Exchange Market

Open Access Article

1 - Prioritize the components of deferred receivables in the policy-making of Sepah Bank financial system
afshin godarzy mahmod rezaizade mashalla valikhani alireza shirvanijozdani

10.30495/ijpa.2022.66546.10851

Background and Aim: Undoubtedly, one of the consequences of the monetary activity of banks and credit institutions is the emergence of delinquent receivables, which has a significant impact on the economic system. In addition to reducing the profitability of banks, this More

Background and Aim: Undoubtedly, one of the consequences of the monetary activity of banks and credit institutions is the emergence of delinquent receivables, which has a significant impact on the economic system. In addition to reducing the profitability of banks, this slows down the circulation of liquidity in the economy, the lack of timely allocation of credit to productive demand in industry, mining, trade and agriculture, and ultimately the economic downturn. The purpose of this study is to introduce Sepah Bank model for collecting Sepah Bank overdue receivables. We are also looking for the dimensions of the components and indicators of the Sepah Bank arrears collection model and what are the relationships between these dimensions and components. Method: The statistical population of this study includes 323 employees of Sepah Bank. Using simple random sampling method and Morgan table, 181 people were selected as the sample size. The method of data collection is content analysis and Delphi technique. The research environment has been the first-hand sources of reputable databases in the period of 2009 to 1399 in the field of collection of overdue bank receivables. The number of samples in the qualitative section, including 20 experts for surveying, analysis and coding of the researcher, reached theoretical saturation. The sampling method was purposive. Confirmatory factor analysis techniques have been used for inferential data analysis. Finding: Environmental factors with a factor load of 0.707 and a T-statistic of 4.992 have a direct and significant effect on the pattern of arrears collection. Therefore, environmental factors have a positive and significant effect on the pattern of collection of arrears. Organizational factors with a factor load of 0.630 and a T-statistic of 3.120 have a direct and significant effect on the pattern of arrears collection. Results: Organizational factors have a positive and significant effect on the pattern of receipt of arrears. Legal factors with a factor load of 0.581 affect the pattern of receivables. Legal factors have a positive and significant effect on the pattern of collection of arrears.  Manuscript profile

Open Access Article

2 - Identify the economic impact of behavioral finance with an emphasis on efficiency and weekly turnover also temporal patterns in the Tehran Stock Exchange
رضا غریب لو رضا شرفی

AbstractThis paper has done for research about behavioral finance context. In this paper we tryto prove the existence of Saturday, Monday and weekend yield effect and the existence ofSaturday, Monday and weekend transaction mass effect for 6 years (2007-2012). In thispa More

AbstractThis paper has done for research about behavioral finance context. In this paper we tryto prove the existence of Saturday, Monday and weekend yield effect and the existence ofSaturday, Monday and weekend transaction mass effect for 6 years (2007-2012). In thispaper we use Student's t-distribution. Goal of this research is recognition of investors’behavior and earn more profit in Tehran exchange market. Also, this researchcharacterizes somewhat market efficiency. Conclusion show that there are strong Sundayeffect and semi-strong Saturday effect into other days and yield of Saturday is lower thanother days. Also, there is strong Wednesday effect with positive yield into other days.About transaction mass, there is Saturday and Wednesday effect how Wednesdaytransactions mean is higher than Saturday transactions mean. These effects show thatinvestors are hopeful in Wednesday to earn more yields on the next week and buy morestock, but in Saturday they are hopeless and began to sell their stock Manuscript profile

Open Access Article

3 - Long memory investigation and application of wavelet decomposition to improve the performance of stock market volatility forecasting
شمس اله شیرین بخش اسماعیل نادری نادیا گندلی علیخانی

Because of very large frequency and volatility in Financial markets Indicators, acertain type of non stationary is created that it refers to the fraction non stationary. Thiscauses, provides Long memory in this type of time series. Hence, this study has inaddition to ex More

