Rate of Return

Open Access Article

1 - Investigating the Factors Affecting the Economic Return Rate of the Construction Plan of Dry Milk Powder Production Plant using Comfar Software
ALI HABIBI Ali Shahabi

This research has been studied and developed for a dairy company which is under production that needs to build a new dairy powder factory to complete its production process cycle, product portfolio upgrade and to reach the desired point of production and cost. The desig More

This research has been studied and developed for a dairy company which is under production that needs to build a new dairy powder factory to complete its production process cycle, product portfolio upgrade and to reach the desired point of production and cost. The designed capacity to produce dairy powders, including industrial milk powder and whey powder are 4200 tons per year. In order to build a dairy powder factory, it is necessary to do market studies, technical knowledge of the product, technical studies and study of project cost. For economic analysis of the plan, it is necessary to do precise calculation on fixed and variable investment costs, production costs, sales and cash flows, and finally to extract the financial indexes. In this research, the method of economic studies was based on Comfar software analysis, therefor the main target of this article is to investigate the results of economic analysis to predict the factors which are affecting the efficiency of the project. Based on the information provided in this article, the changes of systematic and non-systematic factors like the cost of project investment, changing in sales and prices of produced products and the cost of material, and inflection rate has significant impact on the rate of investment return. So the investor should be informed and consider economical indexes and parameters which are affecting investment plan in order to make the right decision. Manuscript profile

Open Access Article

2 - An Investigation & Comparison between Accounting Measures of Performance Evaluation & value-Based Measures in Estimating the Companies’ Economic Rate of Return
فریدون رهنمای رودپشتی محمد حامد خان محمدی

Economic performance assessment of companies has been always of interest for stakeholders. In addition to accounting based evaluation model, there is an economic model, which focuses on cash flows rather than profit. One of these models is the “cash recovery rate& More

Economic performance assessment of companies has been always of interest for stakeholders. In addition to accounting based evaluation model, there is an economic model, which focuses on cash flows rather than profit. One of these models is the “cash recovery rate” based on which the economic rate of return can be estimated. In this article, the relationship between accounting measures of performance evaluation(Return On Assets, Return On Equity, Return on Sales) and value-based measures(Economic Value Added and Market Value Added) in relation to cash recovery rate, which is as proxy of economic performance of companies, has been investigated. As many as 60 sample companies between the periods of 1382 to 1386 have been selected. The achieved results from empirical tests indicate that the return on assets, return on equity, return on sales and market value added are positively and directly related to the cash recovery rate. They can be used as a reliable measure in the performance evaluation in spite of economic value added which lacks information content.   Manuscript profile

Open Access Article

3 - The effect of size on capital structure, rate of return and earning pershare in tehran stock Exchang companies (Druge Industry)
مهدی زینالی جمال محمدشیلان

The main issue that the financial managers should consider inorder to maximize the stackholder capital is to find the best mixture of firms resource. The puzzte of capital structure is the main financial managemet problems and it is more complicated. The purpose of this More

The main issue that the financial managers should consider inorder to maximize the stackholder capital is to find the best mixture of firms resource. The puzzte of capital structure is the main financial managemet problems and it is more complicated. The purpose of this study is to investrage the same capital structure of companies and the druge industry to examine the emperical relationship between capital and earning per share. First of nonparametric statistical methods for hypothesist ‘ kruskal-wallis’ and to examine hypothesis II , III and IV, the diagnostic test are normal. Manuscript profile

Open Access Article

4 - Examination of the relationship between Economic Value Added and Operational Leverage , for companies at Tehran Stock Exchange (TSE)
Hashem Nikomaram Maryam Alavian Ghavanini

This study examines the relationship between Economic Value Addedand Degree of Operating Leverage. The main target of this study isintroducing Economic Value Added as a performance appraisal and valueassessment index, thus the relationship between EVA and DOL , sale&rsq More

