Certainly, information is one of the most important factors in financial markets and stocks trading. Information symmetry is among the basic principles of an efficient market which is milestone in price clearance mechanism. Also, information risk is a considerable facto More
Certainly, information is one of the most important factors in financial markets and stocks trading. Information symmetry is among the basic principles of an efficient market which is milestone in price clearance mechanism. Also, information risk is a considerable factor for investors in the stock markets. Existence of private information can cause increasing of investment risk. Information risk is a very important factor in trading of stocks that have low liquidityand low transaction numbers. Therefore, ignoring private information and information risk in this stocks’ trading, can cause irreparable losses.
This work aims to investigate information asymmetry and information risk in Tehran Stock Exchange via using information risk models. Volume-Synchronized Probability of Informed Trading market microstructure model (VPIN) is one of the newest methods of calculating information risk in financial and stock markets. Intraday information of the active companies is used to compute information asymmetry for the stocks of Tehran Stock Exchange
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One of the most important issues in the management of banks is risk management. This issue can be of interest to managers given the importance of risk types in the bank. One of the issues that raised in recent years is human resource risk management which that refers to More
One of the most important issues in the management of banks is risk management. This issue can be of interest to managers given the importance of risk types in the bank. One of the issues that raised in recent years is human resource risk management which that refers to the threats by the human resources in organization. Therefore, considering the high role of human resources in the bank, the purpose of this research is to identify and prioritize human resources risks in the Bank of North Khorasan. This is a mixed metod study. The qualitative section is a case study and its data was collected using interviews with 9 experts through a targeted snowball sampling. Then, the collected data were analyzed with using the theme analysis method and sub themes were classified into 4 types of HR risk. A paired comparison questionnaire for ranking risks among 144 people has been distributed. The AHP analysis showed that the priority of human resources risks in the bank is financial risk, human capital, structural-operational, and informational.
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The purpose of this study is to evaluate the information risk factor in increasing the power to explain the excess return on companies' stocks.Using the monthly stock' excess return data of 201 companies listed on the Tehran Stock Exchange during the period 2012 to 2021 More
The purpose of this study is to evaluate the information risk factor in increasing the power to explain the excess return on companies' stocks.Using the monthly stock' excess return data of 201 companies listed on the Tehran Stock Exchange during the period 2012 to 2021, information risk factors including information asymmetry, stock price synchronicity, stock price delay reaction and conservatism separately and simultaneously to the five-factor Fama and French model (2013) were combined and regressed on the monthly stock excess return using the autoregressive distributed lag (ARDL) models. The results showed that by adding each of the information risk factors separately to the five-factor Fama and French model (2013), the explanatory power of this model increases. On the other hand, by adding the combined factor of information risk to five-factor Fama and French model (2013), its explanatory power increases. Also, the model, which includes all information risk factors simultaneously, has the greatest power to explain the stock' excess return of the companies and can explain approximately 20% of the monthly stock' excess return of companies. It can be concluded that corporate environmental information risk is priced by investors and is considered as a risk Premium factor. As a result, investors and financial analysts are advised to pay attention to the information risk elements of companies in stock pricing models and adjust their expected returns.
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Purpose: This paper assessed the impact of financial information risk derived from earnings misstatement on cost of equity capital, as well as the role of stakeholder’s rights protection criterion.Methodology: The cost of equity capital is measured based on stockh More
Purpose: This paper assessed the impact of financial information risk derived from earnings misstatement on cost of equity capital, as well as the role of stakeholder’s rights protection criterion.Methodology: The cost of equity capital is measured based on stockholders’ expected rate of return which extracted from capital asset pricing model. Also, stakeholder’s protection is assessed through various criteria such as separation of chairman’s duty, board independence, existence of internal auditor, shareholder with vote right, ownership concentration, audit adjustment, timeliness & reliability of information, disclosure of audit fee and managerial compensation. Accrual earnings management is considered as a proxy of financial information risk which is measured based on the standard deviation of residuals absolute values extracted from accrual model. Research population includes 183 firms listed in Tehran Securities & Exchange over the period 2012 to 2021. Research hypotheses analyzed through multivariate regression models using panel data by controlling industry-year effects.Findings: Findings documented that high level of financial information risk caused to increase the cost of equity capital. Also, high level of stakeholder’s protection index led to decrease the cost of equity capital; In addition, stakeholder’s protection indices weaken the impact of financial information risk on cost of equity capital.Originality/Value: The evidences showed that the implementation of governance procedures in protecting stakeholders’ rights and reducing financial information risk caused by earnings misstatement, play an important role in reducing the cost of equity capital; so, understanding this issue can be a significant point in adjusting stakeholders' expectations.
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