Information Content

Open Access Article

1 - Investigating impact of Tax Avoidance on Earning Informativeness of Firms Accepted in Tehran Stock Exchange
Shima Karami Feriydoon Rahnamay Roodposhti Zahra Dianati dilame

The purpose of this study is to investigate the effect of tax avoidance on earning in formativeness as one of the explicit consequences of implementing sophisticated tax strategies. Hence,, we run multiple tests on a sample including 70 firms accepted in Tehran Exchange More

The purpose of this study is to investigate the effect of tax avoidance on earning in formativeness as one of the explicit consequences of implementing sophisticated tax strategies. Hence,, we run multiple tests on a sample including 70 firms accepted in Tehran Exchange Market over the period 1387 to 1391. Evidence depicts that tax avoidance impairs earning in formativeness, for tax avoidance triggers not only an increase in opaqueness and complexity of financial reporting, but also a reduction in transparency of reports which eventually engenders difficulties for investors in understanding the reported earnings. Thus, investors will put little value on earning in their decision making process. Moreover, further research dealing with explicit consequences of tax avoidance contribute us to identify a reduction in the overall information environment of firms which are at a higher level of tax avoidance. This reveals that management will not be able to fully compensate the potential loss in earning in formativeness associated with tax avoidance (even by disclosing alternative information). Manuscript profile

Open Access Article

2 - A Study of Sale and Income in Firm Valuation
هاشم نیکومرام علیرضا زارعی سودانی

This research studies the information content and the incremental informationcontent of sale(revenue) vs. income in Cement Industry by panel Regressions. Resultsexplain: 1- The contemporaneous information content of sale and income are similarand overlapping in short-te More

This research studies the information content and the incremental informationcontent of sale(revenue) vs. income in Cement Industry by panel Regressions. Resultsexplain: 1- The contemporaneous information content of sale and income are similarand overlapping in short-term, 2- The contemporaneous incremental informationcontent of sale than income for short-term is not notable, and 3- Over time, thepersistence of power of current period sale to explain the future stock price variationsis notably more than income; In other words, the incremental information content ofsale variations for long-term is significant. Finally, paper proposes some applicationsfor public companies' financial reporting, and performance evaluation in price changebased on sale. Manuscript profile

Open Access Article

3 - A comparative study of the impact of audited and non-audited earning on the stock value by considering the information asymmetry
Hashem Valipour M. Javad Valipour

The purpose of this study, in the first step is to compare the information content of audited and non-audited earning, in the relation with changes in stock value. In The second step is to examine the effect of the information asymmetry on the information content of the More

The purpose of this study, in the first step is to compare the information content of audited and non-audited earning, in the relation with changes in stock value. In The second step is to examine the effect of the information asymmetry on the information content of the audit and non-audit earning.The statistical population of the study is listed firms in Tehran Stock Exchange. Based on applied criteria for selecting the sample, 214 firms selected over the period of 2 years from 1391 to 1392. To collect data was used of libraries method and for analyzing data was used of the regression analysis.The results indicate that the audit and non-audit earning has a significant positive impact on stock value. Also the findings, Implies that audited earning has more information content than non-audit earning. Other evidence also shows that information asymmetry has a moderator for relationship between the audit and non-audit earning with changes in the stock value. Manuscript profile

Open Access Article

4 - Testing information content influenced by investors Sentiment Behavior and Financial Reporting Quality
shahnaz alinejad Fraydoon Rahnamay Roodposhti farzin rezaei

Purpose of the present study is to understand the relationship between investors sentiment behavior and financial reporting quality with the information content of financial statements of listed companies in Tehran Stock Exchange. The data of 110 companies were collecte More

Purpose of the present study is to understand the relationship between investors sentiment behavior and financial reporting quality with the information content of financial statements of listed companies in Tehran Stock Exchange. The data of 110 companies were collected from the databases of the Iranian Stock Exchange during the years 2009-2019 and analyzed in three stages using ANOVA- FRIEDMAN- OLS methods. In this study, the criteria for measuring the quality of financial reporting are the method of Jones, Dechow and Ball.From the OLS test results, it can be concluded that the information content determination coefficient has the highest value when the investors sentiment behavior is high and the financial reporting quality of the Jones model is average and it can also be stated that according to the test results ANOVA only in the model of financial reporting quality of Jones has the sentiment behavior of investors and the quality of financial reporting has an increasing impact on information content. The results of Friedman test also showed that there was a significant difference between different groups of investors sentiment behavior and financial reporting quality of Jones, Ball and Dechow. Manuscript profile

Open Access Article

5 - Information Content of Financial Reporting and the development of interactive capability with stakeholders: Pygmalion Theory Test
Mohsen Heydari Mohammadreza abdoli