This study examines the relationship between Economic Value Addedand Degree of Operating Leverage. The main target of this study isintroducing Economic Value Added as a performance appraisal and valueassessment index, thus the relationship between EVA and DOL , sale’sgrowth and profit’s growth , for companies at Tehran Stock Exchange,was examined , for the period 2002 through 2007 ,in order to find themost suitable index. For testing the hypothesises of this research ,Multiple Regression Method was used for cross – sectional data.The results show that EVA has meaningful relationship with both DOLand profit’s growth .But EVA has no meaningful relationship withsale’growth. The results also indicate most powerful relationship betweenEVA and profit’s growth compare to relationship between EVA andDOL. Manuscript profile

Open Access Article

5 - Select the optimum stock portfolio investment based on canonical correlation analysis for member firms of Tehran Stock Exchange
Saeid Aghasi Ehsan Aghasi Sahar Biglari

In recent years, financial markets, and especially the capital market has been a significant expansion in the international and country levels and sudden changes in economic behavior and perception of investors of the market situation affected. The main problem in choos More

In recent years, financial markets, and especially the capital market has been a significant expansion in the international and country levels and sudden changes in economic behavior and perception of investors of the market situation affected. The main problem in choosing the optimal portfolio optimization assets and securities that can be provided with a certain amount of capital. Although minimize risk and maximize return on investment comes in plain view, but in practice has been used several approaches to portfolio optimization.In this study, to determine the optimal portfolio based on canonical correlation analysis on companies active in the Tehran Stock Exchange during the year 1394 were discussed. Methods cross-sectional study of a sample of 42 companies included in the index returns daily adjustment of the top 50 companies in the period is three months. Based on canonical correlation analysis showed, 42 samples in the form of two pairs of canonical variables, each linear combinations of the daily rates of return were, were adjusted and petrochemical allocated and the remaining 155 units will be assigned in other industries desired. Manuscript profile

Open Access Article

6 - The Effect of Political cycles in condition of Rational speculative bubbles and Based on the Theory of Constraints on the Real Rate of Return for selected firms in Tehran Stock Market
Ali Ramezani فریدون Rahnamay Roodposhti Oveis Bagheri

The main purpose of this research is to test the effect of the rational speculative bubbles and the political cycle based on the theory of constraint on the total rate of return in selected companies of the chemical and petroleum industry (51 companies) In the Tehran St More

The main purpose of this research is to test the effect of the rational speculative bubbles and the political cycle based on the theory of constraint on the total rate of return in selected companies of the chemical and petroleum industry (51 companies) In the Tehran Stock Exchange during the period of 2009-2016 by econometric model of panel data. Therefore, the determination and estimation of the model of the research was performed based on the diagnostic tests of the fixed effects method. The results of the estimation of each of the model represent the confirmation of the positive and significant relationship between the independent variables and political cycles (in two periods of fundamentalism and moderation), as well as three variables in the model such as; capital cost, earnings, and operating cash flow, which are based on the theory of constraints. Of course, all the research control variables were obtained on the dependent variable of the companies under review. So, based on the estimation and testing the research model of the research, the hypothesis has been approved, it is also states that political cycles as a limiting factor in the price bubbles have a significant impact on the real rate of return in the chemical and petrochemical industry group companies. Finally, the suggestions based on the results of the research are presented to adjust the impact of the political cycles on the total real stock return rate. Manuscript profile

Open Access Article

7 - Feasibility study of replacing solar energy in order to provide different energies, especially desalination of water required by a building
essmail mohisenpour Mohammad Ali Ehyaei Ashkan Abdalisousan

10.30495/jest.2022.61092.5405

Background and Objective: Today in the world we are facing a shortage of fresh water and to overcome this important issue all countries in the world are looking to desalinate water in different ways to meet the needs of their country. The use of renewable energy is a go More