Because of very large frequency and volatility in Financial markets Indicators, acertain type of non stationary is created that it refers to the fraction non stationary. Thiscauses, provides Long memory in this type of time series. Hence, this study has inaddition to examine the existence of the long memory in both mean and varianceequations in the return series of Tehran stock exchange, Pays to forecasting the volatilityof this index. For this purpose, the daily data from fifth Farvardin 1388 to eighteenthOrdibehesht 1391 is used. Our results confirm the existence of Long Memory in bothmean and variance equations. However, among others, based on the information criteriaand MSE, ARFIMA (1,2)-FIGARCH(BBM) model has been selected as the bestspecification to model and forecast the volatility of Tehran stock exchange’s return. Aswell, in order to Forecasting the volatility of this series, was used Combination of theabove model with Level and decomposed data. The results show that, according to theforecasting error criteria (MSE and RMSE), the result of model’s based on decomposeddata (with wavelet technique), more acceptable. Manuscript profile

Open Access Article

4 - A comprehensive Model Including Macro and Micro Factors Affecting Investment Motives in Stock Exchange Market
Ali Mohammadi Firouzeh Setoudeh

As previous researches have shown, investors in stock exchange market are affectedby various factors. Therefore this research is aimed to identify and rank these influentialfactors. For this purpose a general model including macro (political and economical) andmicro (en More

As previous researches have shown, investors in stock exchange market are affectedby various factors. Therefore this research is aimed to identify and rank these influentialfactors. For this purpose a general model including macro (political and economical) andmicro (enterprise information, market information and psychological variables) factors isintroduced. Questionnaire was formed by a synthesis of existing constructs in relevantliterature. Reliability tests and statistical analyses were performed to confirm scalevalidity and reliability and to answer the research questions. Structural equation modelwas applied for this purpose. Statistical analyses revealed that, except for scientificanalysis (technical and fundamental) all the factors are positively and significantly relatedto investment motives. Also Friedman test showed that financial information, politicalfactors and trade information are most influential factors in investor’s motive. It worth tomention that this general model has been used for the first time and previous studies havebeen considered a part of these variables. Manuscript profile

Open Access Article

5 - Uncertainty in macroeconomic Assets Market: An Approach of Stochastic Portfolio
Hashem Zare Zeinab Rezaei Sakha Mohammad Zare

Inferring and inducing among the relations for many of the phenomenas is common in most of sciences. Accordingly, econophysics experts are trying to fill the gap between microeconomics and macroeconomics to explain complex financial systems, using the statistical physic More

Inferring and inducing among the relations for many of the phenomenas is common in most of sciences. Accordingly, econophysics experts are trying to fill the gap between microeconomics and macroeconomics to explain complex financial systems, using the statistical physics tools. Using a dynamic econometric model, the impact of exchange and gold markets shocks on the stock market is studied. The results show the more significant contribution of the foreign exchange market shocks than the gold market shocks on the fluctuations of stock market. Furthermore, this study forms an assumptive portfolio consisting of three assets including stock, exchange and gold and use random portfolio theory to analyze the risks and uncertainty. The level of uncertainty and risk is studied by using the characteristics of the Castaing, Gagne & Hopfinger distribution functions. The results indicate a high level of uncertainty and risk in the macroeconomic assets portfolio. In other words, the occurrence of financial crises in these markets is expected. Manuscript profile

Open Access Article

6 - An investigation of the effects of foreign exchange market shocks on Tehran stock exchange by Markov regime switching model
عبدالناصر شجاعی محسن خضری تورج بیگی

Several studies have been accomplished  about the relationship between the  exchange rate volatilities and stock market behavior. In theoretical methods, there is no general agreement about the relationship of foreign exchange market and stock market. This pa More

Several studies have been accomplished  about the relationship between the  exchange rate volatilities and stock market behavior. In theoretical methods, there is no general agreement about the relationship of foreign exchange market and stock market. This paper which is based on a two regime MS-EGARCH(1,1) and with using monthly data between 2000 to 2010 intends to investigate this topic. According to estimation results, the first regime is related to variance regime and low average (recession)and the second regime is related to variance and high average (expansion). In average regime and low variance, foreign exchange market shocks had positive effect on stock return variance but it did not have any effect on the level of average return of stock market. But in variance regime and high average it did not have any significant positive effect on the level of variance and the level of stock return average. The above results showed the asymmetrical effects of foreign exchange market shocks on stock return in two stagnation regime and expansion regime. Manuscript profile

