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کاربرد نوع شرط:
- جایگاه : پژوهشی
- مجله: International Journal of Finance and Managerial Accounting
- نوع مقاله: Journal Article
- کلمات کلیدی: Information Ambiguity-Aversion,Earnings Announcement Premium,Investors’ Response Asymmetry
- چکیده:
- چکیده انگلیسی: In today's investment world there is emphasis on the role of accounting information. Behavioral factors always play an important role in financial markets. All investors are not rational and their demand for riskiness of assets is influenced by their beliefs and feelings. Optimism, pessimism, self-confidence, ambiguity-aversion, etc. help changing the manner of decision-making process over time. So, this study aimed at investigating the role of accounting information on investors’ ambiguity-aversion in economic environment of Iran. For this purpose, information about 120 companies listed in Tehran Stock Exchange during the period 2013 to 2017 was collected and analyzed. Multivariate regression models were used to analyze the data. The results show that earnings announcement premium for companies with high level of ambiguity, is more than for companies with low level of ambiguity. As a result, investors respond asymmetrically to good and bad news, and this asymmetry decreases with increasing of ambiguity level.
- انتشار مقاله: 03-07-1398
- نویسندگان: Zeynab Ramzi Rad Choobeh,Javad Rezazadeh,Hossein Kazemi
- مشاهده
- جایگاه : پژوهشی
- مجله: Advances in Mathematical Finance and Application
- نوع مقاله: Journal Article
- کلمات کلیدی: Economics to scale,Nonlinear behavior of costs,Production function
- چکیده:
- چکیده انگلیسی: One of the most important effective factors in the economic growth is the increased efficiency of manufacturing sectors. Thus, it is necessary to review and measure the efficiency of business units from a variety of dimensions to plan the increase of efficiency in future courses. One of these dimensions is the economics to scale (ES) referring to the concept of enhanced earnings due to the increased manufacturing unit, which may be of an increasing, fixed or decreasing trend. ES can be measured through economic production functions. This paper has applied Translog production function to measure corporates' ES. Therefore, data of 105 manufacturing corporates have been collected during 2008-2017. With regard to linearity between independent variables, the elastic net regression method has been used. Results indicate that some industries are of increasing economics to scale trend and some have a decreasing ES. Results can be applied in order to plan and determine the appropriate production level in the management accounting of corporates.
- انتشار مقاله: 19-03-1398
- نویسندگان: Vahid Mahmoudi,Mohammad Hossein Ghaemi,Hossein Kazemi
- مشاهده
- جایگاه : پژوهشی
- مجله: Advances in Mathematical Finance and Application
- نوع مقاله: Journal Article
- کلمات کلیدی: ambiguity,Risk,asset pricing
- چکیده:
- چکیده انگلیسی: Modern portfolio theory is based on the relationship between risk and return and in this paper, specific uncertainty conditions are introduced as ambiguity which affects the asset pricing. Also, the relationship between risk, ambiguity and return is examined. First, ambiguity is estimated by the means of three-variable and main component method, trading volume, ask-bid spread, error of earnings forecast and afterwards, it has been used to examine the interaction between risk, ambiguity and return. Current research method is correlative descriptive and statistical sample consisted of 120 corporates accepted in Tehran Stock Exchange during 2012-2017. To test the hypotheses, regression analysis has been utilized. Results revealed the existence of ambiguity in Tehran Stock Exchange, which affects the asset pricing negatively
- انتشار مقاله: 29-08-1397
- نویسندگان: Zeynab Ramzi Radchobeh,Javad Rezazadeh,Hossein Kazemi
- مشاهده