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کاربرد نوع شرط:
- جایگاه : پژوهشی
- مجله: Iranian Journal of Finance
- نوع مقاله: Journal Article
- کلمات کلیدی: Growth opportunities,Evaluation,Systematic risk,Beta
- چکیده:
- چکیده انگلیسی: When evaluating companies and investment plans, most analysts use a discount rate that is derived from CAPM models. The beta in these models usually represent risks and opportunities of the relative industry, with almost no attention to the risks that are already included in the beta. This ignorance in risk measurement could ultimately impair shareholders value. What makes things critical is that by adjusting risks and opportunities in beta, the result of investment plans and company valuation could be much different. In this paper we use 1 to 10 years of monthly return data for all industries of Tehran Stock Exchange and Iran Fara Bourse and suggest an adjusted beta for each industry which is stripped of the dazzling effects of the debts and growth opportunities. We separately account for breaking down beta into beta of growth opportunities and beta of existing assets for each industry in various timelines between 1 to 10 years. Our results showed that the beta of growth opportunities is bigger than the beta of assets for almost all industries. The mentioned betas can make a big difference in cost of capital and we suggest using them when evaluating investment plans, development plans, valuation of companies and even start-ups.
- انتشار مقاله: 13-10-1398
- نویسندگان: Amin Babaei Falah,Maryam Khalili Araghi,Hashem Nikoomaram
- مشاهده
- جایگاه : پژوهشی
- مجله: Iranian Journal of Finance
- نوع مقاله: Journal Article
- کلمات کلیدی: Cognitive Bias,Auditors’ errors,decision-making factors
- چکیده:
- چکیده انگلیسی: Based on the capital market’s nature, accountants and auditors’ information is provided by an effective influence of personal decisions and market results, derived systematically by information structure and market participants’ features. Auditors’ choices are influenced by perception, judgment and decision options processes, which may affect auditing errors. The study purpose is to investigate auditors’ different biases and decision-making factors on errors based on a cognitive approach in the capital market. The model’s objective is practical based on a descriptive-analytical methodology. The statistical population of the study includes all certified auditors of Iran's Securities and Exchange Organization (SEO), whom were provided with the researcher-made questionnaires with valid narration and reliability. The collected data were analyzed by AMOS software. The findings indicate that components of the cognitive bias are predictable by auditors’ errors based on the priority level and maximum influences, including mental accounting bias (63%), availability bias (45%), heuristic bias (60%), and ambiguity aversion bias (58%). Also, components of decision-making are predictable by auditors’ errors based on the priority level and maximum influences, including decision case (54%), job experience (57%), decision-making situation (58%) and individual features (45%).
- انتشار مقاله: 11-10-1348
- نویسندگان: Zahra Kohandel,Ghodrat Allah Talebnia,Hashem Nikoomaram
- مشاهده
- جایگاه : پژوهشی
- مجله: International Journal of Management and Business Research
- نوع مقاله: Journal Article
- کلمات کلیدی: Economic Growth,Administrative corruption,Capital stock,Labor force
- چکیده:
- چکیده انگلیسی: In the initial models of economic growth, economic factors entered in to models but in the following models, non-economic factors entered in to models. Many broad studies were done on this subject by the economists, and already considerable results were obtained. Subjects such as corruption in the administrative bodies were new variables entering the literature of economic growth at that stage. In this area, we studied the impact of administrative corruption on the economic growth of ECO member countries and OPEC member countries. The paper presents a comparative study on oil producing developing countries and non-oil producing developing countries for the period of 2003-2008. All ECO member countries with the exception of Iran, Iraq and Afghanistan and also OPEC member countries are included in this study . The results of research based on Panel data approach indicate a reverse and significant relation effect between administrative corruption and economic growth of ECO member countries and OPEC member countries.
