Jurisprudence, Legal and Supervision Study of Options Contracts in Iran's Financial Markets
Reza
Raei
دانشیار دانشکده مدیریت، دانشگاه تهران، ایران
author
Sajad
Saiah
دکترای مدیریت مالی، دانشگاه تهران، ایران
author
Golam Reza
Mesbahi Moghadam
دانشیار دانشگاه امام صادق (ع)، تهران، ایران
author
text
article
2012
per
A unique arrangement of option contract -Commitment to sell or buy by one of the parties and create some rights for the other party- has led this arrangement cannot be found similarly in the various contracts mentioned in the Civil or Sharia Law. On the other hand Approval of Securities Market Act of the Islamic Republic of Iran has provided legal environment for the design and issuance of option contract. The present study based on grounded theory focus on two specific subjects: (1) Given the numerous objection and suspicion posed against option contract, Jurisprudential nature of options will explain and a framework for Analysis of the accuracy or validity of different types of options contracts will be presented. (2) Legal infrastructure and paradigm of options studied and explained the appropriate framework of supervision and regulation of implementation of option contracts in Iran's financial markets will be presented.
Financial Research Journal
University of Tehran
1024-8153
13
v.
32
no.
2012
1
14
https://jfr.ut.ac.ir/article_25017_89935e4a8c2a185ce23b877592db0b5e.pdf
dx.doi.org/10.22059/jfr.2013.25017
Portfolio Grouping of "Tose-e Melli Group Investment Company (TMGIC)" based on the Matrix Network and Compare the Performance of this Method Using the Upside Potential Ratio
Fereydoon
Rahnamay Roodposhti
استاد و عضو هیئت علمی دانشگاه آزاد اسلامی واحد علوم و تحقیقات، تهران، ایران
author
Mahmoud
Firoozian
دانشیار دانشگاه آزاد اسلامی واحد کرج، ایران،
author
Leila
Mohammadi
کارشناس ¬ارشد، رشته مدیریت صنعتی"گرایش مالی"، دانشگاه آزاد اسلامی واحد تهران مرکزی، ایران
author
text
article
2012
per
In the research we try to introduce “Network Matrix” in selecting optimizing Portfolio for Active Management in investment companies, to evaluating obtained Portfolio of this, with this aim that have high efficiency in relation to market Portfolio efficiency. First Matrix (Portfolio) is value-growth stocks that are classified by standards P/E and P/B and second Matrix (Portfolio) are an aggressive-defensive stocks that is planned by Rahnamaye roodposhti (2009) and is classified by Risk Systematic Standard (?). For calculating and evaluating of two Portfolio efficiency obtained from Network Matrix, we used upside potential ratio. For test of research hypothesis from text of Averages comparison with dependent sample t and “Mann-Whitney test” and for comparison of two Portfolios efficiency with regard to each other and also regard to market used Pierson Correlation Coefficient test. Finally the result of research indicates that Portfolio is not combined from Network Matrix with high efficiency in relation to Market index but we observed the significant positive correlation between two matrixes, but, second matrix indicates have high correlation in relation to market index.
Financial Research Journal
University of Tehran
1024-8153
13
v.
32
no.
2012
15
34
https://jfr.ut.ac.ir/article_25018_245046f5c7b999791a6efd196a76ebe7.pdf
dx.doi.org/10.22059/jfr.2013.25018
Mutual Funds Cash Flow and Market Return: Evidences from Tehran Stock Exchange
Ali
Saeedi
استادیار دانشکده مدیریت و علوم اجتماعی، دانشگاه آزاد اسلامی واحد تهران شمال.، ایران
author
Hossein Saeeidi
Saeeidi
دانشجوی کارشناسی ارشد مدیریت مالی، دانشگاه تهران، ایران
author
text
article
2012
per
Issuance value, redemption value and net value of issuance and redemption of investment units is called cash flow to mutual funds. This cash flow to mutual funds is used as an investor sentiment index, when there is significant relationship between cash flow to mutual funds and market return. In this paper, relationship between these two items is to be evaluated. Monthly and weekly cash flow to 19 funds during 2008 to 2010 is considered. OLS used to assess the current relationship and for the lag relationship, VAR method is used. The results show that based on monthly data current issuance value affected the market return but weekly data doesn’t support it. On the basis of weekly data, first lag of market return affected net cash flow to mutual funds. However, first lag of market return affected current issuance value and the second lag of market return affected current redemption value. Based on monthly data, neither of market returns lags had the significant explanatory power.
