• List of Articles premium

      • Open Access Article

        1 - Insurance rating to increase the capital of the insurer using the theory of optimal control
        Mahmoud Mahmoudi Sara Dadras
        Determining the appropriate insurance premium for wealth insurance companies is important to increase revenue. In this paper, we want to optimize premium in order to increase the wealth insurance companies via optimal control theory based on choosing the appropriate ris More
        Determining the appropriate insurance premium for wealth insurance companies is important to increase revenue. In this paper, we want to optimize premium in order to increase the wealth insurance companies via optimal control theory based on choosing the appropriate risk. Determining appropriate premium, depending on the average market premium and such amount of losses, can lead to increase in the wealth of the insurance company. First, a dynamic model is expressed to describe the receipt of premium and the payment of losses. Then we introduce the premium variable as the problem control variable. In the next step, we define an appropriate objective function for the control variable and state variables in order to increase wealth and the proportionality of the premium to the average market premiume. Then, one of the principal variables is estimated by statistical methods and solves the control problem via the Pontryagin method. Finally, two numerical examples are presented. Manuscript profile
      • Open Access Article

        2 - Extraction of a Mathematical Capital Asset Pricing Model within the Framework of Mental Accounting
        Mohammadreza Ola Hashem Nikoomaram Azita Jahanshad Zahra Pourzamani
        Ordinary investors do not look to their portfolio as a whole. These investors consider their portfolio as a set of mental arithmetic. In mental accounting, the conventional issue of maximizing the expected return is faced with the constraint of maximum likelihood to fai More
        Ordinary investors do not look to their portfolio as a whole. These investors consider their portfolio as a set of mental arithmetic. In mental accounting, the conventional issue of maximizing the expected return is faced with the constraint of maximum likelihood to fail in achieving the return threshold. The present study extracts the capital asset pricing model from Markowitz Mean-Variance Portfolio Model and risk-free asset entering the limitations of this model. Then, MA-CAPM model is extracted by creating a mathematical equivalence between the components of this model and the limitation of mental accounting. In this model, expected investment return for any purpose presented in the form of mental arithmetic is a function of the return on risk-free asset, beta and risk premium of mental arithmetic where the risk premium of mental arithmetic equals the difference between returns of each account and risk-free return on assets. Expected rate of return on assets in the MA-CAPM will be influenced by return threshold and likelihood to fail in reaching this threshold, i.e. mental arithmetic risk. Manuscript profile
      • Open Access Article

        3 - Investigation equity risk premium puzzle in Iran’s economy usingGMM estimation in the S-CCAPM model
        Azam Mohammadzadeh Mohammad NabiShahiki Tash Reza Roshan
        One of the most important branches of finance is modeling and evaluation of assets pricing. For this reason, many models have been proposed to explain the pricing of assets. Studies of last two decades refer to limits on the models. Such issue is equity risk premium puz More
        One of the most important branches of finance is modeling and evaluation of assets pricing. For this reason, many models have been proposed to explain the pricing of assets. Studies of last two decades refer to limits on the models. Such issue is equity risk premium puzzle. In this paper was investigated the theoretical equity risk premium puzzle with the experimental study of this phenomenon using data of years 1367 to 1391 seasonally from the Stock Exchange in Tehran .To investigate this puzzle addition to Mehra and Prescott (1985) method is used estimation of S-CCAPM model using GMM method. S-CCAPM model is adjustment of CCAPM model that was created with the import savings to utility function. Models results show that according to Mehra and Prescott method equity risk premium is obtained 5.7. This value shows that there is risk premium puzzle in the economy of Iran because with the use of empirical data equity risk premium is 0.129. But at second method, equity risk premium gained 0.4. This implies that the adjustment in the base CCAPM can be helped to solve the puzzle. This implies that the adjustment in the base CCAPM can be helped to solve the puzzle. Manuscript profile
      • Open Access Article

        4 - The Role Of Return Dispersion In The Interpreting Of The Accrual Anomaly
        Yahya Hassas Yeganeh Samaneh Bari
        In this study is examined the role of return dispersion in the interpreting of the accrual anomaly and also is assessed the impact of return dispersion on the risk premium of low and high accrual portfolios. For this purpose, sample of 113 firms listed in the Tehran Sto More
        In this study is examined the role of return dispersion in the interpreting of the accrual anomaly and also is assessed the impact of return dispersion on the risk premium of low and high accrual portfolios. For this purpose, sample of 113 firms listed in the Tehran Stock Exchange were studied in the time period from 2009 to 2014 To test the study hypothesis is used Fama and French's pricing model.The results showed that the dispersion of returns / relative return resulting in a significant and positive risk premium over the stock and accrual portfolio and there is a significant difference between the impact of the relative return dispersion on risk premium of low-accruals and high-accruals companies. Manuscript profile
      • Open Access Article