Open Access Article

7 - Evaluating the performance of cement producing companies of Tehran Stock market using Data Envelopment Analysis models
Mohammad Reza Shahriari

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Open Access Article

8 - Explain the shocks and fluctuations of the foreign exchange market and how to transfer these shocks to other markets
soqra razi kazemi Fraydoon Rahnamay Roodposhti gholamreza zomorodian Ebrahim Chirani

The transmission of financial crises between different markets in an economy indicates the existence of channels of transmission of this crisis. Today, parallel currency markets are closely related to other markets such as gold, coins, stocks and oil. Channels that tran More

The transmission of financial crises between different markets in an economy indicates the existence of channels of transmission of this crisis. Today, parallel currency markets are closely related to other markets such as gold, coins, stocks and oil. Channels that transmit shocks and fluctuations of the foreign exchange market to other markets can include information, macroeconomic variables, investment behaviors, and so on. In this study, using daily data from 2009 to 2017, the explanation of overflow fluctuations and shocks in the foreign exchange market and how to transfer these shocks to other markets has been examined. The results indicate the existence of fluctuations overflow as well as structural fractures due to the presence of this overflow. The research model and determination of interruptions is based on the VAR model. Yields and fluctuations as well as the presence of the Arch effect in the model are determined based on the VAR model. The MV-GARCH model is used to determine the returns in the foreign exchange market. Fluctuations and shocks of the foreign exchange market and its impact on other markets as well as future prices in different markets are determined based on the VAR model. The results of this study indicate the effect of shock in the foreign exchange market on the trend of future prices in this market as well as the impact on other markets. Manuscript profile

Open Access Article

9 - Examination of investor reaction to unexpected economic and political events in Tehran stock market
Zahra Dianati deylami Mostafa Dinmohamadi Saeid Motamedi

This study examines the effect of economic and political news on Tehran Stock Exchange during the years 2001 to 2009. In order to investigate the investors’ behaviors, we used the total daily index of stock exchange. The investors’ reaction was evaluated fro More

This study examines the effect of economic and political news on Tehran Stock Exchange during the years 2001 to 2009. In order to investigate the investors’ behaviors, we used the total daily index of stock exchange. The investors’ reaction was evaluated from two perspectives of “Overreaction Hypothesis” and “Uncertain Information Hypothesis”. Results of this study indicate the existence of overreaction in investor’s behaviors in the time of announcing good and bad news in stock market. Also the results shows that the reaction of Tehran stock exchange’s investors to good news is faster than bad news, but changing stock price slope in good news is faster than bad news. Additionally, research results show that investment risk in days after publishing news (even good or bad) has more than normal days. Manuscript profile

Open Access Article

10 - Examining and Comparing Security of Investment in the Stock, Gold, Exchange and Housing Market of Iran using Value at Risk (VaR) Criteria
Gholam Reza Zomorodian Mahdi Shabanzadeh. Valiollah . Faryadras

Investment in each country is subject to a set of variables that Security of Investment is one of the most them.Official statistics show that in the recent decades, on average, only about 12‌% of the country's real GDP has been allocated to investment in the manufacturi More

Investment in each country is subject to a set of variables that Security of Investment is one of the most them.Official statistics show that in the recent decades, on average, only about 12‌% of the country's real GDP has been allocated to investment in the manufacturing sector, including the production of goods and services and a considerable portion of it has been absorbed into unproductive speculative activities.Accordingly, this study with purpose to examining and comparing security of investing in different markets has evaluated the risk of investing in four market including stocks, gold, currency and Iran's housing using the Value at Risk (VaR) Criteria. Also in this study to providing a more accurate analysis of the security investment based on investors' attitudes TOPSIS method has been used.All information required for the study was collected on a monthly basis for during 2002 - 2013.The result of this study showed based on VaR Criterion, the security of investment in the stock market is much lower than other markets, so investors in this market face higher risk of investments relative to other markets.Also, the result of this study showed based on TOPSIS method (according to risk and return critrias) risk averse and risk neutral Investors have the Similar behavior, So that the two groups prefer The investment in the housing market and then investment in the gold market on the parallel markets including exchange and stock. However, unlike the aforementioned groups, risk-taking investors prefered investing in the stock market and then investing in the housing market on the investment in the gold and currency markets. Manuscript profile

