nahid hoseini; Babak Jamshidinavid; Parviz Piri
Abstract
Prospect theory and reference point are some of the discussed issues in the behavioral finance paradigm that describe the situation of individuals in decision making. Experimental evidence indicates that investors select points as their reference points for their profit and loss decisions making. If ...
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Prospect theory and reference point are some of the discussed issues in the behavioral finance paradigm that describe the situation of individuals in decision making. Experimental evidence indicates that investors select points as their reference points for their profit and loss decisions making. If the price is lower than the reference point, they postpone their sales, as a result, the volume of transactions is also reduced, and if the price is higher than the reference point, they sell shares, which results in increased trading volume. The purpose of this study is to investigate thirty examples of Halo effects in the Iranian capital market with the emphasis on the role of accounting information in companies listed in Tehran Stock Exchange. The statistical population includes 115 companies that were active in the stock market from 2006 to 2017. In this study, the panel-data regression model was used to investigate the hypotheses. The results show that investors in the Iranian capital market do not use the management forecasts (relative profitability status of the company vs. the anticipated profitability of the company) following the pattern of the Halo effect phenomenon. In addition, investors in the Iranian capital market do not use the industry average (relative profitability status of the company vs. the industry average) following the Halo effect phenomenon.
Saeed Allah Bakhshi; Parviz Piri; Mehdi Heidari
Abstract
The aim of this study is to review the effect of the ownership structure (governmental and private) on the relationship between the disclosure quality and the cost of capital. To achieve this purpose, a sample of 107 firms listed in the Tehran Stock Exchange during the years 2006 to 2015 were selected ...
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The aim of this study is to review the effect of the ownership structure (governmental and private) on the relationship between the disclosure quality and the cost of capital. To achieve this purpose, a sample of 107 firms listed in the Tehran Stock Exchange during the years 2006 to 2015 were selected using systematic elimination method and data were analyzed using correlation method and panel data model in E-views and Stata software’s. The results show that with increasing the disclosure quality, the cost of capital reduces. The state ownership has a significantly positive effect and the private ownership also has a significantly negative effect on the cost of capital. The findings also suggest that the state ownership as a moderator variable has a significantly positive effect on the relationship between the disclosure quality and the cost of capital and the private ownership has a significantly negative effect on the relationship between the disclosure quality and the cost of capital.
Pari Khodakarimi; Parviz Piri
Abstract
Today’s, bankruptcy and financial distress is one of the important factors for decision making process of market participants, so the need to predicting them with using a suitable model is the manifest of financial market analysts and investors because it have a significant effect on shareholders' ...
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Today’s, bankruptcy and financial distress is one of the important factors for decision making process of market participants, so the need to predicting them with using a suitable model is the manifest of financial market analysts and investors because it have a significant effect on shareholders' wealth in the market. With such importance, the aim of this paper is to introduce a suitable model for predicting financial distress at Tehran stock exchange listed companies.For achieving this goal, thirteen variables including eight accounting and five market variables were used to determine financial distress with applying Logistic regression method from 2008 to 2016. For testing research hypothesis, the dates of 928 firm-year (522 distressed and 406 sound firm -year) was gathered listed in Tehran Stock Exchange (1040 firm-year).The results showed that a combination of accounting and market dates can predict distress in firms and can be a ground for further studies on financial distress.
Hamid Khaleghi Moghadam; Parviz Piri
Volume 5, Issue 17 , April 2007, , Pages 27-61
Abstract
In the view or market theoreticians, investors and other participants, attain more successful with appropriate valuation measures. This article tries to show and compare the effect and relevance between various market indicators and stock price predictions.
For this purposes, market indicators ...
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In the view or market theoreticians, investors and other participants, attain more successful with appropriate valuation measures. This article tries to show and compare the effect and relevance between various market indicators and stock price predictions.
For this purposes, market indicators have been categorized in three groups of: structural indicators, flow of fund indicators and sentiment indicators.
Single and multiple regression was used to test the research hypothesis and various market indicators. At last this paper concludes that the price variation can be predicted with indicators of I )firm size 2)earnings per share grouch 3)market breadth 4)free float rate and S)book value per share to price ratio. In other words, 53.5 % of stock price variations in Tehran stock exchange can be predicted with these four variables.