        5 - A Model for Pricing Controlling Stock Blocks
        حسین اعتمادی طوبی دهقانی عادل آذر علی اصغر انواری رستمی
        This research provides a model for pricing of controlling stock blocks anddeterminants of control premium. Pricing of 64 stock blocks of Tehran Stock Exchangelisted companies with size of 16.67 and more are reviewed. These blocks mostly werepriced at substantial premium More
        This research provides a model for pricing of controlling stock blocks anddeterminants of control premium. Pricing of 64 stock blocks of Tehran Stock Exchangelisted companies with size of 16.67 and more are reviewed. These blocks mostly werepriced at substantial premium to the exchange price. In this research by reviewingliterature and surveying financial and investment professionals determinants of pricingand control premium are find out and then by using multivariate regression significantfactors are determined and at the end the estimated block prices are compared with thereal price of blocks. Results show that significant factors in pricing controlling stockblocks and determining control premium are block size, firm size, leverage, profitabilityand previous performance, previous ownership of buyer and deadline to pay cashpayment. Manuscript profile
      • Open Access Article

        6 - Equity Premium Puzzle in Habit Formation Model With Fuzzy Sensitive Functions: A Case Study of Iran
        Alireza Erfani Solmaz Safari
        Economy condition and equity market could highly affect on risk aversion and equity premium. This paper therefore, intends to combine economy regimes and equity market in the framework of Sensitivity functions by using fuzzy variables in order to develop the Consumption More
        Economy condition and equity market could highly affect on risk aversion and equity premium. This paper therefore, intends to combine economy regimes and equity market in the framework of Sensitivity functions by using fuzzy variables in order to develop the Consumption Capital Asset Pricing in habit formation model. This model through the producing some extra resources for risk premium will be differently a help to resolve equity premium puzzle.The results, gathered from using the model in Iran data seasonally in the period 1371-1393, present that the trend in risk aversion and equity premium is counter-cyclically of economic. Indeed the period of recession will make an increase in risk aversion and equity premium consequently. This means that investors are intended to take risk only in lieu of high level of compensation and they also intend to allocate their funds into more certain fields such as bank deposits in this situation .While good news in the period of boom in economy will decrease risk aversion and equity premium consequently. Results also present that the increasing and decreasing regimes of market in combination with economic regimes have effect on the intensity of these phenomena Manuscript profile
      • Open Access Article

        7 - The relationship between risk Premium varies over time and spot prices: a case study Crude oil futures market
        Muosa Khoshkalam Rouhollah Mahdavi
        The various studies results Illustrate about the presence of time-varying risk premium in oil futures market. This paper investigates existence of risk premium, varying of its in time and its effectiveness on oil spot price using data for period 1986-2016. The research More
        The various studies results Illustrate about the presence of time-varying risk premium in oil futures market. This paper investigates existence of risk premium, varying of its in time and its effectiveness on oil spot price using data for period 1986-2016. The research method in present research is in term of purpose applied, in term of method descriptive-correlation and in term of data nature quantitative. For insight to goals, the paper use from GARCH method, Co-integration test and Vector Error Correction model (VECM). The results of estimations point to risk premium fixed in period 1986-2016, but risk premium is time varying in short period (2004-2016). Also, the results of Co-integration test and vector error correction model indicate to coefficient of risk premium be negative in the period 1986-2016, whereas this coefficient is positive in the period 2004-2016. The coefficients show to oil market estate in Contango position in the period 1986-2016 and normal backwardation in the period 2004-2016 Manuscript profile
      • Open Access Article

        8 - A scheme of CAPM models considering momentum premium
        Mehrdad Salehi Rezvan Hejazi Ghodrat allah Talebnia Ali Amiri
        the growth and development of financial markets and instruments, the complexity of financial markets and the specialization of investment, investors and financial market professionals need tools, methods and models that help them choose the best investment and the most More
        the growth and development of financial markets and instruments, the complexity of financial markets and the specialization of investment, investors and financial market professionals need tools, methods and models that help them choose the best investment and the most appropriate portfolios. This has led to a variety of theories, models, and methods for pricing asset holdings and the calculation of stock market outlook predictions, which are developing and changing every day. The aim of this research a scheme of CAPM models considering momentum premium. For this purpose, the researcher uses factor analysis method and structural equation method in order to more accurately analyze the data and measure the variables of the model. The results of 90 companies during the period from 2006 to 2016 in the Tehran Stock Exchange show that adding a factor to the momentum increases the explanatory power of the new model of capital asset valuation. Also, the return on a portfolio consisting of a losing company is less than the return on a portfolio of winning shares Manuscript profile
      • Open Access Article

        9 - Provide a Modifier Pattern of Capital Assets Pricing Models Using Distress Risk Model and Momentum Premium
        Mehrdad Salehi rezvan hejazi qodratallah talebnia
        Manuscript profile
      • Open Access Article

