Rezvan Hejazi; Soghra Fasihi; Behnam karamshahi
Abstract
Dividend policy is one of the most important topics in finance literature; because dividend is one of the greatest cash payouts and the most important decision facing managers. Managers have to decide that what amount of earnings must be divided and what amount of earning must be reinvested in the terms ...
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Dividend policy is one of the most important topics in finance literature; because dividend is one of the greatest cash payouts and the most important decision facing managers. Managers have to decide that what amount of earnings must be divided and what amount of earning must be reinvested in the terms of retained earnings. Dividend payouts affect institution’s ability to retain earnings for utilization in growth opportunities. It is obvious that managers have to consider maximizing shareholder wealth. Managers not only must decide about the amount of earnings to be reinvested, but also, they must notice the contingent effects of their decisions on stock price. So, managers have an essential role in setting dividend policy. This research investigates the effects of manager’s ability on dividend policy of Tehran Stock Exchange listed companies. This quasi-experimental research is in the field of positive accounting. We have applied Demerjian model for measuring manager’s ability and cash dividend for earning per share ratio for dividend policy. The sample consists of 82 firms from 2007 to 2015. The results show that manager ability and talents has a meaningful and positive relationship with dividend policy. Talented managers pay more divid
R. Hejazi; F. Heydarpour; H. Khan Mohammadi
Volume 7, Issue 25 , April 2009, , Pages 147-166
Abstract
In the semi strong form of efficient capital markets, stock price reflects all information has been published, so it is available for public. In capital markets, stock price responses to new information and price changes, will be appropriate to received information,
But in some capital ...
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In the semi strong form of efficient capital markets, stock price reflects all information has been published, so it is available for public. In capital markets, stock price responses to new information and price changes, will be appropriate to received information,
But in some capital markets, regulations are applied in order to controlling volatilities in stock price. This kind of controlling causes stock price wouldn't be reflection of distributing information therefore the market will become non efficient.
In this research in order to assessing the threshold volume on the capital market, two transaction groups compared with each other. The threshold volume hadn't any effect on both, statistical group consist of implement transaction by using threshold volume and experimental group consist of transaction without using threshold volume. Information about stock volatility and transaction volume was tested by Wilkaxon test for ten day before and after event.
The results of this research show that threshold volume accelerates volatility, and also threshold volume cause delay in reaching to real stock price but it doesn't have any effect on transaction volume.
Rezvan Hejazi; Mahboobe Fatemi
Volume 3, Issue 12 , January 2006, , Pages 83-111
Abstract
Accounting information in order to be effective in decision making, should be relevance and reliable. On the other hand, the usefulness of the financial statements information depend on explanatory and predictive power of companies value and the latter is directly affected by current and future ...
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Accounting information in order to be effective in decision making, should be relevance and reliable. On the other hand, the usefulness of the financial statements information depend on explanatory and predictive power of companies value and the latter is directly affected by current and future returns .Therefore , this study aims at investigating predicting stock returns using financial ratios.
The four ratios driven of research literature include earning to price, book to price, sales to price and dividend to price ratios.
The statistical population taking part in this study includes the Accepted companies in Tehran securities exchange and a sample of 72 companies in different industries during 1378-1383.
The results show that in relating to variables investigated, there is the greatest explanatory power between book to price ratio and stock returns and Earning to price ratio has not meaningful relation with the future stock returns.
Keywords: Stock return, earning to price ratio, book to price ratio, sales to price ratio, dividend to price ratio.