Confidence in the capital market becomes dynamically valuable when interactive strategies with stakeholders are formulated for the long term to reduce the information asymmetry that has become an epidemic among companies. That is, a more responsive response to the level More

Confidence in the capital market becomes dynamically valuable when interactive strategies with stakeholders are formulated for the long term to reduce the information asymmetry that has become an epidemic among companies. That is, a more responsive response to the level of expectations of this market under the supervision of relevant institutions. By reflecting on timely news content and honestly speaking, one can expect interactive functions and capabilities between companies with stakeholders in the form of theories such as Pygmalion theory that points to the re-formation of expectations in this market. It should be strengthened and the level of satisfaction with investing in this market will increase due to lower risk and higher return. The purpose of this research is Information Content of Financial Reporting and the development of interactive capability with stakeholders by Pygmalion Theory Test. In this study, in order to measure the content of financial reporting information, two criteria of timeliness and Reporting-Lag have been used. To evaluate the development of interactive capability with stakeholders, Delphi's analysis based on Likert-5 formulation has been used. Questionnaire for collecting research data for 142 companies in year 2019 was sent out of which 105 questionnaires were returned with the participation of managers of Tehran Stock Exchange. In order to fit and test the hypothesis, we used the partial least squares analysis. The results showed that Information Content of Financial Reporting had a positive and significant effect on development of interactive capability with stakeholders. Manuscript profile

Open Access Article

6 - Information Content of Limit Order Book in Tehran Stock Exchange
Ahmad Badri Mohammad Arab Mazar Massoud Soltanzali

Using high frequency data from 33 member companies of the TEFIX30 (about 5 million data), this study examined the information content of limit order book in Tehran Stock Exchange. We try to find that does limit orders behind the best bid and offer provide useful informa More

Using high frequency data from 33 member companies of the TEFIX30 (about 5 million data), this study examined the information content of limit order book in Tehran Stock Exchange. We try to find that does limit orders behind the best bid and offer provide useful information about stock value? And how much is their information share? We use two well-known methods based on a vector error correction model. Results show that based on Hasbrouck (Gonzalo-Granger) measure, contribution of steps 2 to 10 to price discovery is about 18% (25%) and also contribution of steps 4 to 10 that are not publicly visible is about 8% (10%). Manuscript profile

Open Access Article

7 - Stock Price Drift from the Content of Projected Earnings Information Resulting from Quarterly Operations: Evidence of the Contradiction Between Timeliness and Profitability
Saeed Safari Bideskan Alireza Mehrazeen Abolghasem Masih Abadi

Financial statements should have general objectives rather than specific group interests. The possibility of forecasting earnings based on seasonal performance instead of the previous year's earnings and in terms of the contradiction between timeliness and the ability t More

Financial statements should have general objectives rather than specific group interests. The possibility of forecasting earnings based on seasonal performance instead of the previous year's earnings and in terms of the contradiction between timeliness and the ability to verify earnings can be a new and thought-provoking issue. The present study examines stock price drift from the content of projected earnings forecast for quarterly operations. The research hypotheses were tested through univariate regression, multivariate regression and correlation coefficient tests using Eviews software. Findings of this study indicate that 1- Profit forecast based on quarterly performance has more verifiability than the previous year (profit stability). 2- The Verifiability of the year profit is more than the profit forecast based on the 9-month performance. 3- Stock price drift is expected on the day after the announcement of earnings and there are changes in earnings compared to the forecast of the previous season. 4- No relationship was observed between the volumes of shares traded the next day and the announcement of the forecasted profit and the changes in the profit compared to the forecast of the previous season. Manuscript profile

Open Access Article

8 - The Information Content of Comprehensive Income and Other Alternative Income
Mohammad ‌Ali Aghaei Rahman Sajadpour

Because the knowledge of all aspects of financial performance for the economic decisions of users of financial needs, it is necessary to identify all revenues and expenses during the period be considered. For this purpose, the committee drafted new guidelines for accoun More

Because the knowledge of all aspects of financial performance for the economic decisions of users of financial needs, it is necessary to identify all revenues and expenses during the period be considered. For this purpose, the committee drafted new guidelines for accounting and audit report to the profit and loss reports for comprehensive profit binding in all units. In this paper, the information content of net income, comprehensive income and of the alternative candidates profit in the Tehran Stock Exchange. According to Standard No. 6, comprehensive income consists of net income(NI), Adjustment for foreign currency translation(FCT), Adjustment for unrealized gains/ losses on securities) and Annual adjustments(AA). Expected to report comprehensive income classified intelligence reports, financial times increase. If classified information is expected to increase its financial information. Due to the homogeneity of variables accounting, content relative to comprehensive income and Alternative candidate for income with Companies listed on stock exchange Tehran data over the years 2001-2010 Using multiple linear regression and the Wald test were studied. The results show that comprehensive income(Standard No. 6) for the explanatory power is stronger, and among income alternative candidates' net income plus FCT and AA has the highest content. This result with the research evidence Biddle and Choi(2006) in America, and Kiridaran Kanagaretnam(2009) in Canada is similar. Manuscript profile