        10 - The Relationship between Customer Based Brand Equity with Purchase Intend (case study:Buyers of Hyundai Vehicle in Tehran)
        shiva jafari far َAfsaneh Zamani Moghadam Karim Hamdi
        Brands are often seen as one of the most valuable assets of an organization. Brands need to build a strong and powerful presence in the minds and it is a priority in many organizations. People believe strong brands can increase the competitive advantage. The knowledge o More
        Brands are often seen as one of the most valuable assets of an organization. Brands need to build a strong and powerful presence in the minds and it is a priority in many organizations. People believe strong brands can increase the competitive advantage. The knowledge of brand equity dimensions can help companies to implement marketing programs and allocate cost to do them. So, this study as titled “Connection of customer-based brand equity dimensions and customers tendency to purchase “will investigate the relationship between the four factors on customer’s willingness to buy. In this study, the relationship of four variables (brand equity, brand popularity, willingness to pay a higher price and brand image) and customers’ willingness to buy has been evaluated. The statistical society was selected by cluster sampling among Hyundai customers in Tehran. sample volume was 384 which sampled by reliable questionnaire .hypotheses examined by one factor t Test, independent t Test and one factor variance analyses and data were analyzed using LISREL software . After analyzing the questionnaire data, it was found among the three variables (brand equity, brand popularity and willingness to pay higher prices), the brand popularity is most associated with willingness to pay higher price and there isn’t direct significant relationship between brand image and customer willingness to purchasing and there is indirect relationship between brand popularity and customers willingness to purchasing. This study was encountered temporal and special limitations and it was included Hyundai customers in Tehran exclusively and the automobiles with Asan Motor CO guarantee were investigated. Manuscript profile
      • Open Access Article

        11 - The Relationship between Customer Based Brand Equity with Purchase Intend (Case Study: Buyers of Hyundai Vehicle in Tehran)
        A. Zamani Moghadam Sh. Jafari far
        Brands are often seen as one of the most valuable assets of an organization. Brands need to build a strong and powerful presence in the minds and it is a priority in many organizations. People believe strong brands can increase the competitive advantage.  The knowl More
        Brands are often seen as one of the most valuable assets of an organization. Brands need to build a strong and powerful presence in the minds and it is a priority in many organizations. People believe strong brands can increase the competitive advantage.  The knowledge of brand equity dimensions can help companies to implement marketing programs and allocate cost to do them. So, this study as titled “Connection of customer-based brand equity dimensions and customers tendency to purchase” will investigate the relationship between the four factors on customer’s willingness to buy.  In this study, the relationship of four variables (brand equity, brand popularity, willingness to pay a higher price and brand image) and customers’ willingness to buy has been evaluated. The statistical society was selected by cluster sampling among Hyundai customers in Tehran. Sample volume was 384 which sampled by reliable questionnaire. Hypotheses examined by one factor t Test, independent t Test and one factor variance analyses and data were analyzed using LISREL software.  After analyzing the questionnaire data, it was found among the three variables (brand equity, brand popularity and willingness to pay higher prices), the brand popularity is most associated with willingness to pay higher price and there isn’t direct significant relationship between brand image and customer willingness to purchasing and there is indirect relationship between brand popularity and customers willingness to purchasing. This study was encountered temporal and special limitations and it was included Hyundai customers in Tehran exclusively and the automobiles with Asan Motor CO guarantee were investigated. Manuscript profile
      • Open Access Article

        12 - Comparing the Fama & French three-factor model with the five-factor model of Fama & French in explaining stock returns of companies listed on the Tehran Stock Exchange
        Asgar Noorbakhsh Shahram Irani janyarlou
        Stock return is one of the basic concepts in the corporate finance paradigm that has several applications in corporate finance, one of these applications is the role of stock return in motivating investors to invest in corporate stocks. In this research the explanatory More
        Stock return is one of the basic concepts in the corporate finance paradigm that has several applications in corporate finance, one of these applications is the role of stock return in motivating investors to invest in corporate stocks. In this research the explanatory power of stock returns by Fama & French three-factor model and five factor model and comparison of these two models in explanatory and predictive power Stock returns of companies listed on the Tehran Stock Exchange during the period 2012-2019 were examined. This research in class of the field study and using techniques of panel data with fixed effects model and the generalized least squares method including the 2960 observations (Company / season) is done. According to the findings, explaining power of stock returns of companies listed on the Tehran Stock Exchange by the five-factor model of Fama & French is more than compared with three-factor model of Fama & French.Key words: Stock returns, Equity risk premium, Three-factor model of Fama & French, Five-factor model of Fama & French. Manuscript profile
      • Open Access Article

