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کاربرد نوع شرط:
- جایگاه : پژوهشی
- مجله: Iranian Journal of Finance
- نوع مقاله: Journal Article
- کلمات کلیدی: Logistic Model,Prediction of Individual Trading Behavior,Behavior of Institutional Investors
- چکیده:
- چکیده انگلیسی: Information is like a strategic decision-making tool in which the quality of decisions will merely depend on the information used at the time of making those decisions. The purpose of this research is to assist individual investors in Tehran Stock Exchange by providing them a logistic model enabling them to predict their trading behavior. The data in this research has been collected from the statistical population of the study through variables, believed to have effects on the investors' process of decision making. Therefore, in order to achieve the statistical data, 2400 transactions in the form of 100 transactions, including buy and sell of stock shares from March 2017 until February 2019 have respectively been collected as samples. Based on the results of the logistic regression test, the behavior of institutional investors, as well as the volume of stocks traded have a significant positive impact on the behavior of individual investors (the probability of buying shares by them) versus the Beta, earnings per share, and dividends per share that have a negative effect on the probability of purchasing shares by individual investors. The analysis of the results suggests that individual investors are mainly subject to collective behavior which in particular is the same behavior of institutional investors. On the other hand, they tend to invest in stocks with low beta (defensive stocks) along with factors such as earnings per share and dividends per share which have less impact on the probability of stock purchases by individual investors.
- انتشار مقاله: 11-10-1348
- نویسندگان: Ahmad Zandi,Mehrdad Ghanbari,Babak Jamshidi Navid,Alireza Moradi
- مشاهده
- جایگاه : پژوهشی
- مجله: Iranian Journal of Finance
- نوع مقاله: Journal Article
- کلمات کلیدی: Prediction,decision-making,Investors,Financial Behavior,Iran’s Stock Market
- چکیده:
- چکیده انگلیسی: Nowadays, predicting the financial behavior of investors plays a crucial role in decision-making and the financial policy-making process. This study is aimed at providing a paradigm to predict the financial behavior of investors in Iran’s stock market. 24 experts were interviewed to identify the variables, and 24 variables were identified. The interpretive structural paradigming was carried out using a self-interaction matrix based on the experts’ opinions. The MICMAC analysis has been used to identify the types of the variables. As findings of the study, a five-level paradigm was determined, in which environmental factors and the background of financial behavior on the fifth level were the most influential variables and also arbitrage, bias, and the perceptual mistake were the most impressible variables of the paradigm on the first level. MICMAC analysis of this study suggested that the variable of environmental factors had low dependence and high efficacy. Furthermore, psychological projection, perceptual mistake, arbitrage, and bias are dependent variables with high dependence and low efficacy. Other variables are mediator variables with high dependence and effectiveness.
- انتشار مقاله: 11-10-1348
- نویسندگان: Fatemeh Ahmadi,Mehrdad Ghanbari,Babak Jamshidi Navid,Shahram Mami
- مشاهده
- جایگاه : پژوهشی
- مجله: International Journal of Finance and Managerial Accounting
- نوع مقاله: Journal Article
- کلمات کلیدی: Accounting Information System,Maturity of accounting information system,Maturity indices of accounting information system
- چکیده:
- چکیده انگلیسی: Management accounting highlights the use of accounting information for decision making and optimal control and management of executives in organizations. Accounting information is provided comprehensively by the accounting information system (AIS). To develop the AIS, the maturity of the system should be determined. In this regard, the first step is to identify and categorize maturity factors and indices. This research study aimed to identify and categorize the factors and indices effective in measuring the AIS maturity in the large manufacturing industries located at Markazi province. The research method was descriptive and library method and field studies were also used to collect data. The statistical population encompassed two groups: AIS experts whose scientific comments were applied in the selection of indices, and the employees in experienced AIS who determined the impact of the factors. Using Factor Analysis, the factors and indices used to measure the AIS maturity were categorized and 36 effective indices in nine factors were selected. Then their impact was calculated using structural equations. Finally, the factors with effective indices were categorized and the findings and recommendations were provided to the major industries of Markazi province, as special beneficiaries, and other industries.
