نویسنده زهره شاه حیدری در دوشنبه 97/6/5 | نظر
Advances in Mathematical Finance and Applicationsدوره: 2 شماره: 4صفحات: 81 تا 92 نوع مقاله: None تاریخ انتشار: 2017-12-01
Investigating the Effect of Management Entrenchment on Speed of Cash Holding Adjustment in Companies Listed in Tehran Stock ExchangeIn this study, the effect of management entrenchments on the speed of cash holding adjustment in Iran has been investigated. After designing the management entrenchment evaluation indicators, the transaction information was collected from the Stock Exchange in the five-year period of 2011-2015. The statistical sample consists of 155 companies selected by systematic deletion method. In this research, linear regression and correlation have been used to investigate the hypotheses of the research. Also Eviews software was used to analyse the data and test the hypotheses of the research. What can be summarized in the overall conclusion of the research hypothesis test is that the indicators of management entrenchments including deviation from target cash, deviation from target cash in companies with high financial leverage, deviation from target cash in companies with high free cash flows, deviation from target cash interacting the company size and deviation from target cash interacting the firm performance have a significant effect on the speed of cash holdings adjustment Management entrenchments Ratio of speed of cash adjustment Deviation from target cash
نویسنده زهره شاه حیدری در دوشنبه 97/6/5 | نظر
In this study, the effect of management entrenchments on the speed of cash holding adjustment in Iran has been investigated. After designing the management entrenchment evaluation indicators, the transaction information was collected from the Stock Exchange in the five-year period of 2011-2015. The statistical sample consists of 155 companies selected by systematic deletion method. In this research, linear regression and correlation have been used to investigate the hypotheses of the research. Also Eviews software was used to analyse the data and test the hypotheses of the research. What can be summarized in the overall conclusion of the research hypothesis test is that the indicators of management entrenchments including deviation from target cash, deviation from target cash in companies with high financial leverage, deviation from target cash in companies with high free cash flows, deviation from target cash interacting the company size and deviation from target cash interacting the firm performance have a significant effect on the speed of cash holdings adjustment نویسنده زهره شاه حیدری در دوشنبه 97/6/5 | نظر
Advances in Mathematical Finance and Applicationsدوره: 2 شماره: 4دریافت کل مقاله=recieve article Allah karam Salehi, Fazel Tamoradi,
صفحات: 49 تا 60 نوع مقاله: None تاریخ انتشار: 2017-12-01
Investigating the Effect of Profitability and Operating Cash Flow on Trademarks ValueIn the recent years, intangible assets and corporate brand have found a significant importance for corporates. These assets are accounted as essential for value making and even stabilizing the continuation of corporate trend. The purpose of the present study is to investigate the effect of profitability and operating cash flow on trademarks value in accepted corporate in Tehran stock exchange. The data were obtained from a sample of 76 different corporates from 2010 to 2015. The data were analysed using the least regular squares regression and integrated method. Considering the lack reassessment of assets in corporates and the effect of financial statement articles, to avoid the probable false distance between market value and stock book value per share (as assessment index of trademark) stock book value per share has been modified using annual inflation rate. Findings, both before and after modification of commercial values by annual inflation rate showed there was a positive and significant relationship between profitability and operating cash flow and trademarks value in the corporates studied. Trademarks Profitability Operating cash flow
0 نویسنده زهره شاه حیدری در دوشنبه 97/6/5 | نظر
Advances in Mathematical Finance and Applicationsدوره: 2 شماره: 4صفحات: 31 تا 47 نوع مقاله: None تاریخ انتشار: 2017-12-01
[highlight txtcolor="#eeee22"]Investigating the Effect of Financial Constraints and Different Levels of Agency Cost on Investment Efficiency[/highlight]This research attempts to investigate the effect of financial constraints and different levels of agency costs on the investment efficiency of companies in Iran. Following the design of the financial risk assessment indexes, the transaction information was collected from the Stock Exchange in the five-year period of 2011-2015. The statistical sample consists of 128 companies selected by sampling method based on Cochran formula in which totally obtained 640 year-firm data. Linear regression and correlation were used to investigate the hypotheses of the research. Also Eviews software was used to analyse the data and test the hypotheses. What is summarized in the overall conclusion of the research hypothesis test is that financial constraints are effective on investment performance based on the indicators (kz) and (ww), as well as the various levels of agency costs, including high and low agency costs effect on investment efficiency. Financial constraints Agency costs Investment efficiency
نویسنده زهره شاه حیدری در دوشنبه 97/6/5 | نظر
Advances in Mathematical Finance and Applicationsدوره: 2 شماره: 4Nemat Rastgoo, Hossein Panahian,
صفحات: 11 تا 30 نوع مقاله: None تاریخ انتشار: 2017-12-01
Comparative Approach to the Backward Elimination and for-ward Selection Methods in Modeling the Systematic Risk Based on the ARFIMA-FIGARCH ModelThe present study aims to model systematic risk using financial and accounting variables. Accordingly, the data for 174 companies in Tehran Stock Exchange are extracted for the period of 2006 to 2016. First, the systematic risk index is estimated using the ARFIMA-FIGARCH model. Then, based on the research background, 35 affective financial and accounting variables are simultaneously used with the help of the backward elimination and forward selection method for modeling. After analyzing and evaluating the variables in Eviews software, the four variables of debt ratio (CL. E), size (SIZE), net profit to sales ratio (NETP. S), and interest rate coverage ratio (ICR) are selected in the backward elimination method. In the forward selection method, in addition to the above variables, operating profit margin (OPM) is also chosen. The estimated model of these variables in both methods shows a low ratio of R2 coefficient that is approximately 7%. In the test case, the model of forward selection method has less error in all four criteria of root mean squared error (RMSE), mean absolute error (MAE), mean absolute percentage error (MAPE) and Tile coefficient (TIC) compared to the backward elimination method. Systematic Risk Arfima-Figarch Model Backward elimination Method Forward selection Approach
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