        13 - Investigating the factors affecting the determination of deposit insurance premiums among Iranian banks listed on the Iranian stock exchange and OTC
        Mohammadreza Aghamohammad semsar Saeed fallahpor saeed shirkavand Ali Forosh Bastani
        Bank deposits are a very important resource for banks, which, if accompanied by weak investments or fuel facilities, will cause many problems for financial institutions. One way to combat the burning of deposits is to insure them. The present study seeks to provide a mo More
        Bank deposits are a very important resource for banks, which, if accompanied by weak investments or fuel facilities, will cause many problems for financial institutions. One way to combat the burning of deposits is to insure them. The present study seeks to provide a model that can measure the risk of the banking industry in proportion to the price of premiums. And it uses risk-based modeling. This modeling uses multivariate GARCH models, which can lead to more accurate pricing of deposit premiums. To determine the factors affecting premiums and determine their relationship, the information of active banks of Tehran Stock Exchange between 1393 and 1397 has been used. Using Blacksholes, Merton Blacksholes, Merton Blacksholes models with systematic risk and Merton Blacksholes models using multivariate GARCH modeling, premium pricing has been done. According to the results obtained from the estimation of regression equations, it was found that the premium received by the Deposit Guarantee Fund was not due to the systemic risk of the banking network and it seems better that the value of the deposit premium is considered considering the risk. Be banking. In this regard, and according to the estimated models, the systemic risk of the banking network better considers the calculated value of the premium by considering the multivariate Garchi model. Manuscript profile
      • Open Access Article

        14 - Performance Evaluation of risk premium measurement models: q-theory asset pricing model against three factor model of fama and french
        Gholamreza kordestani Mozhde Ghasemi
        Financial scholars have made valuable efforts to measure risk premium. Recently, Chen et al (2010) proposed a three factor model based on market factor, investment factor, and profitability factor for explaining stock return and called it q-theory model. Prior researche More
        Financial scholars have made valuable efforts to measure risk premium. Recently, Chen et al (2010) proposed a three factor model based on market factor, investment factor, and profitability factor for explaining stock return and called it q-theory model. Prior researches have shown that this model reduces the magnitude of the abnormal returns of a wide range of anomalies. This research examines the performance of new model in explaining the risk premium of the individual stock and portfolio of stock, and compares it with the performance of CAPM and three factor model of Fama and French in stock exchange market. Sample under investigation consist of 72 listed companies for the period of 1386-1391. The results show that risk premium of stocks has a significant relationship with the sensitivity of its returns to investment and profitability factors. Furthermore, q-theory model significantly excel CAPM in explaining risk premium of firm size, book to market value and momentum portfolios. But it significantly excels three factor model of Fama and French just in explaining the risk premium of momentum portfolios. Manuscript profile
      • Open Access Article

        15 - Predicting of Equity Premium: Empirical Evidence from PEG Models
        Ali Rahmani Mohammad Tasharofi Ali Saghafi Saber Sheri
        Pricing of financial assets and identify important risk factors is one of the fundamental issues of finance theory. In this study, using insights of CAPM and three-factor model (Fama and French, 1993), PEG and four-factor models was developed. Using financial data of 27 More
        Pricing of financial assets and identify important risk factors is one of the fundamental issues of finance theory. In this study, using insights of CAPM and three-factor model (Fama and French, 1993), PEG and four-factor models was developed. Using financial data of 270 companies traded in TSE during the beginning of 2006 to the end of 2014, three-stage methodology and the portfolio study methodology used to calculate the risk factor. The results show that first, there are inverse size effects, inverse value effects and PEG effects, second, PEG model cannot explain stock risk premium, But the four-factor model compared with other models, has higher power for explaining of the risk premium. Market participants can use these results to improve investment performance and academics recommended that test models of the study. Manuscript profile
      • Open Access Article

        16 - Structure and rules of pension funds in Iran and EU countries in the legal system from the perspective of sociology of law
        Aidin Bagheri Mohamreza Mojtahdi Hossein Malakoti Emran Naeimi
        10.30495/jss.2021.1915082.1267
        Pension funds in the Iranian legal system have historically always inherited many problems, the most important of which are financial problems. Lack of vision for the future and uncertain plan and unprofessional and inefficient management, lack of transparency and confl More
        Pension funds in the Iranian legal system have historically always inherited many problems, the most important of which are financial problems. Lack of vision for the future and uncertain plan and unprofessional and inefficient management, lack of transparency and conflict and inflation of laws, have all gone hand in hand to make pension funds a problem in Iran; These problems and the poor condition of the funds, in all aspects, have raised serious concerns about the future. Reasons such as the increase in the aging population and the decrease in the employment force have increased the sensitivity of this crisis. Implementation of early retirement laws in different periods, macroeconomic fluctuations, discrimination and disproportionate receipts, the destructive role of the government and mainly one-sided interactions with funds are other important reasons for the crisis in pension funds during the year Are recent. In Iran, the multiplicity of pension funds with various programs, systems and regulations has led to the widespread dispersion of funds in the absence of a comprehensive welfare and social security system in the country. The model used by EU countries for pension funds is both forward-looking and comprehensive. Pension fund programs also focus on employment policy, along with inclusion for all segments of society, including the employed and the unemployed. What can be considered for policymakers in Iran in organizing and modeling the system of EU pension funds is to pay attention to economic and demographic policies, along with regulating legal regulations, phasing out additional organizations and reducing costs. To continue the services of pension funds. Reforms in Iran's pension fund system require a comprehensive policy approach and a strong determination to initiate fundamental change. Manuscript profile
      • Open Access Article

