Univrsity Of Tehran PressFinancial Research Journal1024-815382220061222The Value Relevance of Dividends, Book Value and Earnings in Tehran Stock ExchangeThe Value Relevance of Dividends, Book Value and Earnings in Tehran Stock Exchange19391FAJournal Article19700101This paper compares the value relevance of book value and dividends versus book value and reported earnings. The main purpose of this study explains which of dividends, book value and earnings are more value relevance. Thus, we have examined 98 firms of Tehran Stock Exchange over a period 1377-1382. Our methodology of examining the information content of various income statement and balance sheet items is based on cross-sectional regressions of share price on the value measures.
Four sets of findings are reported. First, overall, the variables, book value and dividends, have almost the same explanatory power as book value and reported earnings. Second, book value has less explanatory power than others. Third, in dividend payers firms, earnings has the most explanatory power, but book value and reported earnings have almost the same explanatory power as book value and dividends. Forth, for firms with transitory earnings, dividends have the greatest explanatory power over the three variables.This paper compares the value relevance of book value and dividends versus book value and reported earnings. The main purpose of this study explains which of dividends, book value and earnings are more value relevance. Thus, we have examined 98 firms of Tehran Stock Exchange over a period 1377-1382. Our methodology of examining the information content of various income statement and balance sheet items is based on cross-sectional regressions of share price on the value measures.
Four sets of findings are reported. First, overall, the variables, book value and dividends, have almost the same explanatory power as book value and reported earnings. Second, book value has less explanatory power than others. Third, in dividend payers firms, earnings has the most explanatory power, but book value and reported earnings have almost the same explanatory power as book value and dividends. Forth, for firms with transitory earnings, dividends have the greatest explanatory power over the three variables.https://jfr.ut.ac.ir/article_19391_7361e4007d5ea84250cf28a711c49f58.pdfUnivrsity Of Tehran PressFinancial Research Journal1024-815382220061222Comparative Review of Relation Between the Debt Ratio and Return on Assets in Various IndustriesComparative Review of Relation Between the Debt Ratio and Return on Assets in Various Industries19392FAJournal Article19700101The debt is one of the principal component of accounting equation and capital structure of most companies. During last fifteen years the usage trend of debt was increasingly improved in companies' EPS. American ones.
In this research we tried to answer the following question:
Is there any meaningful relation between debt ratio and return on assets (ROA) in SEC of Tehran and its industries?
To answer the above mentioned questions debt ratio was analyzed from the view point of current debt, long term debt and total debt in four industries: food and drink industry, machines and equipments industry, automobile & pieces making industry ,tire and plastic industry, using Pearson and Spearman correlation coefficient.
Consequently, based on achieved results In all industries there is an inverse relation between debt ratio and ROA Except in tire & plastic industry.
We concluded that companies in our country are not able to use debt well.The debt is one of the principal component of accounting equation and capital structure of most companies. During last fifteen years the usage trend of debt was increasingly improved in companies' EPS. American ones.
In this research we tried to answer the following question:
Is there any meaningful relation between debt ratio and return on assets (ROA) in SEC of Tehran and its industries?
To answer the above mentioned questions debt ratio was analyzed from the view point of current debt, long term debt and total debt in four industries: food and drink industry, machines and equipments industry, automobile & pieces making industry ,tire and plastic industry, using Pearson and Spearman correlation coefficient.
Consequently, based on achieved results In all industries there is an inverse relation between debt ratio and ROA Except in tire & plastic industry.
We concluded that companies in our country are not able to use debt well.https://jfr.ut.ac.ir/article_19392_ef672407df3b56a79248fb1368c84702.pdfUnivrsity Of Tehran PressFinancial Research Journal1024-815382220061222The Value Premium in Capital Asset Pricing; the Case of Tehran Stock ExchangeThe Value Premium in Capital Asset Pricing; the Case of Tehran Stock Exchange19393FAJournal Article19700101Capital Asset Pricing, as one of the basic theories in finance and investment area, develop a model for estimation of expected rate of return and equity cost of capital. This model has many applications in the field of finance. One of anomalies in the Capital Asset Pricing Model is The Value Premium that its proponents believe this risk premium is compensation for a risk not mentioned in original model. Researchers (such as fama & french) believe that if we ignore the value premium, the expected rate of return estimated by CAPM would be biased.
This research is going to evaluate The Value Premium in Tehran Stock Exchange and its role in asset pricing.Capital Asset Pricing, as one of the basic theories in finance and investment area, develop a model for estimation of expected rate of return and equity cost of capital. This model has many applications in the field of finance. One of anomalies in the Capital Asset Pricing Model is The Value Premium that its proponents believe this risk premium is compensation for a risk not mentioned in original model. Researchers (such as fama & french) believe that if we ignore the value premium, the expected rate of return estimated by CAPM would be biased.