Background and Objective: Today in the world we are facing a shortage of fresh water and to overcome this important issue all countries in the world are looking to desalinate water in different ways to meet the needs of their country. The use of renewable energy is a good way to supply the energy needed in these units. Material and Methodology: In this study, using the initial data, the amount of electric charge of a residential unit located in Bandar Abbas, for different months of the year was calculated and considering the amount of electricity required, the amount of heating and cooling load using software Carrier was obtained. Also, using the available data, the energy required for the desalination plant and the desired area for the solar panel were calculated. After analyzing the obtained data in terms of energy and exergy, among the water desalination methods, reverse osmosis method was selected that the required source is supplied through seawater. Findings: The maximum required area of the solar panel to supply electricity to the residential unit is about 134 square meters and has the capacity to produce about 9 kW of electricity and the exergy efficiency of these panels at its maximum is about 25%. Also, about 220 liters of drinking water is produced for 4 family members during the day. Economically, the return on investment is about 7 years and with a domestic return of 17%. Discussion and Conclusions: Depending on the generation capacity of the solar panel in the months of the year such as winter that require less energy, the excess electricity generated can be transferred to the distribution network to help generate revenue for the system. Economically, due to the provision of initial capital in this residential unit, it is possible to create a system independent of the distribution network that will also provide the fresh water needed for the residential unit and is recommended for areas facing shortage of drinking water. Manuscript profile

Open Access Article

8 - Investigating the effects of investors' sentiments on stocks valuation
Hamid Rostami Jaz Ahmad Yaghoobnezhad Yadollah Tariverdi

The purpose of this study is to examine the impact of investor's sentiments and the volatilities of profits on the stock price of companies. To achieve this goal, using the data of 95 companies during the financial periods from 2011 to 2016, the effect of the investor's More

The purpose of this study is to examine the impact of investor's sentiments and the volatilities of profits on the stock price of companies. To achieve this goal, using the data of 95 companies during the financial periods from 2011 to 2016, the effect of the investor's sentiments and the volatilities of profits on the Expected Earnings Growth rate and required rate of return has been investigated using multiple regression model. The results of the study showed that the investor's sentiments affect the Expected Earnings Growth rate and required rate of return .The profit volatilities variable as a factor in the uncertainty of information does not have a moderating effect and does not affect the relationship between the investor's sentiments and stock prices. Manuscript profile

Open Access Article

9 - Study on the effect of Currency rate of return at TEDPIX and TEPIX on Tehran stock exchange using by ARDL regression
saeed moshtagh Farhad Hosseinzadeh Lotfi Mohammad Esmayeel Fadaeinejad

The effect of economical variables at invest market is the most important subject in finance theory. Tehran stock exchange is emerge from special place. efficiency and Capital market development are dependent to be active this Entity in the country.Two important functio More

The effect of economical variables at invest market is the most important subject in finance theory. Tehran stock exchange is emerge from special place. efficiency and Capital market development are dependent to be active this Entity in the country.Two important function of tehran stock exchange are gathering small saving and available liquidity in society and directing them to stock product process and services in the country. In this way identification effective factors at efficiency of securities return have significant effect in deeper analysis and taking more appropriate decision from investors. accordingly in this article we examined the effect of volatility currency rate of return as a macroeconomic variable at TEDPIX and TEPIX on Tehran stock exchange on between 1395-1398.In this article with the goal of identification the effect of volatility currency rate of return as a macroeconomic variable at TEDPIX and TEPIX on Tehran stock exchange, two principle theories test with Convergence relationship that as a result the Currency rate of return effect at TEDPIX and TEPIX on Tehran stock exchange with 4 days lag. Manuscript profile

Open Access Article

10 - Factors Influencing the Performance of Acquisition Companies
Mohammad Reza Eghbal Seyed Ali Nabavi Chashmi Naser Yadollahzadeh Tabari

Moving toward globalization is one of the most contemplative and challenging issues of today. One of the best strategies for the growth and development of companies that operate in a changing environment and always be ready to respond is acquisition. The purpose of this More

