List of Articles واکنش بازار

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  1 - Stock market reactions to earnings management, corporate risk and weak internal controls
  sid nia valinia Mohammed Hussain Ranjbar daowd khodadady hojat alaha salari
  AbstractThe main function of the capital market is to finance productive production and service activities. To achieve this important goal, the shares of companies listed on the capital market must be attractive enough for investors to invest. One of the most important More

  AbstractThe main function of the capital market is to finance productive production and service activities. To achieve this important goal, the shares of companies listed on the capital market must be attractive enough for investors to invest. One of the most important indicators of the attractiveness of a certain company's stock for investors is the return on investment. The return on investment comes more than anything from changes in a company's stock price, and a company's stock price changes come from its internal information management. In this research, a model for the relationship between market reaction and weak internal controls, manipulation of accruals, business risk and financial risk is presented. This research is a purely experimental research, but, according to the analysis of past information, the statistical population of the research is all companies listed on the Tehran Stock Exchange in the period of 2007 to 2018. Finally, for statistical analysis, the calculated variables have been transferred to the Eviews9 software environment. The research findings show that the weakness of internal controls on the manipulation of real data, business risk and financial risk at the probability level. 5% has a significant effect. Manipulation of real information at the 5% probability level has a significant impact on financial and business risk. Manipulation of real information, financial risk and business risk at the 5% probability level have a significant impact on market reaction. Manuscript profile
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  2 - Theoretical Explanation of Earnings-Announcement Timing To judge (behavior) investors with a Critical Approach
  Hassan Chenari Bouket Bahman Banimahd Hamid Ahmadzadeh
  Abstract: Recent empirical research has found that when a firm releases its earnings report earlier than expected, its stock price rises, on average, while if the report is late, its stock price declines. The analysis here focuses on two alternative explanations for the More

  Abstract: Recent empirical research has found that when a firm releases its earnings report earlier than expected, its stock price rises, on average, while if the report is late, its stock price declines. The analysis here focuses on two alternative explanations for these findings, each based on the premise that some firms with unfavorable earnings increase their reported income through earnings management. In one case earnings management necessitates a reporting delay, while in the other a delay is caused by the manager’s desire to first observe other firms’ earnings. Both cases lead to market reactions consistent with the empirical findings. Manuscript profile
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  3 - The Effect of Investor Sentiment on the Market Reactions to Earnings Restatements
  Neda rostami donya ahadiyan
  10.30486/fbra.2021.1931950.1008
  Investors' sentiment often stem from held mental beliefs or information unrelated to stock value and can lead to extreme or low reactions to good or bad news, fanatical expectations such as speculative tendencies and optimistic or pessimistic optimism. Meanwhile, restat More

  Investors' sentiment often stem from held mental beliefs or information unrelated to stock value and can lead to extreme or low reactions to good or bad news, fanatical expectations such as speculative tendencies and optimistic or pessimistic optimism. Meanwhile, restatement of financial statements may be one of the factors affecting the sentiment of investors. The purpose of the present study is to investigate the effect of investors’ sentiment on the market reactions to earnings restatements. The statistical sample consists of 119 companies listed on the Tehran Stock Exchange in the period 2012 to 2020. The results show that the willingness of investors has a significant effect on the market reaction to the earnings restatement. The results also show that the high investor sentiment, both in the presence of restatement and non-restatement, has a positive effect on market reaction, but in the presence of restatement, the effect of high investor sentiment on market reaction is less. Another result of the research indicates that the low investor sentiment has a negative effect on the market reaction in the presence of a restatement and a positive effect when there is not restatement. Therefore, it can be said that the restatement is effective on the impact of low investor sentiment on the market reaction. Manuscript profile
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  4 - Impact of Financing Constraints on Market Response after an Increase in Company Dividends
  hasan vahedi narges hosainian
  The constraints of financial resources lead to the loss of investment opportunities for companies operating in competitive industries. The level of this financial constraint affects dividend policies. If the company faces a financial constraint, the decision to increase More

  The constraints of financial resources lead to the loss of investment opportunities for companies operating in competitive industries. The level of this financial constraint affects dividend policies. If the company faces a financial constraint, the decision to increase dividends will exacerbate financial constraints. The purpose of this study is to investigate the effect of financing limitation on the market response following an increase in company dividend. The research carried out in terms of target type is a part of applied research and the research method is correlated in terms of nature and content. The research has been done within the framework of deductive-inductive reasoning and a panel analysis has been used to analyze the hypotheses. Research data was collected from 180 companies between the years 2007- 2015. The results showed that firms with limited funding involve in a weaker market reaction to a profit increase of dividends than unconstrained companies. Additionally, for larger firms and higher book value, market response was greater. The existence of a limitation in financing when dividing dividends into shareholders would weaken the firm's operating status. And ultimately leads to a reduction in stock returns, losing the attractiveness of its stock to shareholders.   Manuscript profile
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  5 - The Effect of Managers Myopia on Investors Behavior in the Capital Market
  seyed hamed naghibi esfahani Mohammadreza Abdoli
  This research aims to measure the stock market reaction to the manager’s myopia. Manager myopia tends to increase the current stock prices and inflate the current profitability by decreasing long term profitability or increasing cash flows. The statistical popula More

  This research aims to measure the stock market reaction to the manager’s myopia. Manager myopia tends to increase the current stock prices and inflate the current profitability by decreasing long term profitability or increasing cash flows. The statistical population of this research is all companies listed on Tehran Stock Exchange during the years 1385 to 1394 (Hijri calendar). After applying some filters and restrictions, 117 companies were selected and investigated. The results indicate that myopia does not have a significant negative impact on abnormal returns, obtained at the time of profit report. Overall results indicate that the capital market in the form of efficiency (stocks and time of profit report) don’t have significant reaction to manager’s myopia. In the same time, manager’s myopia has a positive significant effect on return on future assets, as a measure of future financial performance. In summary, the results indicate that the capital market doesn’t react to manager’s myopia but manager’s myopia affects future financial performance of investigated companies. Manuscript profile
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  6 - The Effect of Corporate Strategies on the Market Response to Earnings Announcements of Listed Companies of Tehran Stock and Exchange
  mohammadali Mirzaei Emamchay fatemeh samadi MASOMEH LATIFINENMARAN
  The aim of this study was to evaluate the effect of corporate strategies on the market response to earnings announcements of listed companies of Tehran stock and exchange .The aim of this study was to evaluate the effect of corporate strategies on the market response to More

  The aim of this study was to evaluate the effect of corporate strategies on the market response to earnings announcements of listed companies of Tehran stock and exchange .The aim of this study was to evaluate the effect of corporate strategies on the market response to earnings announcements of listed companies of Tehran stock and exchange. This study was a descriptive-correlation and an applied research . The statistical l population of research consists of all companies listed in Tehran stock exchange market during 2010 to 2015 that a number of 118 companies were active in this period . Data of research was extracted from financial reports of companies and analyzed by regression models in panel data method . Findings showed that implementing the strategy of differentiation in products has direct effect on the market reaction to earnings announcements . Also the findings showed that increasing the level of cost leadership strategy, the market reaction to earnings announcement will increase. Manuscript profile