Shahnaz Mashayekh; Nazanin Bashirimanesh; Seyed Samaneh Shahrokhi
Volume 10, Issue 40 , January 2014, , Pages 77-99
Abstract
Capital expenditure for the success of the company is valuable and important. Because the state and amount of the expenditure reflects the company's status in the future. Such decisions are often a major financial commitment that related long-term policies and policy of organizations and management decisions ...
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Capital expenditure for the success of the company is valuable and important. Because the state and amount of the expenditure reflects the company's status in the future. Such decisions are often a major financial commitment that related long-term policies and policy of organizations and management decisions about the type and level of earnings management. This study examines the impact of earnings management on firm investment behavior. information quality using earnings management practices are declined. Decisions of enterprise managers based on this information will include important consequences. The period of this study is 2004 to 2012, and the methodology of this study is correlation and multiple regression analysis used panel data method. The findings show that firms with aggressive earnings management increases investment opportunities in future periods. Also, companies with aggressive earnings management practices have higher levels of investment and more using of external financing. The results of this study show, the quality of accounting information for internal decision is important and it is useful for information providers and standard-setting.
Sh. Mashayekh; R. Mahavarpour
Volume 6, Issue 23 , October 2008, , Pages 107-122
Abstract
In this research the relation between ownership concentration and performance has been investigated so based on research conditions, 58 listed companies in TSE were selected and their information for the period of 1380-1383 was used. The regression model used in this research pooled cross ...
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In this research the relation between ownership concentration and performance has been investigated so based on research conditions, 58 listed companies in TSE were selected and their information for the period of 1380-1383 was used. The regression model used in this research pooled cross sectional and time series data. Panel data regression also is used to estimate related coefficient and models. Ownership concentration was determined by ownership percentage of institutional investors or block shareholders and performance was determined by stock return and earning per share. The results show that there is a significant relationship between ownership concentration and EPS, so it means that by increasing the percentage of ownership concentration, managements become more than before under control and consequently it cause firms' performances to become improved. The relation between ownership concentration and return criterion has also been examined and show that it is based on the different kinds of ownerships and different factors that effects on returns.
Mohammad A. Mazar Yazdi; Shahnaz Mashayekh
Volume 1, Issue 4 , January 2004, , Pages 1-24
Abstract
The Performance Evaluation Models that developed from Middle of 1960s was used in many researches. Between three Models that were developed by William Sharp, Jack Treynor and Michael Jensen, many researches used differential excess return of Jensen Model.
Some of researches that were previously done ...
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The Performance Evaluation Models that developed from Middle of 1960s was used in many researches. Between three Models that were developed by William Sharp, Jack Treynor and Michael Jensen, many researches used differential excess return of Jensen Model.
Some of researches that were previously done showed that investment company with active management usually obtain gross excess return. However this return almost was not important and after deduction of operating expense would be eliminated or negative.
This article shows results of research that investigate the performance of 14 Iranian investment companies between 1374 -1380.
Sharp and Jensen models were used respectively in determining portfolio Risk and Return and evaluating performance.
This research tested eight hypotheses. The result demonstrates 26.9 percent average gross excess return. This excess return will become 25.8 percent after deducting operating expenses. Shortening the calculation Periods almost confirm above results.
In summary, the results of testing eight hypotheses demonstrate that active management in Iranian investment companies for Marketable securities performed better than passive management and could obtain important excess return. Of course investment holding companies had a much better performance than mutual fund.