Moving toward globalization is one of the most contemplative and challenging issues of today. One of the best strategies for the growth and development of companies that operate in a changing environment and always be ready to respond is acquisition. The purpose of this study is to investigate the factors affecting the performance of the acquirer companies. The study population is all companies listed in the Tehran Stock Exchange that were in the acquisition process from 2013 to 2016, and 48 of them were identified as acquisition companies and the statistical sample of the present study. The results indicated that the acquisition variable, intangible assets, and size of companies were positively correlated with ROA. In addition, the acquisition and size variables have a positive relationship with corporate performance with respect to ROE. Manuscript profile

Open Access Article

11 - Creating the balance between sources and uses of pension plans by Using the Actuarial knowledge
Ali Akbar Pourmousa Reza Khaleghi

The balance between revenues and expenses in pension funds is one of the main objectives for continuing the activities of these funds. This can be possible, for the purpose of doing Obligations and exploitation of economic and reliable of pension funds and resources, b More

The balance between revenues and expenses in pension funds is one of the main objectives for continuing the activities of these funds. This can be possible, for the purpose of doing Obligations and exploitation of economic and reliable of pension funds and resources, by using the modern methods of design and Exploitation of systems and advanced tools. Actuarial knowledge by using the mathematical techniques, probability theory and statistical methods in finance problems which specifically applies to insurance and pension plans, can help these funds to achieve their goals. In this paper, we develop Actuarial knowledge through review of concepts, theories and actuarial models and its relationship with pension funds, state pension funds in Iran and the balance between sources and uses of them. For this purpose, with a case study in one of the country's pension funds, we review on the second layer of the defined benefit plans (DB), by using Actuarial calculations and based on the Actuarial model Employer- Sponsored Plans. Also, the statistical software is used to test the hypotheses of the study, based on a balance between resources and uses of the current pension funds in the country, according to Actuarial calculations and providing an appropriate strategy for strengthen these mentioned Funds. The results of this research suggest the fraction of resources to funds expenses. Manuscript profile

Open Access Article

12 - Test of effect the rational speculative bubbles and the political cycle based based on the theory of constraint on the rate of return in selected companies of the Tehran Capital Market
Ali Ramezani Oveis Bagheri

The main purpose of this research is to test the effect of the rational speculative bubbles on the theory of constraint on the total rate of return in selected companies of the chemical and petroleum industry (51 companies) In the Tehran Stock Exchange during the period More

The main purpose of this research is to test the effect of the rational speculative bubbles on the theory of constraint on the total rate of return in selected companies of the chemical and petroleum industry (51 companies) In the Tehran Stock Exchange during the period of 2009-2016 by econometric model of panel data.. results shown represent the confirmation of the positive and significant relationship between the independent variables (political cycles in two periods of fundamentalism and moderation), as well as three variables in the model such as; capital cost, earnings, and operating cash flow, which are based on the theory of constraints. Of course, all the research control variables (financial leverage and firm size) were obtained on the dependent variable (total return on equity) of the companies under review. Also, the hypothesis has been approved, Finally, the suggestions based on the results of the research are presented to adjust the impact of the speculative bubbles on the total real stock return rate. Manuscript profile

Open Access Article

13 - Emotional intelligence effect on the quality of decision making by investors in the stock exchange
S. Mahmood Mousavi Shiri Asal Bakhshian Hoda Barati

The aim of this research is to investigate the effects of emotional intelligence on the quality of investors' decision-making at Tehran Stock exchange market. The sample decision-makers who were stock brokers and analyzers were examined by both "emotional intelligence t More

The aim of this research is to investigate the effects of emotional intelligence on the quality of investors' decision-making at Tehran Stock exchange market. The sample decision-makers who were stock brokers and analyzers were examined by both "emotional intelligence test" and "decision-making quality test".The data obtained was analyzed by the diagnostic test and indicated that Self-motivation and agreement had positive meaningful influence on the quality of decision-making and the relation management had negative meaningful influence on the quality of decision-making. Other results show that self-consciousness and self-management had no meaningful influences on the quality of decision-making. Likewise, there was no meaningful relation between the emotional intelligence and the quality of decision-making of the investors. Manuscript profile