        17 - Molecular assay of chicken meat fraud in premium burgers by Simplex and Duplex PCR
        M. Hashemzadegan E. Hosseini F. Tafvizi M. Bayat
        Meat is considered an excellent and nutritious source of protein. However, due to the high cost of this animal protein and economic profit access of some producers, frauds like usage meat species of commercially lower value are noticeable. The aim of this study is to id More
        Meat is considered an excellent and nutritious source of protein. However, due to the high cost of this animal protein and economic profit access of some producers, frauds like usage meat species of commercially lower value are noticeable. The aim of this study is to identify low-cost protein frauds such as chicken meat by the molecular method. DNA was extracted from 10 kinds of industrial premium beef burgers, and control samples involved raw beef and chicken meat. Then, simplex-PCR and duplex-PCR were run on the extracted DNA using specific primers of cytochrome b gene in beef and 12s rRNA gene in chicken. Specific genes of beef cytochrome b and chicken 12s rRNA amplified 274 bp and 183 bp fragments respectively in all premium burger samples in simplex-PCR and duplex-PCR. Amplification of fragments of 183 bp by simplex and duplex-PCR suggests adulteration of premium hamburgers by partial replacement of beef with chicken. Manuscript profile
      • Open Access Article

        18 - Effects of Brand Experiences on the Customers Willingness to Pay More
        K. Raissifar H. Bakhtiari M. Taheri
        Manuscript profile
      • Open Access Article

        19 - An Empirical Examination of Stability, Predictability and Volatility for Capital Markets in Persian Gulf Rim
        yadollah Dadgar Behzad Vamaziari
        This paper examines the dynamic relationship of stock markets, stability, predictability, volatility, and persistence of shocks volatility of stock markets in Iran, Saudi Arabia, United Arabic Emirates, Qatar, Bahrain and Oman. In this paper, Generalized Autoregressive More
        This paper examines the dynamic relationship of stock markets, stability, predictability, volatility, and persistence of shocks volatility of stock markets in Iran, Saudi Arabia, United Arabic Emirates, Qatar, Bahrain and Oman. In this paper, Generalized Autoregressive Conditional Heteroskedasticity model (GARCH) and Autoregressive Moving Average model (ARMA) are implemented by using monthly data during 1990-2010. The results indicate that stock market doesn’t have notable predictability in Iran and there is Cluster volatility for return of stock in most markets and almost, in none of these markets except Oman, explosive volatilities are observed. It is also indicated that the return for markets of Bahrain and Oman doesn’t have stability in significant level of 5 percent and for Iran it doesn’t have stability and durability in significant level of 1 percent. In addition, although the markets of these countries have high capacities for return of investment, but, in particular, the findings show a low correlation between these markets. Also, the results for the period in question explain that none of these markets has the ability of leadership among others. Manuscript profile
      • Open Access Article

        20 - Use of Black Market premium (BMP) to Investigate the Changes of Exchange Rate on the Added-value of Industry
        hamidreza izadi maryam izadi
        Instability of exchange actual rate increases the risk and uncertainty, decrease of investment, shortening of investment horizon, instability of financial markets, reduction of foreign trade, allocation of the resources to the non-productive activities, reduction of ind More
        Instability of exchange actual rate increases the risk and uncertainty, decrease of investment, shortening of investment horizon, instability of financial markets, reduction of foreign trade, allocation of the resources to the non-productive activities, reduction of industry added value and the growth of production rate and economy. By using Black Market Premium, this paper tries to evaluate the exchange rate fluctuations and its deviations during 1971-2010 due to the importance of the exchange rate variations, and then survey the negative effects of these fluctuations and deviations on the surplus value of industry. Manuscript profile
      • Open Access Article

        21 - Modeling Equity Premium Puzzle by Using Fuzzy Logic: A Number of Evidences from Iran
        Alireza Erfani Solmaz Safari
        This paper is intended to study the equity premium puzzle in basis of Consumption Capital Asset Pricing model in the period 1371-1393 in Iran seasonally. The results confirm the puzzle in the period. Consequently the paper introduces and proposes an experimental and the More
        This paper is intended to study the equity premium puzzle in basis of Consumption Capital Asset Pricing model in the period 1371-1393 in Iran seasonally. The results confirm the puzzle in the period. Consequently the paper introduces and proposes an experimental and theoretical model to explain equity premium through Consumption Capital Asset Pricing model in habits formation model and combination of financial and economy regimes by Fuzzy Logic. Results derived from proposed model showed that equity premium and risk aversion have a counter- cyclical relation with economic regimes; so that in recession regime and reducing market,  consumption news increase relative risk aversion and equity premium. In this regime, the individual prefers to adventure only in lieu of high level of compensation and he or she also intends to allocate the funds into more certain fields such as bank deposits. While consumption news in the period of boom in economy and increasing market, decrease risk aversion and equity premium.  Manuscript profile
      • Open Access Article

