saber sheri
saber sheri
Yahya Hassas Yeganeh; Saber Sheri; H. Khosrownejad
Volume 6, Issue 24 , January 2009, , Pages 79-115
Abstract
In order to solve the distrust problem of the moral hazard in information asymmetry issue in capital markets, corporate governance is introduced. This is an assumption that corporate governance results to a healthful life for organizations in a long horizon and protects the stockholders interests. International ...
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In order to solve the distrust problem of the moral hazard in information asymmetry issue in capital markets, corporate governance is introduced. This is an assumption that corporate governance results to a healthful life for organizations in a long horizon and protects the stockholders interests. International organizations and institutes, suggest the governance codes as a tool to develop the competition ability of corporate to access to the international capital sources, and it also affects economic and employment improvements.
This research studied some of the corporate governance mechanisms in TSE and examines the probable correlation between earning management and corporate governance mechanisms, debt ratio and firm size. The current study employs the cross-sectional modified version of Jones, where abnormal working capital accruals are used as proxy for earnings management. The study reveals that corporate governance mechanisms (board size, proportion of independent directors, competence of independent directors, separation of the roles of CEO and chairman, CEO membership, ownership structure and existence of audit dept.) have non-significant relation with earning management. It also shows that debt ratio and firm size have no significant relation with earning management.
Saber Sheri; Abdolkarim Moghaddam
Volume 5, Issue 20 , January 2008, , Pages 107-128
Abstract
In this survey, the impact of auditor quality and asset reliability on equity valuation has been studied. It has used the results of Richardson et al (2005), for categorizing asset and liabilities in four levels as low, medium, high and not classified groups. The criteria of high quality auditor were ...
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In this survey, the impact of auditor quality and asset reliability on equity valuation has been studied. It has used the results of Richardson et al (2005), for categorizing asset and liabilities in four levels as low, medium, high and not classified groups. The criteria of high quality auditor were three independent factors as audit tenure, audit firm size and auditor industry specialization. The questions of this study were as follows: Does auditor quality influence the market's valuation of assets and is the mitigating effect of a quality auditor more pronounced for low or medium reliability asset measures? The results showed that audit tenure does not affect auditor quality but audit firm size and auditor industry specialization improve that. The second hypothesis which indicates auditor quality has no significant effect on market's perception of high reliability accruals is approved.
Saber Sheari; Narbeh Aghazarian
Volume 5, Issue 19 , October 2007, , Pages 115-134
Abstract
The present study empirically examines the explanatory power of portfolio returns by Fama and French three-factor model (including systematic risk of portfolio, size of portfolio and book-to-market value of portfolio) in Tehran Stock Exchange (TSE). This study is to answer the question that whether the ...
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The present study empirically examines the explanatory power of portfolio returns by Fama and French three-factor model (including systematic risk of portfolio, size of portfolio and book-to-market value of portfolio) in Tehran Stock Exchange (TSE). This study is to answer the question that whether the three factors of Fama and French model are able to explain returns of portfolios in Tehran Stock Exchange with its special economic conditions or not. Furthermore, there is a comparison between the results of Fama and French model and CAPM. The importance of this empirical research is how it helps to do accurate and complete calculations for the best investment decision making.
The shares data have been obtained from Tehran Stock Exchange for the financial years 1378 to 1382 (from zo" of March 1999 till 20th of March 2003). At the beginning of each year, sample stocks are divided into six portfolios based on their size and book-to-market value and the empirical test has been done for these six portfolios.
The results of examining the empirical evidence show that there is no significant relationship between systematic risk (Beta) and return of portfolios. But the considerable relationship bears between the size and return of BIH portfolio (portfolio with Big size and High book-to market value). This result repeats itself between book-to-market value and return of BIH portfolio. We have tested all three Fama and French factors together and the model explains portfolio returns in both S/H (Small size and High book-to-market value) and BIM (Big size and Medium book-to-market value) portfolios. The empirical results, as a whole, confirm that Fama and French three-factor model has greater explanatory power of stock returns in comparison with CAPM in Tehran Stock Exchange.
