Journal of Investment Knowledge: 1 (13)

Open Access Article

1 - Effect of Exchange approved transactional recipes on the liquidity of Stocks listed companies in Tehran Stock Exchange
Mohammad hasan ebrahimi sarvolia Mir feyz fallahshams Mohamad jafar meykade Meysam alimohammadi

In this study, the effect of instruction approved by the Stock Exchange on the trading liquidity of the shares of the listed companies in Tehran Stock Exchange are examined. For this purpose, the effect of five recipes with the information disclosure record companies, p More

In this study, the effect of instruction approved by the Stock Exchange on the trading liquidity of the shares of the listed companies in Tehran Stock Exchange are examined. For this purpose, the effect of five recipes with the information disclosure record companies, publishers disciplinary accepted in Tehran Stock Exchange, received telephone orders using Contact Center Brokerage, regulations pertaining to applicants for purchase of major trading stocks and shares priority Tehran Stock Exchange and OTC consisted of 6 females and 4 notes and purchases of securities in the period 01.01.1386 to 31.03.1392 has been studied. Using data from 164 companies listed in Tehran Stock Exchange recipes Mlamlaty results show a significant impact on the liquidity of the Securities Exchange Act of shares. Manuscript profile

Open Access Article

2 - applying Imperialist competitive algorithm (ICA) for construction and optimization Portfolio
Ali Morovati Sharifabadi Shirin Azizi Nastaran Ahmadi

Markowitz optimization problem and determining Efficient frontier of investment  when the number of asset invested and restrictions on the market is low, is solvable with mathematical models. But when the real world restrictions is considered , the portfolio proble More

Markowitz optimization problem and determining Efficient frontier of investment  when the number of asset invested and restrictions on the market is low, is solvable with mathematical models. But when the real world restrictions is considered , the portfolio problems cannot be easily solved with mathematical methods. For this reason, the use of innovative techniques such as neural networks, genetic and evolutionary algorithms in optimizing Algorithm portfolio is one of the main topics of discussion in recent times. The main goal of this research is to solve the portfolio optimization problem using optimization Imperialist competitive algorithm. Therefore, using price data of 30 stocks in all listed Automotive parts in the Tehran Stock Exchange from farvardin 1388 to shahrivar 1390, the graphs are plotted. Results of this study show that the optimization Imperialist competitive algorithm in the formed of a portfolio will be successful. Manuscript profile

Open Access Article

3 - Modeling Financing Plan of Holding Companies with approach of reducing Cost of Capital
Saeed Khodamoradi Mohammad Ebrahim Raei Ezabadi

The financing plan of subsidiaries for reducing cost of capital is one of the main concerns of multi-business enterprises' managers. Internal capital markets and debts financing through banks are two main methods of financing the operations in the holding companies. The More

The financing plan of subsidiaries for reducing cost of capital is one of the main concerns of multi-business enterprises' managers. Internal capital markets and debts financing through banks are two main methods of financing the operations in the holding companies. The efficient use of internal capital market also represents the realization of financial synergy. In this study, after determining the interdependences between the criteria affecting the choice of the financing methods using DEMATEL technique, the analytic network process (ANP) was used to prioritize the criteria and financing methods. Finally, the linear goal programming was utilized to design an effective mechanism for quantifying the optimal use of each of these alternatives besides considering the policies and operational constraints of holding in one of multi-business firms listed in the Tehran Stock Exchange. After solving the model using LINGO software, the results indicated its high effect on reducing the weighted average cost of capital (WACC) and increasing the use of internal relationships network in financing plan. This model, for the first time, solved financing plan problem in multi business enterprises and it could be extended. Manuscript profile

Open Access Article

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

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

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

Open Access Article

5 - Analysis of bankruptcy of companies listed in Stock Exchange by using of two methods of Discriminant Analysis and DEA–Additive analysis
Asghar Moshabbaki Hossein Mombeyni Alireza Bakhshizadeh

Bankruptcy is a challenge that, many companies are faced with. Therefore the analysis of bankruptcy is too important, especially for investors. Accordingly, the present study aims to use of two techniques of DEA–Additive analysis and Discriminant analysis in order More