        22 - Assessment on Farm Enterprises, Major Agricultural Risks and Demand for Micro-Insurance Services by Smallholder Farmers in Selected Areas of Benishangulgumuz, Western Ethiopia
        Alemayehu Lamore
        Manuscript profile
      • Open Access Article

        23 - تدوین بیمه عملکرد منطقه‏ای با استفاده از روش‏های پارامتریک آلترناتیو: مطالعه موردی گندم در استان آذربایجان شرقی
        محمد قهرمانزداه حسین راحلی طراوت عارف عشقی قادر دشتی
        در طراحی بیمه عملکرد منطقه‏ ای، سطح تعهد و نرخ حق بیمه، پارامترهای بسیار مهمی هستند که هر دوی آنها بستگی به توزیع عملکرد محصول دارند. از این­رو، الگوسازی دقیق توزیع عملکرد برای طراحی قراردادهای بیمه محصول ضروری می‏باشد. این پژوهش با استفاده از داده‏ های More
        در طراحی بیمه عملکرد منطقه‏ ای، سطح تعهد و نرخ حق بیمه، پارامترهای بسیار مهمی هستند که هر دوی آنها بستگی به توزیع عملکرد محصول دارند. از این­رو، الگوسازی دقیق توزیع عملکرد برای طراحی قراردادهای بیمه محصول ضروری می‏باشد. این پژوهش با استفاده از داده‏ های سری زمانی عملکرد گندم آبی و دیم در شهرستان‏های استان آذربایجان شرقی، به بررسی اثرات پنج توزیع پارامتریک آلترناتیو و تعیین حق بیمه عملکرد منطقه‏ای در دوره زمانی 1354 تا 1392 می‏پردازد. نتایج بدست آمده حاکی است که تقریباً در تمامی موارد، نرخ‏های حق بیمه برآورد شده با استفاده از توزیع‏ های آلترناتیو، به طور معنی ‏داری از یکدیگر متفاوتند و توزیع بتا به استثناء چند مورد که برای آنها توزیع ویبول توزیع مناسبتری است مناسب‏ترین توزیع می‏باشد. بنا بر نتایج بدست آمده، مقادیر حق بیمه برای گندم آبی از 246000 ریال در هر هکتار در سطح پوشش 65 درصد برای شهرستان میانه تا 460000 ریال در هر هکتار برای شهرستان تبریز تغییر می‏کند و برای گندم دیم، مقدار حق بیمه از 265000 ریال برای شهرستان تبریز تا 860000 ریال در هر هکتار برای شهرستان مراغه متغیر است. افزون بر این نتایج حاکی است که حق‏ بیمه‏ های محاسبه شده مقادیر کمتری نسبت به حق‏بیمه‏های سنتی دارند که برای بیمه ‏شونده و بیمه‏ گر قابل اجرا می‏باشند چرا که بیمه ‏شوندگان مبالغ حق‏ بیمه‏ کمتری را پرداخت می‏نمایند و از آنجا که در بیمه عملکرد منطقه­ ایی به ‏منظور محاسبه غرامت‏ها از روش‏های جدیدی استفاده می‏شود که دیگر نیازی به حضور در مزارع برای محاسبات میزان خسارت وجود ندارد، برای بیمه‏ گر نیز قابل استفاده است.  Manuscript profile
      • Open Access Article

        24 - Production Risk, Total Factor Productivity, Risk Premium, Sistan and Baluchestan
        Javad Shahraki Shahram Saeedian
        The study investigates consumers’ preference for cowpea reflected in the Nigerian markets through price discounts and premiums that consumers pay for different cowpea characteristics. The price data used for this study were obtained through a market survey. A comm More
        The study investigates consumers’ preference for cowpea reflected in the Nigerian markets through price discounts and premiums that consumers pay for different cowpea characteristics. The price data used for this study were obtained through a market survey. A common data collection protocol was employed. Every month, between October 2009 to December 2010, five cowpea samples per seller were bought from randomly selected sellers in six markets and the prices noted. In the laboratory, the non-price data, such as, 100 grain weight, number of bruchid holes per 100 grains, eye colour and texture of the testa were obtained. A hedonic pricing regression model was used to analyze data collected. Hedonic pricing methods provide a statistical estimate of premiums and discounts. Results indicate that eye colour is the most important determinant of cowpea market prices. Cowpeas with brown colour commands a clear premium in all but one market. The consumers discount prices for insect damage in most markets. In general, this study signals the need for cowpea breeders to identify cost effective ways of breeding for brown coloured cowpea (Ife-brown specie) which was noted to attract price premium.Risk-averse farmers are prudent to use different inputs because every input has a distinct effect on output fluctuations and production risk as well. This paper examines the effect of input using growth on producer welfare of date farmers in Sistan and Baluchestan province which is the second greatest producer and exporter of date in Iran. It is well known that input using growth impresses both productivity and risk premium. These two factors contribute to producer welfare so that increasing the productivity will boost the welfare and an addition to risk premium shall detract the welfare of risk-averse farmers. Results showed that technical change has reduced both productivity and production risk in 2011/2012 and the welfare increased as 912727.21. But, in 2010/2011, productivity and risk premium had a positive growth and finally the producer's welfare experienced a reduction as 1041478.41. Manuscript profile
      • Open Access Article