Open Access Article

11 - The Effect of trading volume and high P/E ratio on the price bubble in Tehran stock exchange market
Mostafa. Zandieh Rouzbeh. Ghouchani

In this study, we tested the effect of high trading volume and high P/E ratio on the price bubble in Tehran stock exchange market. In this study, trading volume and P/E ratio are independent variables, and price bubble is dependent variable.    In this study, More

In this study, we tested the effect of high trading volume and high P/E ratio on the price bubble in Tehran stock exchange market. In this study, trading volume and P/E ratio are independent variables, and price bubble is dependent variable.    In this study, At first we took a sample from the statistical population that includes all the accepted companies in the Tehran Stock Exchange Market by Cochrane method, then data accumulated by Rahavard Novin software, then we distinguished existence of price bubble by the run test method  and finally the relation between variables of the hypothesis were tested by linear regression.    At the Tehran stock exchange market we are witnessed high rate volatilities of total index from 1385 till now. Experts find the root of stock exchange market crisis in different things; some of them consider bubble price as the reason of the crisis.    According to the results of testing the hypothesis of the research from 1385 until bahman 1391; First, low trading volume increases the bubble price; Second, high P/E ratio directly affects the bubble price.   Manuscript profile

Open Access Article

12 - Evaluating the Asymmetric Effects of Parallel Financial Markets Shocks on Financial and Commercial Risk as well as Cash Returns
Farzin Axon Seyed Hossein Nasl Mousavi Abbas Ali Pour Aghajan

Listed companies are always affected by shocks and instabilities in parallel financial markets such as exchange rates and gold. Knowledge of how these impacts are useful for managing companies and investors to make optimal decisions regarding risk management, financing More

Listed companies are always affected by shocks and instabilities in parallel financial markets such as exchange rates and gold. Knowledge of how these impacts are useful for managing companies and investors to make optimal decisions regarding risk management, financing and investment. Therefore, in this study, the effect of investigating the asymmetric effects of parallel financial markets shock on stock returns and financial and commercial risk of 262 companies listed on the Tehran Stock Exchange during the period 2009-2010 using the Generalized Torque (GMM) approach. Been investigated. The results show that the negative and positive shocks of the exchange rate and the price of gold have an asymmetric effect on trade risk, finance and stock returns. These asymmetric effects apply in terms of size, sign and significance. Positive gold price shocks also have a negative effect on trade risk and a positive effect on financial risk, but these shocks do not have a significant effect on stock returns. In contrast, the impact of negative gold price shocks on financial risk is negative and market returns are positive (the impact of negative shock on trade risk is not statistically significant). Based on the above results, it can be stated that corporate operating costs and financing costs are affected by price shocks in the gold and foreign exchange markets. Manuscript profile

Open Access Article

13 - Long-run Relationship between the Volatility of Effective Real Exchange Rate and Industrial Return Index in Tehran Stock Exchange Market (Multivariate GARCH Approach)
Esmaeil Aboonouri AmirMansour Tehranchian Mostafa Hamzeh

This paper, empirically, analyzes dynamic relationship between real effective exchange rate and industrial index in Tehran Stock Exchange market using VAR and Multivariate Generalized Autoregressive Conditional Heteroskedasticity (MGARCH), by monthly time series data du More

This paper, empirically, analyzes dynamic relationship between real effective exchange rate and industrial index in Tehran Stock Exchange market using VAR and Multivariate Generalized Autoregressive Conditional Heteroskedasticity (MGARCH), by monthly time series data during 2001-2011. The results represent that there is no long-term significant relationship between effective real exchange rate and industry index. Furthermore, the paper examines the cross-volatility effects between foreign exchange and stock markets. There is a bidirectional volatility spillovers effects between two markets. This indicates that previous innovations in stock market affects on the future volatility in foreign exchange market, and vice versa. Manuscript profile

Open Access Article

14 - Evaluation of Exchange Market Pressure and Degree of Government Intervention by Co-integration Technique: Case Study of Iran
mahmood baghjari Ebrahim Hoseini nasab Reza Najarzadeh