Open Access Article

14 - Evaluation Fundamental based risk model in predicting stock prices
Ehsan kamali Seyyed Abbas Hashemi Dariush Foroughi

How to measure the risks is one of the most challenging issues in the stock valuation models. This study is designed based on a new methodology for risk measurement in valuation models based on fundamental factors related. Therefore beta of excess equity returns and bet More

How to measure the risks is one of the most challenging issues in the stock valuation models. This study is designed based on a new methodology for risk measurement in valuation models based on fundamental factors related. Therefore beta of excess equity returns and betas of size and book-to-market based on earnings, as the risk adjustment was combined to the present value based on risk-free rate in valuating model. Evaluation process was conducted in two stages, first during the period 2002 to 2011 using short time-series regressions, risk-adjustment coefficients were calculated at three levels: firm, industry and selected portfolios and the coefficients in the second stage along with other required data in the research model used to predict the stock price for the year 2012. The results show good performance of applying the model to predict the stock price of listed companies in Tehran Stock Exchange. Manuscript profile

Open Access Article

15 - Forecasting Tehran’s bourse price index using return-based fuzzy time series
Farid Radmehr Naser Shams Gharneh

During the recent years extensive researches have been done on fuzzy time series. In many of these studies, universe of discourse and relevant intervals have been determined based on levels of price or data; in this study a new type of universe of discourse is establish More

During the recent years extensive researches have been done on fuzzy time series. In many of these studies, universe of discourse and relevant intervals have been determined based on levels of price or data; in this study a new type of universe of discourse is established based on rate of return concept in financial markets.  Another point that has a significant effect on the performance of fuzzy time series models is the length of intervals, therefore doing research in this area became an interesting topic for time series researchers, there are some studies on this issue but their results are not good enough. So we propose a novel simulated annealing heuristic algorithm that is used to promote the accuracy of forecasting. The experimental results show that proposed model (RBFTS) is more accurate than existing models on forecasting Alabama university enrollments data. At the final step, Tehran’s bourse price index (TEPIX) is used as a case study for forecasting. The obtained results indicate a good forecasting performance on this test problem. Manuscript profile

Open Access Article

16 - Test the effectiveness of internal and external methods of financing on the real total returns of stock
Akbar Bagheri Ali Ramezani Abbas Poursaeed

The purpose of this study is to measuring the the effect of financing approaches on the total real rate of return of the Companies listed in Tehran stock exchange of listed companies in Tehran stock exchange. In this regard, we have tried to test some variables such as, More

The purpose of this study is to measuring the the effect of financing approaches on the total real rate of return of the Companies listed in Tehran stock exchange of listed companies in Tehran stock exchange. In this regard, we have tried to test some variables such as, cost of capital, Retained Earning, leverage, Profitability, firm’s Size to measure their impact on total real rate of return. In this study, at the first step there are 43 companies were studied in the field of producing companies and then there 39 companies were examined in the field of petrochemicals in the period from 1390 to 1394. At the next step, data is extracted from the financial statements of companies and then is analyzed by Eviews software and using panel data approach. The results show that research’s variables (incloading: cost of capital, Retained Earning, leverage, Profitability, firm’s Size) have positsve impact firm’s total real rate of return. It can be concluded that the relationship between financing approaches and independent variables. Finally, some recommendations are presented to inform shareholders and investors in this fims on how to use financing approaches.   Manuscript profile

Open Access Article

17 - Economic analysis of gas extraction refining risk response strategies by NPV method (Case study in the Gas Refinery)
alireza Askarian mahnaz Mirza Ebrahim Tehrani

10.30495/imj.2021.681441

Technical and economic evaluation is a completely scientific way of being able to comment on the economics of risk response strategies. The purpose of this study is to analys the economic feasibility of the risk mitigation strategy proposed by the unit managers taking i More