        25 - The Interaction of the Government and Central Bank Behavior in a Leader-Follower Game despite of the Risk Premium
        داود محمودی نیا اطهره زیدآبادی
        Coordination of monetary and fiscal policies is crucial for achieving economic growth in the context of price stability. Therefore, the monetary and fiscal authorities must have the necessary coordination and coordination in implementing their policies in order to achie More
        Coordination of monetary and fiscal policies is crucial for achieving economic growth in the context of price stability. Therefore, the monetary and fiscal authorities must have the necessary coordination and coordination in implementing their policies in order to achieve better results. On the other hand, the game theory is one of the concepts that has many applications in different sciences and fields. Game theory is of particular importance in economics, since it analyzes the interaction of individuals and their decisions. Thus, in the present study, the coordination of monetary and fiscal policies in the long run and its effect on macroeconomic variables are investigated according to a mathematical model. Accordingly, the interaction of monetary and fiscal policies are taken into consideration in the form of differential games with respect to the risk premium. On the other hand, the method of solving the game by Stackelberg game and the mathematical method is to solve the method of optimal control of Pontryagin's principle. In this regard, the results show that the interaction of monetary and fiscal authorities in the fiscal leadership creates better consequences in the society than the monetary leadership so that the fiscal leadership will decreases the government debts further and brings the debts closer to their desired level. On the other hand, if the policy makers consider the longer-term horizons for applying their policies and lead to the reduced risk premium, reduced target budget deficit and the real interest rates by proper policy-making, they can reduce the level of government debt and thereby the society will be in a better situation. Manuscript profile
      • Open Access Article

        26 - The effect of insurance industry on economic growth in Middle East and North Africa (MENA) countries
        فرزانه جهانی علی دهقانی
        Abstract In this paper, we analyze the relationship between the insurance expansion as a financial intermediary and economic growth in Iran and some selected  MENA members countries  i.e.Algeria,Bahrain,Turkey,Jordan,Kuwait,Lebanon,Egypt,Morroco,Oman,Qatar,Sa More
        Abstract In this paper, we analyze the relationship between the insurance expansion as a financial intermediary and economic growth in Iran and some selected  MENA members countries  i.e.Algeria,Bahrain,Turkey,Jordan,Kuwait,Lebanon,Egypt,Morroco,Oman,Qatar,SaudiArabia, Tunisia,UAE,Cyprus, Malta in "1997-2010". A descriptive analysis method has been used as the main approach. Using an econometric model based on deduction analysis and panel data model, a  macro review has made on MENA countries financial markets variables as well as the position of insurance share in the capital markets and its relationship with the  their economic growth rates. The results show that there is a significant and positive relationship between the aforementioned variables and the economic growth among the chosen countries during survey period. We recognize that the most effective variable on the economic growth is employment. One percent increase in employment index had a 0.34 percent increase in the economic growth. In addition, one percent increase in capital stock had a 0.08 percent increase in the economic growth. One percent increase in total premium had a 0.23 percent increase in the economic growth. Insurance had a positive effect on the economic growth on MENA member’s countries.  The effect of insurance on economic growth has been considerable quantity.   Manuscript profile
      • Open Access Article

        27 - The Analyse of The Relationship Between Insurance Industry Development & Economic Growth in Developing Countries(Algeria, Indonesia, Malaysia, Pakistan, Turkey, Philipines, Egypt, India) & Comparson
        Sakineh Safari Hamed soltani Ghadir Mahdavi
        insurance institutions, including financial institutions that are providing security near the economic capital in creating the financial resources at time intervals to receive insurance premium and pay damages, especially in long-term insurance can lead to mobility and More
        insurance institutions, including financial institutions that are providing security near the economic capital in creating the financial resources at time intervals to receive insurance premium and pay damages, especially in long-term insurance can lead to mobility and dynamicaly and development financial markets and with accumulation of capital necessary can provide fields of economic growth. In this study with using a CROOSS – COUNTRY PANEL DATA technique to examine the relationship between insurance sector expantion and economic growth in Iran and the selection countries at during the period 1186-2991. The results were considered significant and positive relationship between study variables and economic growth and with increasing 1 percent in the insurance penetration coefficient (the ratio of premium to GDP), the economic growth will increase 90993 percent, then insurance is one of the factors affecting the country's economic growth during the period of review and, the Schumpeter’s opinion (1111) and supply leading theories will be approved. Manuscript profile
      • Open Access Article