- انتشار مقاله: 18-10-1398
- نویسندگان: Hadi Yazdi,Mehrdad Ghanbari,Babak Jamshidinavid,Habiballah Javanmard
- مشاهده
- جایگاه : پژوهشی
- مجله: International Journal of Finance and Managerial Accounting
- نوع مقاله: Journal Article
- کلمات کلیدی: Behavioral Finance,market anomaly,Monthly Effect,Space-time-frequency analysis,market tension
- چکیده:
- چکیده انگلیسی: Anomaly is an incident or event that cannot be explained by the dominant theories. Anomalies are situated in confronting with the efficient market theory, so that it provides conditions for stock trading strategies with additional returns in case of existing predetermined returns. Therefore, in this study, the anomaly due to monthly effects on the stock volume trading and the Tehran Stock Exchange index volatility during the period from 2006 to 2016 is investigated. Two hypotheses are set and are tested using Space-Time-Frequency Analysis (continuous wavelet transform and short time Fourier transform).
The results of testing research hypotheses indicate that The Tehran Stock Exchange is inefficient. The volume of stock trading and the volatility of stock index in the first half of month are different from the second half of the month. Results also show that market tension in the first half of month is more than the second half of the month.- انتشار مقاله: 26-01-1396
- نویسندگان: Saman Mohammadi,Mohsen Dastgir,Mehrdad Ghanbari
- مشاهده
- جایگاه : پژوهشی
- مجله: Advances in Mathematical Finance and Application
- نوع مقاله: Journal Article
- کلمات کلیدی: Earning management,Financial derivatives,Disclosure level,Financial Instruments,Company value
- چکیده:
- چکیده انگلیسی: Based on IFRS laws, British companies have started providing their reporting systems according to International Standards Requirements regarding disclosing their financial derivatives since January 2005. In 2013, Iran revised its Accounting Standard No. 15 to include the derivative instruments. The present study aims at investigating the effect of this revision on financial derivatives and instruments, and the effect of earning management on the relationship between the level of financial derivatives and instruments and risk-adjusted discount rates. From generalized least squares regression panel data, it was found that based on the first hypothesis, the companies which disclose their financial instruments based on No. 15 internal standard have a lower risk- adjusted discount rate, implying an increase in profit and a price rise in the markets. The findings also confirmed the second hypothesis, attesting to the effect of earning management on the relation-ship between financial derivatives and instruments disclosure and excess return. Findings of the research third hypothesis represent that there is a direct meaningful relationship between disclosure level of financial instruments and company value. So, it can be concluded that instruments` disclosures and financial derivatives can decrease risk-adjusted discount rate and increase companies` values in terms of standard number 15.
- انتشار مقاله: 21-11-1397
- نویسندگان: Mojtaba Chavoshani,Babak Jamshidinavid,Mehrdad Ghanbari,Afshin Baghfalaki
- مشاهده
- جایگاه : پژوهشی
- مجله: Advances in Mathematical Finance and Application
- نوع مقاله: Journal Article
- کلمات کلیدی: Capital Structure,Cash flows,Competition strategies
- چکیده:
- چکیده انگلیسی: The intensity of competition in business markets is to the extent that even the slightest strategic mistakes will lead to the failure of the organizations. The lack of knowledge and implementation of appropriate competitive strategies in such markets and, on the other hand, the failure to review the effects of these strategies on the types of cash flows in diverse capital structures is no also an exception to this rule. The subject of this study is to design and explain the affectivity model of types of cash flows in a diversified capital structure based on the type of strategy. The present study is an applied one in terms of objective, a quantitative one in terms of data type and a descriptive survey one regarding how to conduct. The statistical population consisted of all companies listed on the Tehran Stock Exchange during 2013 to 2017, among which 139 companies were selected as the sample by systematic elimination method. The statistical method used is the panel data method and fitting the regression models has been conducted using the same data. The results indicated that there is no significant difference between the effect of the differentiation strategy on the cash flow of accounting and cash flows to equity in companies that have a debt-based capital structure with companies whose capital structure is based on equity.
- انتشار مقاله: 16-11-1397
- نویسندگان: Mehrdad Ghanbari,Mahsa Moradi
- مشاهده