Technical and economic evaluation is a completely scientific way of being able to comment on the economics of risk response strategies. The purpose of this study is to analys the economic feasibility of the risk mitigation strategy proposed by the unit managers taking into account the requirements, standards and constraints of the gas refinery. By calculation the total stop losses of the refinery unit showed that it was found that its amount is staggering, anf if even a part of the relevant costs erosion course of the system can be reduced, large profit can be made for the company. In this study, the financial process of risk reduction strategies, In the form of numerical differences obtained before and after risk correction measures and The effectiveness of corrective actions over ten years was analyzed using techniques the net present value (NPV) and return on capital investment (IRR). The results of the economic analysis showed six risk reduction strategies showed, the financial process resulting from the implementation of risk reduction strategies in the unit to prevent accident or stop the unit, is positive and greater than zero. According Using advanced methods for investment analysis, it is possible to calculate the economics and increase the profitability of the risk reduction strategy. Manuscript profile

Open Access Article

18 - Impact of Capital Market Efficiency Based on the Theory of Limitation on the Total Return on Stock Rates
Morteza Hasanvand Akbar Bagheri Ali Asghar lotfi

Manuscript profile

Open Access Article

19 - The investigation into problems of decreases rate of return investment in tea strategical research program of Iran
hojatalah alavi hassan dadras ali sertaji

At present, tea is one of major and strategic crops in Iran. Cultivation of tea is only possible in the northern areas of Iran. According to statistic, about 32000 Ha of our country is under the cultivation of tea. Until now made tea produced in Iran can’t secure More

At present, tea is one of major and strategic crops in Iran. Cultivation of tea is only possible in the northern areas of Iran. According to statistic, about 32000 Ha of our country is under the cultivation of tea. Until now made tea produced in Iran can’t secure internal consumption. However, according to the cost of planting and harvesting in tea gardens, economically in compare with other crops has less interest. On the other hand, some affairs like insufficient tea factories and packing industries, low training level in the productivity system, not assigning appropriate cost for tea green leaf and made tea, the absence of suitable productivity system, the lack of unit administrator, irregular imports, not proper politisizing in the tea product part, not reasonable insurance, changing consumer taste and inappropriate tea marketing industry have been caused that investment out put rate measure in cultivation, also  industry of tea are in short supply. In this project has been tried to recognize the problems of production, supply, demand and proper politicization; afterward the approaches to reach to predicable aims will become certain. The methods in this research were analytical, since they were discussed theoretical and historical dimensions. This project through participation discussion and research makes used of group knowledge experience; also in this way was considered the goals. Moreover, recognize problems, difficulties and made priority for performance.   Manuscript profile

Open Access Article

20 - Alyzing the Effects of Fuel Price Reform on Electricity Industry’s Financial Balance, Employing a Simulation of the Function of the Market
jamshid Pajooyan Taymot mohammadi Ali Asghar Ismail Nia elham gaforiyan

10.30495/fed.2023.700137

  Abstract This article is devoted to the study of the impact of a reform in power plant fuel prices on the key variables of Iran's electricity market (average electricity price and the financial balance of the electricity industry). It is based on a simulation m More