        28 - Explaining The Pricing Efficiency Of Exchange-Traded Funds (ETF) in Tehran From The Point of View of Performance, Tracking Error and Premium
        meysam kaviani seyed fakhrodin fakhrhoseini
        Exchange-traded funds (ETFs) are an important innovation in the global financial markets, where there is still the possibility of incorrect pricing and creating arbitrage opportunities in these funds. Since the investment units in ETFs are traded in the same way as stoc More
        Exchange-traded funds (ETFs) are an important innovation in the global financial markets, where there is still the possibility of incorrect pricing and creating arbitrage opportunities in these funds. Since the investment units in ETFs are traded in the same way as stocks, the transactions of these funds at a price other than their intrinsic value may be considered as their disadvantages. Considering the short history of these funds in Iran and the importance of their pricing efficiency, this research has taken a step to investigate this issue in the capital market of Tehran. In order to achieve the above goal, six funds (equity, index and fixed income) were selected. Daily data of a 6-year period (2016 to 2021) has been used for analysis. The results show that the performance of the selected funds was better than the performance of the whole market index. Also, the results showed that the factors affecting the Tracking Error and Premium (discount) in different funds provide different results and price inefficiency is also evident in these funds. Manuscript profile
      • Open Access Article

        29 - The effect of investors' sentiments and risk premium factors on stocks valuation
        Hamid Rostami jaz yadollah tariverdi Ahmad Yaghoobnezhad
        The purpose of this study is to examine the relative importance of risk premium factors and the investor's sentiments to explain the deviations of the market price of the fundamental value of the stock of the companies. To achieve this goal, using the data of 95 compani More
        The purpose of this study is to examine the relative importance of risk premium factors and the investor's sentiments to explain the deviations of the market price of the fundamental value of the stock of the 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 risk premium factors in explaining market price deviations from fundamental value of stocks has been investigated using multiple regression model. The results of the study showed that the deviation of the stock market value from the fundamental value of the stock can be explained by both the investor's sentiments and the risk premium. Negative effects of investor's sentiment lead to an assessment of below the stock market value relative to its fundamental values. The variable of the financial crisis also has no significant effect on the relationship between the investor's sentiments and the deviation of the stock market price from the fundamental value of the stock. Manuscript profile
      • Open Access Article

        30 - Implied Equity Duration and Excess Stock Return: The Evidence from Tehran Stock Exchange
        Afsaneh Soroushyar Hossein Kazemi Gavarti
        The purpose of this paper is to investigate the effect of value premium factor and implied equity duration factor on excess stock returns in Companies Listed in Tehran Stock Exchange. For testing the research hypotheses, the Fama - French Model (1993) is used. The evide More
        The purpose of this paper is to investigate the effect of value premium factor and implied equity duration factor on excess stock returns in Companies Listed in Tehran Stock Exchange. For testing the research hypotheses, the Fama - French Model (1993) is used. The evidence of previous research shows the relationship between the timing of firms' cash flows and value premium. Therefore, in this research, the effect of value premium factor on excess stock returns (similar to the Fama- French Model) are examined and then value premium factor replaced with implied equity duration. The statistical society is companies listed on Tehran Stock Exchange and the research sample includes 145 companies using the systematic elimination method, in the period of 2007-2016. The results indicate both value premium factor and implied equity duration factor have the significant and positive effect on the excess stock returns. Manuscript profile
      • Open Access Article

        31 - ‎U‎sing Fuzzy Interest ‎Rates for Uncertainty‎ Modelling in Enhanced Annuities Pricing
        Mahboubeh Aalaei
        10.30495/ijm2c.2023.1968679.1262
        Manuscript profile
      • Open Access Article

        32 - Relying on the insured, strategies for financing health insurance in Iran
        mohsen rasoulian
        this study aimed to identify and rank the revenue strategy is to implement health insurance in Iran. The research was descriptive - survey study population included 30 experts insurance in the country, which made 15-question questionnaire, was distributed among the More
        this study aimed to identify and rank the revenue strategy is to implement health insurance in Iran. The research was descriptive - survey study population included 30 experts insurance in the country, which made 15-question questionnaire, was distributed among them and with analytic hierarchy process (AHP) were analyzed. The results showed that premium income strategy at No. 1 with a weight of 0.259, 0.229, weighing in at No. 2 important strategy of government revenue, tax revenue strategy with a weight of 0.191 ranks third in importance, miscellaneous income strategy with a weight of 0.171 at No. 4 the importance of strategy and corporate earnings are weighing 0.151 at No. 5 importance. It is surprising that this time also presented a plan for improving public health experts on a strategy that most people have focused-of-pocket financing! Can we still rely on public funds to promote health? Manuscript profile

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