Financial Research Journal
University of Tehran
1024-8153
13
v.
32
no.
2012
35
56
https://jfr.ut.ac.ir/article_25019_8c75b24efdcb8d2d1f8092bd8fe25f18.pdf
dx.doi.org/10.22059/jfr.2013.25019
Earning Management & the Long-Run Market Performance of Initial Public Offerings: Evidences from Tehran Stock Exchange (TSE)
Seyed Jalal
Sadegh Sharif
دکترای مدیریت مالی و استادیار دانشکده مدیریت و حسابداری دانشگاه شهید بهشتی، تهران، ایران
author
Mohamad
Akbarosadat
دانشجوی کارشناسی ¬ارشد مدیریت مالی، دانشگاه شهید بهشتی، تهران، ایران
author
text
article
2012
per
In this research, we investigate the influence of profit management on the long-term performance of IPOs in Tehran Stock Exchange. The IPOs in 1378 to 1384 are used as our sample and their long-term return in a three-year period after the IPO are calculated. We start calculating the return from the first day after the month in which the financial statement of IPO is published. Discretionary Current Accruals (DCA) is designated as profit management index. The results of this research show the long-term performance of the companies which manipulate their income by using profit management methods, when IPO is going to be done, is weaker than those which show their real income. This shows capital market is not efficient in realizing the real quality of income and stockholders simply believe the income published by the companies. The results are the same as researches in other capital markets of the world.
Financial Research Journal
University of Tehran
1024-8153
13
v.
32
no.
2012
57
72
https://jfr.ut.ac.ir/article_25020_ec0ac02c88ecc296806083a6e938fedc.pdf
dx.doi.org/10.22059/jfr.2013.25020
The Effects of Iran Economic Conditions on Weak Performance of Islamic Banking System in Iran
Mohammad
Talebi
استادیار دانشکده مدیریت دانشگاه امام صادق علیه السّلام و مدیرعامل بانک کشاورزی
author
Mohammad Ali
Sahmani Asl
استادیار دانشکده مدیریت و حسابداری دانشگاه شهید بهشتی و عضو هیئت مدیره بانک مسکن
author
Mohammad
Ashrafnezadeh
کارشناس ارشد رشته معارف اسلامی و مدیریت مالی از دانشگاه امام صادق (ع)
author
text
article
2012
per
The newly established system of Islamic economy in Iran, specifically the non-usury banking system is in need of appropriate conditions to attain its goals. The special economic conditions of Iran (Stagflation Conditions) after the Islamic Revolution which was rooted in weak pre-revolutionary situation made non-usury banking system encounter problems and people have great doubt about the semi-usury system of banking. The major causes of the problem were related to the nature, structure and state of implementing of law. This article shows that the special economic conditions of Iran after the Revolution have acted as an obstacle in reaching a non-usury banking system. High inflation rate increases the interest rate; hence the sense of misgivings about the usurious condition of the existing system rises. High unemployment rate, weak technical and financial bases in economic institutions, speculative spirit instead of production in the country, economic misuses in different extents, high credit risks, restriction in the selection of external financing methods, etc. have made the implementation of Islamic contracts impossible.
Financial Research Journal
University of Tehran
1024-8153
13
v.
32
no.