  Abstract This article is devoted to the study of the impact of a reform in power plant fuel prices on the key variables of Iran's electricity market (average electricity price and the financial balance of the electricity industry). It is based on a simulation model. In this regard, we employed a model in which the presence or absence of competition in the electricity market is based on the amount of power plant storage factor that is available in every hour. The corresponding critical storage factor, which is based on actual operation, is also calculated. Due to a suppressed price cap and availability rate (that is even lower than what is necessary for sending optimal investment signals), the current price cap and availability rate is not a valid starting point for calculating the desired effects. Hence, before examining the effects of a price reform on the mentioned variables, the price cap and availability rates need to be adjusted to a level that can guarantee a minimum IRR for investors in this sector. According to calculations, in order to sending the necessary signals for investment, by assuming a fixed availability rate, it is necessary to increase the current price cap (nearly 417 Rials per kilowatt hour) to a new level (570 Rials per kilowatt hour). According to that, the average wholesale market price will increase from nearly 600 Rials per kilowatt hour to 706 Rials per kilowatt hour. The implementation of this policy imposes a financial burden of about 29894 billion Rials to the Ministry of Energy. Given that, in markets amid with a price cap (and hence an availability payment), a price reform in fuel price, requires a proportional modification in the market price cap. Based on this obligation, the effects of the price reform on the mentioned variables, is calculated and analyzed. The analysis is based on three different scenarios about fuel price for power plants; The price of gas used in the petrochemical industry (as a raw material for this industry), the price of gas that is exported to Turkey, and, the minimum bound foreseen in the "law on the targeting of subsidies" in relation to the price of natural gas. Implementation of the mentioned scenarios will increase the market cap from 570 Rials per kilowatt hour to 1783, 3655 and 2830 Rials per kilowatt hour respectively. Adjusted average market price, proportional to the adjustment made in the market price cap, would be equivalent to 1922, 3801 and 2973 rials per kilowatt hour respectively. Furthermore, the financial burden corresponding to these scenarios will be 61717, 156574 and 114866 billion Rials respectively. Manuscript profile

Open Access Article

21 - The Relative and Incremental Information Content of Earnings VS. Cash Recovery Rates for Measuring the Company’s Performance
Jalil Khodaparast Shirazi Ghodratallah Talebnia Tahereh Mosallanejad

The Content of Earnings have been investigated in many times. Accounting researchers have been looking for measurement which can be used as a competitor against earnings. One of the major competitors against earnings is cash flows. In this study, returns on assets is as More

The Content of Earnings have been investigated in many times. Accounting researchers have been looking for measurement which can be used as a competitor against earnings. One of the major competitors against earnings is cash flows. In this study, returns on assets is as proxies for earnings-based measures, and estimated internal rates of return is as proxies for cash recovery-based measures, That their relationship were investigated Tobin'Q and the stock returns, which are both indicators of the company’s performance. The research's method of the present study is based on the correlations. This study was conducted on the companies which were present in Tehran Stock Exchange. The study was done 2005 to 2008. Pearson product moment correlations and multiple regressions were used to test hypotheses. according to the results, it can be concluded that the relative information content of earnings is more than the relative information content of cash recovery rates. and the incremental information content can't be investigated. Manuscript profile

Open Access Article

22 - The Relation Between Inflation and Creteria of Capital Budgeting
Mohamed Syrany Hassan Tahershams

Investors & creditors and others needs to relevant and accurate financial information for make decisions.this research intended to study the relevant between inflation & assessment criteria's capital budgeting in listed companies in Tehran Stock Exchange among 1 More

Investors & creditors and others needs to relevant and accurate financial information for make decisions.this research intended to study the relevant between inflation & assessment criteria's capital budgeting in listed companies in Tehran Stock Exchange among 1383 to 1388. Sampling method is simple sample method. In this research ed 30 companies. Results of research show that countries with inflation economic when companies applies cost method accounting for assessment of criteria's capital budgeting is not provides useful and relevant financial information for investment decisions and decision makers has in wrong. Findings shows that for assessment of criteria's capital budgeting we must adjusted the cash in and out flows with included of inflation rate in our calculations. Manuscript profile

Open Access Article

23 - Analyzing the demand side of commonality liquidity in the Tehran Stock Exchange market: a non-linear autoregressive approach with NARDL distribution breaks.
Omid Aghaei meybodi sayed yahya abtahi hamid khajeh mahmoodabadi gholamreza Askarzadeh

In the last few decades, market participants have given considerable attention to the of liquidity in financial markets. Commonality liquidity and shared movements in transaction costs associated with such a phenomenon have significant consequences in the microstructure More