Open Access Article

9 - Ability of Machine Learning Algorithms and Artificial Neural Networks in Predicting Accounting Profit Information Content Before Announcing
Hossein Alizadeh Majid Zanjirdar Gholam Ali Haji

10.30495/afi.2023.1962857.1137

Purpose: The aim of this research is to investigate the capability of artificial neural networks and machine learning algorithms, including Support Vector Machine and Random Forest, in predicting the information content of accounting profits before its announcement in a More

Purpose: The aim of this research is to investigate the capability of artificial neural networks and machine learning algorithms, including Support Vector Machine and Random Forest, in predicting the information content of accounting profits before its announcement in accepted companies on the Tehran Stock Exchange during the period from 2015 to 2020.Methodology: Daily data required for the research were collected using Rahnaward-e-Novin software, and a systematic random sampling method was used to select 88 companies. MATLAB was used for modeling artificial neural networks and machine learning algorithms, and Python code was employed to calculate abnormal returns in neural networks and machine learning algorithms. The information content of profits was measured through the test of the relationship between profits and abnormal returns, based on the model by Porti et al. (2018). The input variables for artificial neural networks and machine learning algorithms are technical indicators. Accuracy, precision, recall, and F-score metrics were used for performance evaluation.Findings: The results of predicting with three models of artificial neural networks, Support Vector Machine, and Random Forest showed that Support Vector Machine and Random Forest had higher accuracy than artificial neural networks in predicting buy, sell, and hold strategies, and only Support Vector Machine had the ability to predict the information content of profits among the three models.Originality / Value: Designing a predictive model for stock price movements in the next trading day using artificial neural networks, Support Vector Machine, and Random Forest as the main innovation of the research. The research findings can increase the speed of information dissemination to the market and attract it, which will reduce the impact of informational asymmetry and information-based trading and ultimately enhance market efficiency. Manuscript profile

Open Access Article

10 - analysis of Association among ISSR Markers and Important Traits in Different Soybean Cultivars by Regression Method
zahra malekmohamadi hosein sabori abas beyabani ebrahim hezarjaribi ahmadreza dadras

.One of the big advances in identifying markers is the identification of continuous markers with agronomic traits, as well as the value of markers in the analysis of heritability of traits in crops is specified. In this study was assessed, the relationship between agron More

.One of the big advances in identifying markers is the identification of continuous markers with agronomic traits, as well as the value of markers in the analysis of heritability of traits in crops is specified. In this study was assessed, the relationship between agronomic traits and molecular marker ISSR in different genotypes of soybean. The genetic diversity different genotypes of soybean by using the 10 ISSR primer showed that Among 68 amplified fragment of cultivars were generated, 34 fragments were ploy morphic. PIC values varied between 0.147 to 0.058 for primers. Maximum level of marker index obtained for primer PRI-6 with value of 8.39 which indicating a higher resolution of this primer than the other. Association analysis was performed using structure matrix and statistical models of GLM and MLM by using TASSEL software for 21 variables. The MLM model in 5 percent probability level identified 6 markers related to evaluated traits. According to the results of Association analysis the highest of coefficient determination was for ISSR9-2 with 0.21 percent explanation of variation of number main branch. A total of, due to the high genetic diversity statistics, the ISSR10-1, ISSR2-3 and ISSR2-4 markers can be used to other breeding programs Manuscript profile

Open Access Article

11 - The effect of digital content marketing on purchasing behavior and electronic verbal recommendation communication of users in social networks
manijeh Haghighinasab Zohreh Damirchi maedeh ghasemi

The current research has investigated the effect of digital content marketing on the purchase behavior and electronic verbal recommendation communication of users in social networks (Instagram), which is applied in terms of purpose and descriptive-survey in terms of met More

The current research has investigated the effect of digital content marketing on the purchase behavior and electronic verbal recommendation communication of users in social networks (Instagram), which is applied in terms of purpose and descriptive-survey in terms of method. The statistical population studied in the current research is 4800 customers of the G Plus brand in the social network, among which 384 people were selected as a sample using the Morgan table and available sampling method. The data collection tool in the present study is an online questionnaire designed by professors, and its validity was measured through content validity and construct validity (convergence and divergence) and it was obtained more than 0.7. Cronbach's alpha and composite reliability have also been used to measure reliability. Analysis of the research data has been done using structural equation method and SPSS and SMART-PLS statistical software. Research findings have shown: information content, entertainment content, social interaction and self-expression have a positive and significant effect on normative and informational social factors. Also, informational and normative social factors have a positive and significant effect on electronic verbal recommendation communication and purchasing behavior. Manuscript profile

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