2012
73
90
https://jfr.ut.ac.ir/article_25021_20e407863dda60a742ba6ac8933dabf1.pdf
dx.doi.org/10.22059/jfr.2013.25021
Forecasting of Stock Returns with Non linear Models and the role of Trading Volume in Improving the Performance of These Models
Ebrahim
Abbasi
دانشیار و عضو هیئت علمی دانشگاه الزهرا، تهران، ایران
author
Sahar
Bagheri
کارشناس ارشد مدیریت مالی، دانشگاه الزهرا، تهران، ایران
author
text
article
2012
per
Non-linear time series models have become fashionable tools to describe and forecast stock market returns in recent years. A significant amount of evidence supports a negative relationship between volume and future returns. This suggests that volume could act as a suitable threshold variable in LSTAR and TAR models. In this research, we compared the forecasting ability of LSATR and TAR models with ARMA. Moreover, we used lagged volume as the threshold in LSTAR and TAR. Daily stock returns and volume of 26 companies were used over the sample period 21/03/2001 to 20/03/2010 years. In order to conduct a forecasting exercise we used the 7 years data as the in sample estimation period and the reminder of the sample as the out of sample period. We used Diebold- Mariano test to compare forecasting power of the models. Results show that Non-linear models have higher forecasting power than ARMA. Also using volume did not improve the forecasting performance of LSTAR and TAR.
Financial Research Journal
University of Tehran
1024-8153
13
v.
32
no.
2012
https://jfr.ut.ac.ir/article_25022_1b614765c04cd3102614e4c6e4ab330e.pdf
dx.doi.org/10.22059/jfr.2013.25022
Forecast Error Analysis of State Tax Revenues in Iran
Ezatollah
Abbasian
دانشیار، دانشکده اقتصاد بوعلی سینا همدان، ایران
author
Vahid
Mahmoudi
دانشیار، دانشکده مدیریت مالی دانشگاه تهران، ایران
author
Iman
Shaker
کارشناس ارشد اقتصاد، دانشگاه بوعلی سینا همدان، ایران
author
text
article
2012
per
In this paper, forecasting error for state tax revenues is assessed. For this purpose, using the regression equation, statistical index, and mean percent error, root mean square error, mean absolute percent error and error analysis of tile inequality coefficients are applied on anticipated revenue from taxes on legal entities, income taxes, wealth tax, taxes on imports and taxes on consumption and sales during the years from 1350 to 1385. The results show that over the time period in this research, estimated income tax, wealth tax, taxes on imports and taxes on consumption and sale exceed the actual (optimistic) and the estimated tax on juridical persons is lower than actual level respectively. Also, the anticipated tax of legal entities, income taxes, taxes on imports and taxes on consumption and sale have nonsystematic error and forecast error of wealth tax has been systematic. Efficiency analysis to predict shows that the error predicted none of the pattern and trend of tax revenues over time.
Financial Research Journal
University of Tehran
1024-8153
13
v.
32
no.
2012
109
132
https://jfr.ut.ac.ir/article_25023_93f6216327e0c23bae01e56e08f54145.pdf
dx.doi.org/10.22059/jfr.2013.25023
The Comparative Study of Ijarah Sukuk between Iran, Malaysia and England Law
Jalil
Ghanavti
استادیار دانشکده حقوق، پردیس قم دانشگاه تهران، ایران
author
Marzieh
Davari Langroodi
دانشجوی کارشناسی ارشد حقوق خصوصی، پردیس قم دانشگاه تهران، ایران
author
text
article
2012
per
This paper is a comparative study of legal aspect of Islamic securities (Sukuk), between Iran (as shia fiqh) Malaysia (as the first country that issued sukuk based on sonni fiqh) and England (as a chief western country in sukuk). Results indicate many similarities between Iran and Malaysia rules despite specifications with England rules. Different in definition of contract, asset valuation, limitation for securities profit, etc… show that Britain rules emphasized on issuing Sukuk due to making turnover and developing tax, without attention to real economical activities.Keywords: Islamic securities (Sukuk), Iran Law, Malaysia Law, England Law, Ijarah Sukuk.
Financial Research Journal
University of Tehran
1024-8153
13
v.
32
no.
2012
133
150
https://jfr.ut.ac.ir/article_25024_625c56046ffdd0fccce0e8ab4f949051.pdf
dx.doi.org/10.22059/jfr.2013.25024