In the last few decades, market participants have given considerable attention to the of liquidity in financial markets. Commonality liquidity and shared movements in transaction costs associated with such a phenomenon have significant consequences in the microstructure of the market. The analysis and identification of such commonalities enables the investor and the policy maker to discover the evidence related to inventory risk and asymmetric information in increasing the liquidity of the stock market. From the non-linear autoregression method with NARDL distribution breaks between the seasonal periods of 2008:01 to 2020:12. The asymmetric long-term results show a negative and significant relationship between the positive rate of return shock and Commonality liquidity and a positive and significant relationship between the negative market return shock and commonality liquidity. The variables of monthly investment by institutional investors, commonality liquidity and exchange rate of return have a positive and significant relationship with commonality liquidity. Export logarithm has a negative and significant relationship with, uncommonality liquidity. Manuscript profile

Open Access Article

24 - Functioning of the Management Pattern, Asset- Debt, on the Understanding of the Relationship between Risk and Returns, Liquidity
Robabeh Bahramian Fraydoun Rahnamay Roodposhti Mehdi Madanchi zaj

In the investment culture, there is a consistent principle that capital is risky and risky and tends towards profitability. This study examines the efficiency and risk taking into account liquidity variables and liquidity risk based on the function of debt management mo More

In the investment culture, there is a consistent principle that capital is risky and risky and tends towards profitability. This study examines the efficiency and risk taking into account liquidity variables and liquidity risk based on the function of debt management model for the period 1391-1396. The purpose of this research is to use the target and the dimension of the correlation of the time series and the information gathering using library studies. Using the secondary data extracted from the financial statements of the company's investment financing specialist holdings Analyzes the correlation relationship. The statistical population of this research is the specialized housings of social security investment company (SHASTA). The researcher selected all members of the community for sampling, and the collected observations. Data analysis was performed using the multivariate regression model presented in the study using Eviews software. The findings showed that liquidity had a negative and significant effect on returns. Also, liquidity risk of the company and liquidity risk of the market have a significant relationship with the return on debt assets. Manuscript profile

Open Access Article

25 - Economic evaluation of Bushehr Special Economic Zone
A. Monserf A. Yahyaabadi A. Samali

Special economic zones in different countries are absorbing external capitals, receiving and promoting technology, getting managerial knowledge, exporting and re-exporting for the host country. Building free and special zone is one of the ways of quick industrial develo More

Special economic zones in different countries are absorbing external capitals, receiving and promoting technology, getting managerial knowledge, exporting and re-exporting for the host country. Building free and special zone is one of the ways of quick industrial development and expanding exports in Iran in development plans. Data in this research are studied annually and for a time period from 2006to 2025 and by COMFAR III and Excel software. The plan will be studied in three pessimistic, middle and optimistic scenarios which all analysis is on the basis of middle scenario. According to the final results of the plan, net present value of total capital in 21 percent discount rate equals to 2680619 million Rials, which with respect to the obtained net present values, the project is feasible economically.  Manuscript profile

Open Access Article

26 - Investigating the impact of investment behavior in Iran's capital market during the Covid-19 pandemic
Mohammad baghr Khalgi Saeed Hosseipour

The purpose of this study is to determine the impact of investment behavior on financial markets during the covid-19 in companies listed on the Tehran Stock Exchange. The current research is descriptive, quantitative and applied, and the data was collected using a quest More

The purpose of this study is to determine the impact of investment behavior on financial markets during the covid-19 in companies listed on the Tehran Stock Exchange. The current research is descriptive, quantitative and applied, and the data was collected using a questionnaire from 120 investors in the Tehran stock market. The findings showed that the perception of risk, satisfaction and profitability rate have an effect on financial risk and general risk in relation to tolerance in the stock market. Also, the uncertainty of covid-19 moderates the relationship between risk perception and financial risk and the perception of risk and public risk relative to tolerance in the stock market, and similarly, the uncertainty of covid-19 moderates the relationship between satisfaction and financial risk and satisfaction and risk. The public adjusts the tolerance in the stock market. As financial institutions and the government take actions that indicate a reduction in financial risk, such as a reduction in investors and wealth. However, the world economy is mostly affected by Covid-19, while the financial markets are also affected. Manuscript profile

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