- انتشار مقاله: 05-03-1390
- نویسندگان: Mehdi Taghavi,Hashem Nikoomaram,Sedigheh Tootian
- مشاهده
- جایگاه : پژوهشی
- مجله: International Journal of Finance and Managerial Accounting
- نوع مقاله: Journal Article
- کلمات کلیدی: Joint quantum potential,Price return,P/E ratio,Bohmian quantum mechanics
- چکیده:
- چکیده انگلیسی: Price return and P/E are two important factors for a lot of investors based on the latest studies by researchers in Tehran Stock market; however, it is expected that the price and the variation of that affect the return and the P/E of any given market as a complicated system. The Bohmian quantum mechanics used referring to the time correlation of return and P/E of the stock market under consideration. In this study, we extend the quantum potential concept to determine the behavior of P/E and also price return. The obtained results show that the quantum potential behaves in the same manner for P/E and price return, also confines the variations of the P/E and price return into a specific domain. Furthermore, a joint quantum potential as a function of return and P/E is derived by the probability distribution function (PDF) constructed by the real data of a given market. It serves as a suitable instrument to investigate the relationship between these variables. The resultant PDF and the corresponding joint quantum potential illustrate that where we have light points in joint quantum potential chart, the probability of those amount of P/E and price return are more than other point.
- انتشار مقاله: 20-08-1398
- نویسندگان: Neda Allahyaribeik,Hashem Nikoomaram,Sara Allahyaribeik,Fereydon Rahnamay Roodposhti
- مشاهده
- جایگاه : پژوهشی
- مجله: International Journal of Finance and Managerial Accounting
- نوع مقاله: Journal Article
- کلمات کلیدی: embezzlement,Whistleblowing,Accounting fraud,Account Manipulation,Demographic Variables
- چکیده:
- چکیده انگلیسی: Given the widespread and deep economic-social consequences of accounting fraud in micro and macro levels of society and the effectiveness of whistleblowing in their discovery and the effect of demographic characteristics on moral behavior as whistleblowing, this study aimed to examine the whistleblowing intentions for accounting fraud including account manipulation and embezzlement based on demographic individual differences, which are important factors in employment, role-playing and job promotion. The statistical population consisted of accounting staff in private and public sectors and the sample size with random distribution was 596. The data collection tools were questionnaire and exclusive scenarios for accounting fraud. The research method was comparative and correlational in nature. The results showed that at the level of 95% there was a significant difference in the whistleblowing intentions for two types of fraud in terms of gender, age and experience and there was no significant difference in terms of educational level.
- انتشار مقاله: 20-11-1397
- نویسندگان: Babak Nejad Toolami,Fereydon Rahnamay Roodposhti,Hashem Nikoomaram,Bahman Banimahd,Hamidreza Vakilifard
- مشاهده
- جایگاه : پژوهشی
- مجله: International Journal of Finance and Managerial Accounting
- نوع مقاله: Journal Article
- کلمات کلیدی: Speed of Price Adjustment,Excess Return,Over Reaction,Under Reaction
- چکیده:
- چکیده انگلیسی: In Recent Decades, The Financial Sphere has entered a New Era of Contempt for Some of the Assumptions of Modern Economics and Finance. One of These Assumptions is the Rationale of the Investors, which has been Seriously Challenged and Is Now Being Strengthened by the Fact That Prices are Determined more by Attitudes and Psychological Factors than for Fundamental Variables and Therefore the Study of Market Psychology has Become More Important.
The Purpose of This Research is to assess the Reaction of Investors to Price Changes by Measuring the Speed of Price Adjustment Compared to the General Information in Tehran Stock Exchange and a Model for Yielding Additional Returns in Futures. The five-year Research Period is from 2011 to 2016. The Statistical Population of the Study is the Companies listed in Tehran Stock Exchange and the Results Show that the Rate of Adjustment of Prices is Different from Each other Based on Specific Company Variables, and the Difference in the Rate of Price Adjustment can Cause Make Extra Returns.- انتشار مقاله: 18-04-1397
- نویسندگان: Mostafa Bakhtiari,Hashem Nikoomaram,Fereydon Rahnamay Roodposhti,Taghi Torabi
- مشاهده
- جایگاه : پژوهشی
- مجله: International Journal of Finance and Managerial Accounting
- نوع مقاله: Journal Article
- کلمات کلیدی: Nash Equilibrium,pricing,Supply Chain,Inventory,Non-cooperative games
- چکیده:
- چکیده انگلیسی: This article by modeling a non-cooperative dynamic game tries to improve profitability and competition. This paper has considered how the manufacturer interacts with multiple competitor distributors. Each distributor also determines the optimal distribution price and inventory replenishment policies to maximize their profits. The issue form a non-cooperative dynamic game. Distributors formulate sub-games and finally, have formed the main game with the manufacturer. After designing the game, we determined the Nash equilibrium. We use the concept of "Nash equilibrium" to analyze supplier, manufacturer and distributor strategies in the overall game with the manufacturer. In order to achieve the Nash equilibrium, we use decisions as input parameters. In this case, each player, in addition to making the right decision, can make decisions in order to prepare for possible changes in the decisions of other actors and thereby maximize their profit. As long as actors are reluctant to change their decisions, the process continues. For this purpose, we used analytical method and solution procedure. The results indicate that by increasing the market scale, increasing price sensitivity, increasing the degree of replacement of products, as well as increasing production costs, distributor's profit increases. In this paper, Lingo software was used for calculations.
