M.H. Botshekan; M. Rahbari Kharazi
Volume 6, Issue 22 , July 2008, Pages 1-21
Abstract
The objective of this research is to determine the extent to which shareholders' rights are observed. To this end, a questionnaire of 26 questions was designed according to the second OECD principle of corporate governance and was distributed among the university professors, directors and CEOs of investment ...
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The objective of this research is to determine the extent to which shareholders' rights are observed. To this end, a questionnaire of 26 questions was designed according to the second OECD principle of corporate governance and was distributed among the university professors, directors and CEOs of investment companies, qualified auditors and financial experts. 108 completed questionnaires were collected and analyzed using binominal test, T student, and Friedman test for ranking. The tests showed that shareholders' rights are not observed in Tehran Stock Exchange listed companies. Subsequently, using Friedman test, the extent to which the 7 elements of shareholders rights under the present circumstances, the order of importance of these elements in view of the participants in the survey, as divided by the 4 groups of participants are determined.
Yahya Hassas Yeganeh; Rasool Heidari
Volume 6, Issue 22 , July 2008, Pages 23-45
Abstract
According to Agency Theory, when size, debt leverage and salaries of personals is increased, the probability of voluntary choice of qualified auditor will be increased. Therefore, we selected 342 listed companies in Tehran Stock Exchange (TSE).
We examined a selection of qualified auditors when the ...
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According to Agency Theory, when size, debt leverage and salaries of personals is increased, the probability of voluntary choice of qualified auditor will be increased. Therefore, we selected 342 listed companies in Tehran Stock Exchange (TSE).
We examined a selection of qualified auditors when the variable is changed. The result of this research shows no relation between debt and salaries, and selection of qualified auditors. We used De. Angelo (1981) modified Auditing qualified index for the selection of auditors.
Ghasem Boulou; Peyman Sadeghi
Volume 6, Issue 22 , July 2008, Pages 47-72
Abstract
This research investigates the factors affecting on auditors' decision making and individual characteristics in applying Decision Aid for management fraud risk ...
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This research investigates the factors affecting on auditors' decision making and individual characteristics in applying Decision Aid for management fraud risk assessment. This study focuses on problems with applying Decision Aid and classification of effective factors. This research also investigates the effects of four independent variables on applying Decision Aid by auditors. The results indicate that Perceived usefulness, conformity pressure, big client size, low confidence and Decision Aids reliance are the most effective factors in order of degree of importance. And lack of the above mentioned factors are causes for avoiding of Decision Aid application in audit process. Except for confidence variable, other independent variables have a direct effect on dependent variables. Perceived usefulness is the most effective variable.
S.H. Alavi Tabari; A. Rahmani; SH. Maki
Volume 6, Issue 22 , July 2008, Pages 73-96
Abstract
This study has investigated the IPOs’ long-term performance, in Tehran Stock Exchange. The purpose of this study was to examining if IPOs underperform in long-term. Furthermore, this study has investigated the effects ...
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This study has investigated the IPOs’ long-term performance, in Tehran Stock Exchange. The purpose of this study was to examining if IPOs underperform in long-term. Furthermore, this study has investigated the effects of some features of IPO firms on IPOs’ long-term performance (e.g. size and profitability of the firm before the IPOs, ownership structure and IPOs' short-term returns ). The sample included 143 IPOs in Tehran Stock Exchange from 1376 to 1386. The results show that IPOs in Tehran Stock Exchange under-performs in long-run. There is a negative and significant relationship between size and the profitability of the firms before the IPO and IPOs' long-run performance. State-ownership and structure of ownership have no effects on long-term performance. Finally, there is no relationship between short-term return and long-term performance of IPOs.
M. Bozorg Asl; S.M. Razavi
Volume 6, Issue 22 , July 2008, Pages 97-117
Abstract
This article aims at identifying effective variables of macroeconomic on Tehran Stock Exchange returns. Variables which have been used to do the hypothesis test are Interest Rates, Interest Rates growth, GOP, GOP growth, Oil Prices and growth of Oil Prices. These variables have been considered as independent ...
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This article aims at identifying effective variables of macroeconomic on Tehran Stock Exchange returns. Variables which have been used to do the hypothesis test are Interest Rates, Interest Rates growth, GOP, GOP growth, Oil Prices and growth of Oil Prices. These variables have been considered as independent variables. The stock market return has been used as dependent variable. The measurement scope is over the period 1376-1385. The research shows that stock market return is relative to only interest rate.
M. Alborzi; A. Yaghoobnezhad; H. Maghsoud
Volume 6, Issue 22 , July 2008, Pages 119-137
Abstract
Prediction in financial affairs especially in securities is highly important.
Investors make wide evaluations while investing on stocks. One of the main factors considered by investors during their investments is ...
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Prediction in financial affairs especially in securities is highly important.
Investors make wide evaluations while investing on stocks. One of the main factors considered by investors during their investments is to earn returns. In such circumstances, a suitable prediction model for stock returns will cause the allocation of optimal resources and efficiency in capital market which are important issues individually and nationally. Recent article addresses the way of predicting stock returns in Tehran Stock Exchange by using Arbitrage multiple regression model and artificial neural networks. The variables of the research includes 971 samples of four daily macro-economic variables namely TSE Dividend and Price Index (TEDPIX), gold prices, currency exchange rate (Rial/$) and the amount of transactions between Iranian calendar years 1381 and 1385 (2002-2006).
To process Arbitrage pricing model, multi-factor regression and to process artificial neural networks (ANNs), Perceptron architecture model with two hidden layers and back-propagation algorithm with sigmoid conversion functions are applied.
To assess the performance of both models, mean absolute deviation (MAD), mean square error (MSE), mean absolute percentage error (MAPE) and root mean square error (RMSE) are utilized.
The findings show the success of both models in predicting cash return index and Tehran Stock Exchange prices as well as the superiority of artificial neural network over Arbitrage multiple model.