Saber Sheri; Mohammad Marfou
Volume 5, Issue 17 , April 2007, , Pages 63-104
Abstract
There are significant differences in disclosure of information among firms. Identification of factors affecting management in formation disclosure is a useful research area and wide variety of users such as: market pol icy makers, investors and academicians could take advantage of the ...
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There are significant differences in disclosure of information among firms. Identification of factors affecting management in formation disclosure is a useful research area and wide variety of users such as: market pol icy makers, investors and academicians could take advantage of the results.
Earning forecast is important information that firms usually disclose. Corporate governance improves the performance of companies and their quality of disclosure.
This empirical research investigated the relationship between properties of management earning forecast, with two important corporate governance mechanism; outside directors and institutional investors.
Our sample is selected from listed companies in Tehran Stock Exchange (TSE) for a period of the years 2003 to 2005. The percentage of outside directors and firms aggregated common stock held by institutions are independent variables. Properties of management earnings forecasts are dependent variables. Forecast precision, forecast timeliness, forecast bias and the number of forecasts that is revised are proxies for those properties. The control variables are: size of the firm, the firm's auditor. the ratio of market to book value of the common equity, number of days between the forecast date and fiscal ending period date and good or bad news.
We established hypotheses based on the above variables and tested them by using single and Multiple Regression Analysis and Mann-Whitney U.
The result showed that; there is no significant relationship between two corporate governance mechanisms and proper ties of management earnings forecasts. The result as a whole doesn't discern any significant relationship between outside directors and in situational investors to precision, bias, timeliness of earning forecasts and revise on them.
Saber Sheri; Farshad Sabzalipor
Volume 3, Issue 9 , April 2005, , Pages 65-96
Abstract
The objective of financial accounting standard No.18 (Act-8) of Iran is to prescribe principles and procedures for preparation and presentation of consolidated financial statements. According to this standard, consolidated financial statements must be presented by the parent companies to provide information ...
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The objective of financial accounting standard No.18 (Act-8) of Iran is to prescribe principles and procedures for preparation and presentation of consolidated financial statements. According to this standard, consolidated financial statements must be presented by the parent companies to provide information about the economic activities of its groups. The main objective of this research is to examine empirically the value relevance of consolidated financial statements versus parent company's financial statements, using regression models based on valuation and information content approaches.
The findings of this study identify that consolidated financial statements information are not more value relevant than the information found in the parent company financial statements.
Ali Saghafi; Saber Sheri
Volume 2, Issue 8 , January 2005, , Pages 87-120
Abstract
This Study is aimed at examining the usefulness of financial statements information. In particular, usefulness criteria of financial statements depend upon relevance and predictive ability.
So far many models and hypotheses have been developed in order to evaluate and predict stock return through different ...
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This Study is aimed at examining the usefulness of financial statements information. In particular, usefulness criteria of financial statements depend upon relevance and predictive ability.
So far many models and hypotheses have been developed in order to evaluate and predict stock return through different viewpoints. A large number of empirical accounting researches have been done in order to achieve this goal. Different groups of investors and decision makers are interested in evaluation and prediction of Stock return.
This guided research procedure is different from the mere statistical searches because, we have chosen the fundamental variables through theory and famous models. We developed Samuel Stewart’s model and ended up selecting 42 independent Variables (fundamentals). Eighty two listed companies were selected from Tehran Stock Exchange. The selection was done from various industries.
Regression cross-sectional models were developed for the firms within the years 1374 to 1380; 1378 to 1380 and, for each single year of the research period.
We constructed the following hypotheses:
1- The financial Statements information has ability to predict stock return.
2- Using Accounting models for selected industries, industries, increase the predictive ability of financial statements information.
3- Using models based upon sign of variables increase the predictive ability of financial statements information.
Conclusion:
The concluding results of this study, confirms the predictive ability of accounting information. Variables such as rate of return on assets (ROA), rate of return on investments (ROI), growth of sales to total assets ratio (GSTTA), growth of net income to sales ratio (GNITS) and financial expenses to sales (FEXTS), have had the most influence among 9 regressed models, in prediction of stock return.
The performance of models in short run was better than long run. Using models for special selected industries (drug and chemical; mineral and cement) improved the predictive ability of our selected variables. But the models based on sign of variables did not increase the predictive ability of the models.