Bankruptcy is a challenge that, many companies are faced with. Therefore the analysis of bankruptcy is too important, especially for investors. Accordingly, the present study aims to use of two techniques of DEA–Additive analysis and Discriminant analysis in order to analysis and assessment of bankruptcy of the companies which are listed on Tehran Stock Exchange. The study is descriptive- application and to assess the models of bankruptcy analysis, 110 companies listed on the stock exchange have been considered as statistical population and the DEA-Additive model and Discriminant Analysis model are used to bankruptcy analysis. The study showed that the Discriminant Analysis model was 50% accurate in predicting the bankrupt companies and 72% accurate in predicting the successful companies while the DEA-Additive model was 64% accurate in predicting the bankrupt companies and 87% accurate in predicting the successful companies, so in total the DEA-Additive model is more accurate than the Discriminant Analysis model in the bankruptcy analysis, and therefore it is preferred. Manuscript profile

Open Access Article

6 - A novel approach to fulfill active portfolio management and automatic stock trading based on feature selection algorithm
Reza Tehrani Mohammad Hendijanizadeh Eisa Noruzian Lakvan

This paper intends to present an integrated method to fulfill active portfolio management approach that is based on predicted prices of each six- chosen stock in a four-year time period. First of all Markowitz model is implemented to achieve weight of each stock in each More

This paper intends to present an integrated method to fulfill active portfolio management approach that is based on predicted prices of each six- chosen stock in a four-year time period. First of all Markowitz model is implemented to achieve weight of each stock in each year of four year period. Then, twenty two technical indicators as the features of each stock were are regarded as the input data of genetic algorithm (GA) known as a feature selection technique. Two well-performed forecasting methods called k-nearest neighborhood (kNN) and artificial neural network (ANN) are integrated with GA to extract predicted prices of each stock in defined time period. According to predicted price resulted by GA-NN and GA-kNN, a trading strategy is proposed that has an input signal () which imply to buy, sell and do nothing respectively. Returns of created portfolios were compared with the return of buy and hold strategy as the representative of passive portfolio management approach. The portfolio resulted by GA-NN outperformed two other portfolios for our given data. This conclusion emphasizes on superiority of employing active portfolio management to passive portfolio management in terms of tackling fund management issue for our given data. Manuscript profile

Open Access Article

7 - An Investigation into the effects of Investors’ Financial Literacy on Securities Investment Decisions
Javad Moradi Mansoureh Izadi

The purpose of this paper is to investigate determinants of investment decisions cinonsidering financial literacy of the individual investors. A modified questionnaire developed and divided into three parts. The first part covers demographic variables. The second part i More

The purpose of this paper is to investigate determinants of investment decisions cinonsidering financial literacy of the individual investors. A modified questionnaire developed and divided into three parts. The first part covers demographic variables. The second part identifies factors affecting the investment decision of the investors. The third part is devoted to financial literacy using exam-type questions. A sample of 384 Iranian national investors is selected. The results indicate that there is a positive significant relationship between Individual imagination, accounting information, economic information, personal financial needs and investment decisions in Iran. There is a positive significant relationship between financial literacy and investment decisions in Iran, but this relationship is too weak and less than 10% of the variations of factors influencing investment decisions in Iran are explainable by the financial literacy level. In addition, the factors influencing investment decisions have greater sensitivity to financial literacy level in the field of nonfinancial jobs. Manuscript profile

Open Access Article

8 - Effect of natural and legal persons trading in the occurrence of price bubbles in Tehran Stock Exchange
Mirfeyze Fallahshams Meysam alimohammadi

This paper examines the impact of individual and institutional trading in a bubble in the price of listed companies in Tehran Stock Exchange. First, through some tests such as Runs test (test based on rows or flow test), skewness, stretching and duration dependence was More

This paper examines the impact of individual and institutional trading in a bubble in the price of listed companies in Tehran Stock Exchange. First, through some tests such as Runs test (test based on rows or flow test), skewness, stretching and duration dependence was found in the Tehran Stock Exchange for the 1391/01/01 up to 1391/09/30 bubbles occurred. In the period between the day and the time series of 5-minute check prices and deals from individual and institutional persons in the interval 5-minute review We have covered the impact of that effect. After performing tests to detect bubbles in the companies studied, the samples were divided into two groups with no bubbles and speculative bubbles. To investigate the impact of the behavior individual and institutional persons in the company speculative bubbles, Transactions of the group of people at a time series between the day 5 minutes from and Using binary Logit regression model to examine the impact of these two transactions are dealt with in the incidence of bubbles. The results of the model indicate that individuals have a greater impact than legal entities, in the development of research have ranged from speculative bubbles. Manuscript profile