- انتشار مقاله: 10-12-1396
- نویسندگان: Nakisa Araghi,Hashem Nikoomaram,Farhad Ghaffari
- مشاهده
- جایگاه : پژوهشی
- مجله: International Journal of Finance and Managerial Accounting
- نوع مقاله: Journal Article
- کلمات کلیدی: Data envelopment analysis,Corporate Social Responsibility,Social Responsibility,Ranking
- چکیده:
- چکیده انگلیسی: Social responsibility provides a framework for ethical monitoring on the business enterprises activities whereby business enterprises must responsible to society and environment. This study based on financial variables and using the data envelopment analysis technique, ranks automotive companies in terms of social responsibility. Data and theoretical frameworks of the research are based on library studies and data analysis is also based on the data envelopment analysis model. Results of this research indicate that big companies in the automotive industry are less socially responsible than other companies. This suggests that big companies in the automotive industry do not have a proper social behavior toward the stakeholders, and pay less attention to social and environmental issues. Given to the outcomes of this study is suggested that regulators and policymakers in automotive industry could develop executive instructions to match social goals with businesses performance and coordinate the firm activities and responsibilities with society policies.
- انتشار مقاله: 18-01-1397
- نویسندگان: Javad Ashrafi,Bahman Banimahd,Hashem Nikoomaram
- مشاهده
- جایگاه : پژوهشی
- مجله: International Journal of Finance and Managerial Accounting
- نوع مقاله: Journal Article
- کلمات کلیدی: Overreaction,Underreaction,Speed of Adjustment Price,Market Efficiently
- چکیده:
- چکیده انگلیسی: In this research, overreaction and underreaction have been studied by assessing profitability and excess returns of investment strategies and evaluating price adjustment speed in short and long terms. The results showed that the momentum investment strategies had higher annual returns in comparison to contrarian strategies in all short and long periods which led to confirmation of underreaction phenomenon and rejection of overreaction. The small size and value portfolios had higher significant returns. The highest current price to 52-week high ratio portfolios had higher returns than the lowest portfolios in short and long term periods, which is an evidence of momentum and underreaction phenomenon in the market. In addition, the speed of investment strategies adjustment to market-wide information was assessed using Dimson Beta regression and some evidences of the underreaction in short term and overreaction in long term were confirmed. The influence of winner and loser portfolio formation and holding months was observed.
- انتشار مقاله: 24-01-1396
- نویسندگان: Mahdi Madanchi Zaj,Hashem Nikoomaram,Ali Saeedi
- مشاهده
- جایگاه : پژوهشی
- مجله: International Journal of Finance and Managerial Accounting
- نوع مقاله: Journal Article
- کلمات کلیدی: Stock Returns,Behavioral Finance,52- high week,Anchoring bias
- چکیده:
- چکیده انگلیسی: The aim of this study is to investigate a behavioral approach by anchoring bias as a criterion to explain 52-week-high strategy and trough this we can find an explain for momentum strategy at uncertainty situation, to the companies listed on the Tehran Stock Exchange. The information uncertainty criteria include the book value to market value (BV / MV), company age (Age), the size of the entity (MV), lowest price to the highest price of the stock ratio (LHR), the standard deviation of stock returns (STD) and the standard deviation of operating cash flow (CFVOLA). To investigate this issue four-hypotheses developed for this purpose and data of 99 companies of Tehran Stock Exchange was analyzed for the period 2007 to 2015.the research method performed by panel data analyzed, Results show that for all the variables except for STD (standard deviation of stock returns), by increasing the degree of information uncertainty, stock returns trend increases(decreases) for winning(loser) portfolios.
- انتشار مقاله: 16-12-1395
- نویسندگان: Mohammad Hesam Jahanmiri,Fraydoon Rahnama Roodposhti,Hashem Nikoomaram
- مشاهده