Abstract Exchange market pressure (EMP) is an important index for evaluating the changes of exchange rate and foreign exchange reserves simultaneously. In this paper, exchange market pressure is calculated based on Weymark approach during 1989: Q1- 2012:Q4. The method More

Abstract Exchange market pressure (EMP) is an important index for evaluating the changes of exchange rate and foreign exchange reserves simultaneously. In this paper, exchange market pressure is calculated based on Weymark approach during 1989: Q1- 2012:Q4. The method applied for estimating EMP is Co-integration technique by using Johansen-Juselius (JJ) technique. The results have represented that, during the period, there is a pressure on exchange rate and about 44% of exchange market pressure is attracted by foreign exchange and remaining 56% absorbed by the changes in exchange rate. Manuscript profile

Open Access Article

15 - State Dependent Effects of Monetary Aggregates on Exchange Market Pressure in Iran's Economy
Mohsen Tooti Seyed Yahya Abtahi Jalil Totonchi Zohreh tabatabaeinasab

The purpose of the present study is to investigate the effects of monetary aggregates on exchange market pressure of Iran's economy using quarterly data and during the period of 2001:02- 2021:04. For this purpose, exchange market pressure index has been calculated More

The purpose of the present study is to investigate the effects of monetary aggregates on exchange market pressure of Iran's economy using quarterly data and during the period of 2001:02- 2021:04. For this purpose, exchange market pressure index has been calculated by Edwards (2002) and Kumah (2007) approach; The results show that the exchange market pressure index of Iran's Economy follows a nonlinear pattern. After that, using the unit root test of Lee and Strazisich (2003), which is based on the minimum Lagrange coefficient (LM) test, the time series has been confirmed in terms of the structural break point, and then using by the approach proposed by Lee and Strazisich (2003), the residual of the time series has been extracted. The results of Markov Switching GARCH model indicate that in the low regime of exchange market pressure, the monetary base variable with a coefficient of 0.29 has the greatest effect on the pressure of the Iranian currency market, followed by liquidity and money variables respectively with coefficients 0.06 and 0.01 increase the pressure of the currency market, with the switch of the regime and being in the high regime of exchange market pressure, the variables of monetary base, liquidity and money with the coefficients of 0.88, 0.54 and 0.31 lead to pressure in the currency market, therefore, the application of contractionary monetary policy and control of monetary aggregates should be considered as a strategic point for economic policy makers. Manuscript profile

Open Access Article

16 - Damping Controller Design in Offshore Wind Power Plants to Improve Power System Stability Using Fractional Order PID Controllers Based on Optimized Exchange Market Algorithm
Naser Taheri Hamed Orojlo Faramarz Ebrahimi

In this paper, the design of damping supplementary controller in VSC HVDC transmission systems, which is the interface of Offshore Wind Power Plant (OWPP) with the main power system, is studied. First, it is shown that the speed-power curve in a wind turbine affects the More

In this paper, the design of damping supplementary controller in VSC HVDC transmission systems, which is the interface of Offshore Wind Power Plant (OWPP) with the main power system, is studied. First, it is shown that the speed-power curve in a wind turbine affects the damping of oscillation and electromechanical modes of the power system, and depending on the operating conditions of the turbine, the extent of this effect varies. Then, to improve the dynamic stability of the power system, the use of an optimized supplementary controller in the VSC HVDC system will be proposed. The proposed controller is added as an additional loop to the converter control circuits in VSC HVDC and will amplify the damping torque in the generators by correcting the damping coefficient of the system oscillation modes. In addition, a solution is provided to use the supplementary controller in the most optimal path, so that the most controllability on the oscillation modes and the least interference with other channels between the input-output signals are provided. To design the proposed controller, a fractional order PID controller will be used whose coefficients are adjusted through an optimized exchange market algorithm. The optimization of the algorithm is done by using mutation and crossover operators in the genetic algorithm with the aim of avoiding bats being trapped at local extremum. The simulation results show that the method proposed in this paper not only improves the dynamic stability of the power system but also strengthens the voltage profile. Manuscript profile

