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Dr.jahan khani contributed another article to this edition,
and this one in co-authorship with farhad abdollahzadeh. Their
paper deals with the pricing of the securities in the Tehran Stock
Exchange. The criteria and process for determining the interinsic
value of the stocks for the companies which are admitted to the
Exchange and the control mechanism over their prices are
discussed in detail. Since there is no over-the-counter market in
Iran, corporate stocks which are atmitted to the Stock Exchange
for the first time don't have market price. It is, therefore,
necessary for the officials of the Tehran Stock Exchange to assess
the common stocks and determine their initial or basic values.
This is done with the consent of stock holders which offer their
stocks for sale. The authors have presented a critical view of
current method of assessing the stocks and have offered an
improved method which they believe is more in line with the
acceptable criteria for pricing of the securities in Iranian financial
markets.