Open Access Article

9 - Examining the potential of the energy exchange in performance resistive economic policies and transparency in capital market information
Reza Raei Hosseyn Karami

Abstract: Given the importance of the share of oil revenues in the budget of oil-rich countries, the change of Iranian economic approach from the export of raw materials and natural resources towards the export of products and technical services in line with resistive e More

Abstract: Given the importance of the share of oil revenues in the budget of oil-rich countries, the change of Iranian economic approach from the export of raw materials and natural resources towards the export of products and technical services in line with resistive economy polices has been taken into consideration as a significant matter. In order to achieve this change of approach, the formation of Iranian energy exchange as the fourth capital market exchange was necessary. Besides, the existence of huge reserves of petroleum and natural gas resources as well as appropriate potentials such as powerful refinery and petrochemical complexes that provide the possibility of processing, refining, and conversion of underground sources to oil and higher valued products will significantly contribute to the realization and globalization of resistive economy paradigm which relies on competition and concentration on strengths and opportunities ahead. Furthermore, the exploration of infrastructures needed for the formation of energy exchange and the feasibility study of Iranian capital market conditions compared to international energy exchanges and the establishment of Iranian Energy Exchange will pave the way for the introduction of Iranian financial oil market in the form of the first energy exchange in the Persian Gulf region and make it possible for Iran to become a huge center of energy economy in the international arena. The possibility of liberalization, removal of monopoly, transparency, and price discovery in the competitive environment of the market supply and demand will result in information transparency for cost and sales prices of domestic products and exports of refinery and petrochemical entities listed in the capital market. Furthermore, such information transparency on the performance of firms that involved in oil and gas industry will provide a secure environment for actual and legal investors to make informed investment decisions and thus to earn good returns. Finally, as the findings of the present study suggest; currently it is possible to introduce Iranian energy exchange as a reference for the discovery of prices of crude oil and those of petroleum and petrochemical products in the future. Manuscript profile

Open Access Article

10 - Investigation of risk perception mental model of investors of Tehran Stock Exchange
Fraydoon Rahnamay Roodposhti Ahmad Nategh Golestan Ahmad Yaghoobnezhad

Emotions, moods of investors and other factors affect the perception and therefore affect the investment decisions. Investors risk perception defines as subjective judgment of risk that might be estimated by investors more or less than the actual risk assessment. This m More

Emotions, moods of investors and other factors affect the perception and therefore affect the investment decisions. Investors risk perception defines as subjective judgment of risk that might be estimated by investors more or less than the actual risk assessment. This mental or perceived risk influence of numerous non-economic factors and ever more of these factors have a strong presence, perceived risk, would greater distance from the real risk.  In this study examine perceived risk and risk perception according to the paradigm of pragmatism on micro levels. At the micro level (investors) that have been done in two ways, induction and deduction, through interview and library studies on  investors risk perception , factors were identified five categories those are: 1 – time factors 2 – demographic factors, 3 - behavioral factors, 4 - cultural factors and 5 - personality factors. After designing the questionnaire, reliability and validity of it were assessed then was completed by the capital market experts and at the end after analysis of structural model equations(SME) with Amos 16 software determined except for demographic factors, other factors  influenced the risk perception at 95% confidence level. And finally the mental risk perception model based on perception formation process was presented. Manuscript profile

Open Access Article

11 - New methods of financing football clubs in developed countries and the developing countries have a comparative study
Taghi Torabi Mahsa Ghorbani Meysam Bagheri Samaneh Tarighi

The main objective of this comparative study is to see how professional football clubs in Iran and England’s premier league are financed. This applied research has been conducted in a descriptive and analytical way. The results of the study showed that there is a More

The main objective of this comparative study is to see how professional football clubs in Iran and England’s premier league are financed. This applied research has been conducted in a descriptive and analytical way. The results of the study showed that there is a significant difference between the ways through which English and Iranian professional football league clubs are financed. Most Iranian clubs are funded by government and industry-based sources (65%) while most English clubs are private and are funded by television broadcasting rights (31%), match-day income and cash flow from business (22%). Some major barriers to financing Iranian professional football league clubs are as follows; the state-run clubs, lack of financial transparency , the fact that IRIB refuses to pay the media broadcasting right to the clubs, failure in complying with copyright law in Iran , inappropriate competition schedules, unsuccessful club marketing management, club managers lack of awareness about new methods of financing , limited use of creative sport directors with financial and business expertise at different levels of football industry Manuscript profile

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