The performance valuation of the economic enterprise inorder to confidence of limited resources’ optimum allocation is important affaire and as long as it isn’t use of appropriate indicator for performance measurement and stock value of the firm its value not toward reale value and capital doesn’t allocate truly. This subject is more sensitivity in inflation condition. The goal of this research is, study of inflation distortion to economic value added (EVA) that is an indicator of the firm’s valuation and present adjusted models, compare unadjusted EVA to adjusted EVA and their components and examine inflation’s effect and financial characteristic on inflation net distortion. The results of our study that is estimated with use of paires test and panel data regression model show unadjusted EVA and its component has significant difference in compare to adjusted EVA and its component, and there is no reason to assume that upwards and downwards distortions are offsetting. Also level of the distortions will depend greatly on degree of leverage (Net Debt Ratio) and amount of real assets(Fix Asset Ratio) and inflation rate.

The Markowitz’s optimization problem is considered as a standard quadratic programming problem that has exact mathematical solutions. Considering real world limits and conditions, the portfolio optimization problem is a mixed quadratic and integer programming problem for which efficient algorithms do not exist. Therefore, the use of meta-heuristic methods such as neural networks and evolutionary algorithms has been an important issue in the literature of portfolio optimization. This study considers the problem of finding the efficient frontier associated with the standard mean-variance portfolio optimization model and presents a heuristic algorithm based upon particle swarm optimization for finding the cardinality constrained efficient frontier. The test data set is the daily prices of 20 companies from March 2006 to September 2008 from the TEPIX in Iran. The results show that PSO is successful in constrained portfolio optimization to find the optimum solutions in all levels of risk and return.

One of the important factors in making financial decisions is perceptual biases. They influence decisions at the time of exchanging stocks. The present research means to identify these common biases among investors and show its relation with their personality. Doing this research, the statistic society is considered unlimited thus a random group of 200 investors from Tehran stock exchange has been selected. The required data was collected by questionnaire. We have tried to test the authenticity of our hypotheses by using SPSS16 software. The findings of the research reveal that there is a meaningful connection between these biases and investors’ personality. The findings indicate that there is a direct correlation between extroversion and openness to experience and the bias of hindsight and overconfidence, between neuroticism and randomness bias, escalation of commitment and availability bias. There is a negative correlation between conscientiousness and randomness biases, between openness to experience and the bias of availability.

Modern Portfolio Theories are based on Markowitz’s portfolio optimization model that involves the assumption of Mean Variance Behavior and therefore require the asymmetry and normality of returns. This issue also affects the Capital Asset Pricing Model that estimates systematic risk and uses it in pricing securities. This article analyzes the various measures of risk. The main purpose of this research is to investigate the relationship between various risk measures and return in Tehran Stock Exchange to clarify that how investors consider risk in their investment decisions. Therefore, this paper investigates the behavior of stock market toward risk. Furthermore, in order to describe the relationship between risk and return, presents alternative models for conventional CAPM that better explain the return. The results show that monthly returns are not normally distributed. Upside risk criteria strongly explain the monthly returns. Also explanation power of conditional CAPM is low and the difference between the realized returns and the returns that are calculated with three types of CAPM is statistically significant.

the aim of this research is study about influence of companies financial factors on volume of them shares traded in Tehran stock exchange and classification of these financial factors on the basis of their effect on volume of shares traded. First, the relation of each above financial factors and “rial amount of trading volume” has studied separately. so it is used of correlation coefficient and lineal regression. financial factors with meaningful relation of “rial amount of trading volume” according to their preference, are: 1-EPS 2-DPS 3-level of liquidity 4-risk of shares in previous year 5- average of yield in last year 6-increasing of capital by companies 7-price trend in last year 8-price fluctuation in each year 9-yearly yield. At next stage, effect of financial factors on “rial amount of trading volume” in presence of other financial factors has studied by using “backward regression” to determine which financial factors can have more effect on volume of shares traded in stock exchange in presence of other financial factors. The results show that, Most effective financial factors are: 1-EPS 2- risk of shares in previous year 3- P/E 4-level of liquidity 5- yearly yield 6- price trend in last year. By attention to result of this research financial factors influence on volume of shares traded in stock exchange (r2 =./4). But, this influence is not same between financial factors. In all, suggest to investors in stock exchange that use from financial factors. Specially, use from EPS, DPS, P/E, level of liquidity, risk and yield of shares.

This article is an application of mathematics in finance, whose approach is different from the usual methods of writing articles in humanities. In other words, this research article can be considered as a fundamental study based on mathematics for clearer and safer disclosure of information in capital markets. In this paper, we will challenge the informational inefficiencies existing in total return indexes currently being used, while suggesting a substituting formula. In the end, we study the relationships between the returns of the currently being used formulas on one hand, and the return of the suggested total return index on the other hand.

Based on the extent and depth of the market, several investment tools exist. One of the most fundamental issues in investment is assets liquidity, because some of the investors may need their investment financial resources immediately. Also, Liquidity degree of stocks greatly depends on the volume of trades in stock exchange. In this research, the relationship between stocks turnover rate as liquidity criteria and stocks rate of return in Tehran stocks exchange during 1381-1387 has been analyzed. Annual time-series data were collected and analyzed with panel data method using Eviews software. To do that, after testing the variables, size and B/M value entered the model as control variables. The results showed a positive and significant relationship between coefficient variables of liquidity and stocks rate of return. These results may refer to an increase in the attractiveness of liquidated stocks and also an increase in its demand.