations required for this research were done using the open-source software R 4.2.1. Our results showed that the t-copula-GARCH-LVaR optimization model performs better according to the Sharpe criterion based on Mann–Whitney U test at the 95% test level. Manuscript profile -
Open Access Article
21 - آزمون مدلهای لاجیت و شبکه عصبی مصنوعی جهت پیش بینی دستکاری قیمت در بورس اوراق بهادار تهران
میرفیض فلاح شمس حمیدرضا کردلوئی -
Open Access Article
22 - بررسی مقایسهای توان مدلهای ترکیب گوسی و ماشین بردار پشتیبان در تشخیص و پیشبینی حباب قیمتی
حمیدرضا کردلویی فرشاد تیموری -
Open Access Article
23 - بررسی رابطه ریسک نقدشوندگی و ریسک بازار با بازده غیرعادی در مدل سه عاملی فاما و فرنچ در بورس اوراق بهادار تهران
میر فیض فلاح شمس مهدی کریمی زند لیلا آبشاری زهرا صفری کهره -
Open Access Article
24 - بررسی رابطه بین ریسک نقدشوندگی و قیمت در بورس اوراق بهادار تهران
سید عباس حیدری میرفیض فلاح شمس نازنین هاشمی -
Open Access Article
25 - The Effect of Moral Hazard of Managers on the Stock Illiquidity and Firm Value with Emphasis on Corporate Governance Mechanisms
bahman abdigolzar Younes Badavar NahandiMoral hazard is created as a result of factors such as delegated powers to managers and their motivation to use these powers for self interest and can have consequences such stock illiquidity and devaluation of the company. The main purpose of this study is to investiga MoreMoral hazard is created as a result of factors such as delegated powers to managers and their motivation to use these powers for self interest and can have consequences such stock illiquidity and devaluation of the company. The main purpose of this study is to investigate the relationship between moral hazard with stock illiquidity and firm value with emphasis on corporate governance mechanisms. The research data were collected through the financial statements of 180 companies listed on the Tehran Stock Exchange over a period of 14 years from 2007 to 2021. Panel data and multiple regression model were used to test the research hypotheses. The results of the study showed that the moral hazard of managers has a positive and significant effect on the illiquidity of stocks Also, the moral hazard of managers has a negative and significant effect on the firm value.The interactive index of moral hazard and corporate governance has a negative and significant effect on stock illiquidity and has a positive and significant effect on firm value. Therefore, moral hazard of managers has undesirable consequences such as devaluation of the company and stock illiquidity, and corporate governance mechanisms weaken the destructive consequences of moral hazard of managers. By being aware of the adverse consequences of moral hazard of managers and also the effect of corporate governance mechanisms on weakening the severity of moral hazard, it is possible to make optimal decisions to control moral hazard by strengthening corporate governance mechanisms and serving the interests of stakeholders, especially shareholders. Manuscript profile
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