Open Access Article

17 - Evaluation of the Dynamic Relationship between Foreign Exchange Market, Stock Market and the Housing Market in Iran Using a Multivariate GARCH Model
Oranus Parivar Mahbobeh hassani

This paper analyzes the dynamic relationship between housing market, stock market’s           general index and real effective exchange rate of Iran using VAR and MGARCH models. For this purpose, monthly data of ti More

This paper analyzes the dynamic relationship between housing market, stock market’s           general index and real effective exchange rate of Iran using VAR and MGARCH models. For this purpose, monthly data of time period between Farvardin 1383 till Ordibehesht 1395 (Persian calendar) have been used. Based on the obtained results, there is no significant effect of other markets’ returns on housing market returns, while there is a significant and negative effect of stock market and housing market returns on foreign exchange market returns. In addition, in this study, the effect of simultaneous fluctuations of the housing market, foreign exchange and stock markets have also been evaluated. The results show that each market is not independent from other markets and a single market fluctuations will affect on the other markets. Because of the degree of simultaneous fluctuations among three markets, in order to make decision in one market and reduce the errors in decision making, policy makers can also consider political tools in other markets. Furthermore, investors may allocate their assets to these three markets in order to reduce the risk of investment Manuscript profile

Open Access Article

18 - مدلسازی ارتباط شاخص قیمت در بازارهای مالی و رابطه مبادله در اقتصاد ایران (الگوی پرش قیمتی مرتون و رویکرد توابع کاپیولای شرطی)
سیدعبدالمجید جلایی اسفندآبادی نوراله صالحی آسفیجی الهام شیوایی

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Open Access Article

19 - The Impact of Foreign Exchange Reserve Management Dynamics and the Structure of Central Bank Interventions on Foreign Exchange Market Stabilization Using Gerton and Roper Theory
هادی محبوبی هوشنگ مومنی وصالیان مرجان دامن کشیده شهریار نصابیان

10.30495/fed.2022.691509

Abstract The purpose of this paper is to estimate the impact of the dynamics of foreign exchange reserves management and the structure of central bank interventions on the stabilization of the foreign exchange market using Gerton and Roper theory. For this purpose, fir More

Abstract The purpose of this paper is to estimate the impact of the dynamics of foreign exchange reserves management and the structure of central bank interventions on the stabilization of the foreign exchange market using Gerton and Roper theory. For this purpose, first the central bank intervention index was calculated with the foreign exchange market pressure approach and then the intervention function of the intervention policy with the threshold approach (STAR) was estimated based on the annual data of 1365-1398. The results of estimating the linear part of the model show that the variables of foreign exchange market pressure index and budget deficit have a negative effect on the real exchange rate in Iran. Meanwhile, the results of estimating the nonlinear part of the model indicate the positive effect of the growth rate of foreign exchange earnings from oil sales, net exports, consumer price index and fiscal policy index on the real exchange rate in Iran. This indicates that as the growth rate of foreign exchange earnings from oil sales increases, the amount of foreign exchange resources of the country (nominal exchange rate) increases. With the increase of the country's foreign exchange resources, the real value of the domestic currency increases and this is a factor in reducing the real exchange rate and worsening the country's export situation. In fact, in Iran, due to high inflation, governments have always tried to keep the exchange rate low to prevent price increases. The result of this type of intervention has been the inflexibility of the nominal exchange rate in response to economic changes and developments, which can be a factor in reducing the real exchange rate in recent decades in Iran Manuscript profile

Open Access Article

20 - Investigating the effect of central bank intervention on the profitability of commercial banks in the country: a mild transfer regression approach
Azam Sadat Atyabi Alireza DagigiASL Gholamreza Garyenjad

10.30495/fed.2023.702193

Abstract In the present study, in the first stage, the central bank's policy intervention index and foreign exchange market pressure were calculated, and then, using gentle transfer regression (STR), the effect of central bank intervention on the profitability of the c More