This research is going to evaluate The Value Premium in Tehran Stock Exchange and its role in asset pricing.https://jfr.ut.ac.ir/article_19393_4d415666a26e25445584bf9bacbf0c82.pdfUnivrsity Of Tehran PressFinancial Research Journal1024-815382220061222The Value Relevance of Dividends, Book Value and Earnings in Tehran Stock ExchangeThe Value Relevance of Dividends, Book Value and Earnings in Tehran Stock Exchange19394FAJournal Article19700101This paper compares the value relevance of book value and dividends versus book value and reported earnings. The main purpose of this study explains which of dividends, book value and earnings are more value relevance. Thus, we have examined 98 firms of Tehran Stock Exchange over a period 1377-1382. Our methodology of examining the information content of various income statement and balance sheet items is based on cross-sectional regressions of share price on the value measures.
Four sets of findings are reported. First, overall, the variables, book value and dividends, have almost the same explanatory power as book value and reported earnings. Second, book value has less explanatory power than others. Third, in dividend payers firms, earnings has the most explanatory power, but book value and reported earnings have almost the same explanatory power as book value and dividends. Forth, for firms with transitory earnings, dividends have the greatest explanatory power over the three variables.This paper compares the value relevance of book value and dividends versus book value and reported earnings. The main purpose of this study explains which of dividends, book value and earnings are more value relevance. Thus, we have examined 98 firms of Tehran Stock Exchange over a period 1377-1382. Our methodology of examining the information content of various income statement and balance sheet items is based on cross-sectional regressions of share price on the value measures.
Four sets of findings are reported. First, overall, the variables, book value and dividends, have almost the same explanatory power as book value and reported earnings. Second, book value has less explanatory power than others. Third, in dividend payers firms, earnings has the most explanatory power, but book value and reported earnings have almost the same explanatory power as book value and dividends. Forth, for firms with transitory earnings, dividends have the greatest explanatory power over the three variables.https://jfr.ut.ac.ir/article_19394_6dcc5979a79f5d9c4ee2865ceddb4e1d.pdfUnivrsity Of Tehran PressFinancial Research Journal1024-815382220061222A Model for Testing and Improving Stock Market EfficiencyA Model for Testing and Improving Stock Market Efficiency19395FAJournal Article19700101This study provides a model for testing stock market efficiency. Case study of this research is Tehran Stoch Exchange (TSE). To test the efficiency of TSE, Neural Network capable of learning the underlying dynamics of complex processes are used. After an explanation of the underlying theory, Neural Networks are applied to a trading simulation based on predicted value of 2 indices, over the period of Mehr 1383- Esfand 1385. An array of trading results was derived using the predicted index values and different trading parameters, four threshold levels on which tradind decisions were based, and four transaction cost levels.
The simulation results indicate that in most cases, neural Networks were able to make statistically significant excess return over the passive "buy and hold strategy". This suggests that the stock market might be inefficient. For validation of this model, "run test" was used to prove that the results of simulation are correct.
At last, this research provides some good ways for improving stock market efficiency.This study provides a model for testing stock market efficiency. Case study of this research is Tehran Stoch Exchange (TSE). To test the efficiency of TSE, Neural Network capable of learning the underlying dynamics of complex processes are used. After an explanation of the underlying theory, Neural Networks are applied to a trading simulation based on predicted value of 2 indices, over the period of Mehr 1383- Esfand 1385. An array of trading results was derived using the predicted index values and different trading parameters, four threshold levels on which tradind decisions were based, and four transaction cost levels.
The simulation results indicate that in most cases, neural Networks were able to make statistically significant excess return over the passive "buy and hold strategy". This suggests that the stock market might be inefficient. For validation of this model, "run test" was used to prove that the results of simulation are correct.
At last, this research provides some good ways for improving stock market efficiency.https://jfr.ut.ac.ir/article_19395_7129273dadb527a5516844bdae5dc361.pdfUnivrsity Of Tehran PressFinancial Research Journal1024-815382220061222Asset- Liability Management at Banking System:A proposed Optimization Model, Using a Jointly Combination of GP and AHP Approach, Case Study: KARAFARIN Private BankAsset- Liability Management at Banking System:A proposed Optimization Model, Using a Jointly Combination of GP and AHP Approach, Case Study: KARAFARIN Private Bank19396FAJournal Article19700101https://jfr.ut.ac.ir/article_19396_9e80b95cb60bbc3069109757fa8a2f3c.pdf