Abstract In the present study, in the first stage, the central bank's policy intervention index and foreign exchange market pressure were calculated, and then, using gentle transfer regression (STR), the effect of central bank intervention on the profitability of the country's commercial banks was investigated. According to the model results; In 24 of the 30 years surveyed, the country's economy has faced increasing pressure from the foreign exchange market. In other words, between 1370 and 1399, the central bank's intervention activities eliminated an average of 24% of the foreign exchange market pressure. Also, the results of STR model estimation show the positive effect of economic growth rate variable on bank profitability and the negative effects of central bank intervention, stock return rate, credit risk, inflation rate and interest rate on the profitability of commercial banks. The negative coefficient of the central bank intervention index can indicate that the central bank, in the face of increasing positive deviations in the exchange rate, is pursuing a decline in the growth of its foreign reserves. In other words, with a further increase in the supply of foreign exchange in the market, its value decreases and the exchange rate return to its long-term path. On the other hand, if there is a negative deviation in the exchange rate of the central bank, by increasing the volume of foreign reserves and reducing the supply in the foreign exchange market, it can increase this rate and approach its long-term path, which is in line with existing theories. This is the context. Manuscript profile

Open Access Article

21 - the Reason of Different Capital Structure in Iran in Comparison with Asia Pacific Countries
Rassol Naeempoor ALI Nemati Maasomeh Alavi

Investment structure of companies (financial leverage), doubtlessly, has a significant role to make decision for investment. The studies show that there is a relation between investment structure (financial leverage) and other factors such as rate of return of assets, p More

Investment structure of companies (financial leverage), doubtlessly, has a significant role to make decision for investment. The studies show that there is a relation between investment structure (financial leverage) and other factors such as rate of return of assets, profit of shares, changes of profit, profit division percent, size of company, and capital market value than value volume of the rights of share holders. The target to consider investment market is to define the structure of financial resources in order to maximize wealth of share holders. Theoretical framework of this research and also other researches is an appropriate database for such this purpose. There is no doubt that there will be a lot of problems in practice because the investment of shareholders is affected by too many factors among which we can mention investment structure (financial leverage).So financial managers of companies pay their attention to the effects of various methods to provide financial resources and evaluate the effect of different financial structures on investment of share holders. The aim of this research is to consider defining factors and the relation between investment structure and above-mentioned factors in the companies which are accepted in Tehran Stock Exchange Market. According to this target, we have ed 88 companies among the statistical society which provide our required data for an 8-year period of research (2002 to 2009). "Compound Regression" method is used to test research theories and "Significant Test Patterns" is done by F and t parameters.  Manuscript profile

Open Access Article

22 - Combined Economic and Emission Dispatch Solution Using Exchange Market Algorithm
Naser Ghorbani Ebrahim Babaei

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Open Access Article

23 - Conceptual Explanation of the Effectiveness of Trading Volume around Earnings Announcements
حسن چناری بهمن بنی مهد

10.30495/jdaa.2022.691735

Abstract The objective of this research is conceptual explanation of the effectiveness of Trading Volume around Earnings Announcements. The method of the present research is the method of historical cognition in the framework of library studies and is of the type of th More

Abstract The objective of this research is conceptual explanation of the effectiveness of Trading Volume around Earnings Announcements. The method of the present research is the method of historical cognition in the framework of library studies and is of the type of theoretical-critical research and based on research related to the subject.In general, the analytical approach has at least 4 important features; First, this view is often textual, meaning that it accepts that accounting has economic, political, and social implications. Second, this theory seeks participation and interaction. This means that it is always looking to change or improve accounting practices. Third, it is related to both micro (individuals and organizations) and macro (profession and society) levels, and the fourth is interdisciplinary and relates to, borrows from, and combines with other systems. Therefore, the critical view is more related to the accounting profession, system and procedures than traditional studies.The principle of disclosure is considered as one of the principles of accounting and according to this principle, all information related to the activities of the company should be provided to various groups in an appropriate and timely manner. In other words, information disclosure can be used to transfer information from a specific domain to a general domain. Proper and quality disclosure will improve transparency and reduce information asymmetry and market effectiveness.The effects that determine fluctuations in the capital market are innumerable. Past, present, and even neglected events are reflected in market prices, but often do not show a clear relationship with price changes.The results of this study provide useful theoretical information for policy makers and institutions that develop accounting standards on the quality of financial reporting for investors and develop the results of behavioral research in the field of finance. Manuscript profile

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