Relationship between Net Operating Assets and Future Stock Returns
Musa
Bozorg Asl
Assistant Professor of Accounting, Allameh Tabataba’i University, Tehran, Iran.
author
Yahya
Shiri
educator of Accounting, Islamic Azad University, Sahneh Branch, Kermanshah, Iran.
author
text
article
2010
per
The purpose of investing in any property or institution to maintain capital in addition, is yield that in this direction predicted yield for potential investors, actual and financial analysts is important. Present research, a new method has provided for analyzing and forecasting stock return. In this method, the operational assets considered by Sloan in 1996, is used as a new variable to predict the stock return. This research relationship between net operating assets and abnormal stock returns has investigated companies accepted on Tehran Security Exchange if any relationship can be meaningful, can be used study results to predict the stock return. In order to, for companies accepted in Tehran Stock Exchange, as the statistical community, the number of 95 companies eligible for the above research were selected .The results of the research after applying F test and regression analysis conducted in this study showed that there was not a significant relationship between net operating assets and abnormal stock returns. In other words, information contained in balance sheet in the investors decision making to determine the stock returns and abnormal stock returns no effect or balance sheet have no content information.
Journal of Development and Capital
Shahid Bahonar University of Kerman
2008-2428
3
v.
1
no.
2010
7
29
https://jdc.uk.ac.ir/article_1913_eefdb6e22923287fbcbe8707bc919cdd.pdf
dx.doi.org/10.22103/jdc.2010.1913
The Relationship between Some Corporate Governance Instruments and Bid-Ask Spread in Iran
Hosein
Etemadi, Ph.D
Associate Professor of Accounting, Tarbiat Modares University, Tehran, Iran.
author
Amir
Rasaiian
M.A. of Accounting, Mazandaran University, Mazandaran, Iran.
author
Hosein
Kordtabar
M.A. of Accounting, Mazandaran University, Mazandaran, Iran.
author
text
article
2010
per
Corporate Governance is an important effective factor in determining bid-ask spread. Bid-ask spread has important role in stock liquidity. Increasing in corporate governance quality leads to decrease bid-ask spread and therefore increase stock liquidity. The main goal of this paper is to review the relationship between corporate governance and stock liquidity in Tehran Stock Exchange. Therefore 111 firms that their required data was available were selected. Firms' governance measures include of percentage of outside directors and percentage of institutional investors data for a 5 years period (1381-1385) were selected and entered the models as independent variable. Bid-ask spread data is gathered as dependent variable. The multivariate regression model is used to examine the hypotheses. Signification of the model is examined by t and F statistics. The conclusions indicate that there is no significant relationship between Corporate Governance measures and Bid-Ask Spread in Tehran Stock Exchange.
Journal of Development and Capital
Shahid Bahonar University of Kerman
2008-2428
3
v.
1
no.
2010
31
59
https://jdc.uk.ac.ir/article_1914_90a336e5732754fb4084cdf79b9e65e3.pdf
dx.doi.org/10.22103/jdc.2010.1914
An Investigation and Evaluation of Stock Pricing Models in Tehran Stock Exchange (TSE)
Omid
Pourheidari, Ph.D
Associate Professor of Accounting, Shahid Bahonar university of Kerman, Kerman, Iran.
author
Amin
Akbari
M.A. of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran.
author
text
article
2010
per
It is felt to need wide investigation about financial and accounting subjects with developing of the privatization and tendency to exchange shares and increasing of the number of share holders. One of the important subjects is to studing about stock pricing modeles and determination of the variables that affect stock price. In recent decates, researchers have tried to find these variables and offer a model to pricing stocks based on it. This study empirically tests a number of stock pricing models that are based on fundamental variables in Tehran Stock Exchange. Using a cross-section of Tehran Stock Exchange listed firms over the 2002-2008, the study documents high explanatory power for stock pricing models based on the following models: Edwards-Bell-Ohlson (EBO), Economic Value Added (EVA), Price-to-Earnings (P/E), Price-to-Sales (P/S) and Price-to-Book value (P/B). Our finding indicated that P/B model has the highest adjusted coefficient of determination and hence is the best model of stock pricing among models of this research.
Journal of Development and Capital
Shahid Bahonar University of Kerman
2008-2428
3
v.
1
no.
2010
61
82
https://jdc.uk.ac.ir/article_1915_c072510e8ebc599b254a50b9b0c8f53a.pdf
dx.doi.org/10.22103/jdc.2010.1915
Review the Relationship between EVA and the Size of the Listed Co. in Auto Industry
Golamreza
Soleimani, Ph.D
Assistant Professor of Accounting, Alzahra University, Tehran, Iran.
author
Roya
Moradkhannejad
M.A. of Management, Alzahra University, Tehran, Iran.
author
text
article
2010
per
Economic value added (EVA) has been getting plenty of attention in recent years as a new form of performance measurement.It measures the true financial performance of a company, and a strategy for creating corporate and shareholder’s wealth.. This concept was developed by Stern Stewart at the beginning of the 1982s. It says that profit only exists after a business has earnings that are greater than the opportunity cost of its capital charge (capital × weighted average cost of capital ). So three elements used in calculating EVA are oprating income after tax, investment in assets, and the cost of capital.If the amount is positive, the company has created wealth. If the EVA is negative, the company is consuming capital, rather than generating welth. The company ’s goal is to have positive and increasing EVA. In this study we examine the relationship between firm’s size in listed co. at Auto Industry for the period of 1380 to 1384. Thus we considered the effect of firm’s size on creating value. We showed how to adjust the accounting profit and capital to arrive at economic value added (EVA). In this study firm’s size is measured as total sale and other factors like market value, total assets and number of employees. We have used two categories of information for studing. The first, our library studies, and the second are as secondary information in the form of derivated financial information from financial statements of companies. We used Pooled Least Squares to test the relationship between EVA and total sales, market value & total assets . Our results showed that there are a direct relationship between them.Also we couldn’t find any relation between EVA & and number of employees (that has been tested with fix effect method).
Journal of Development and Capital
Shahid Bahonar University of Kerman
2008-2428
3
v.
1
no.
2010
83
105
https://jdc.uk.ac.ir/article_1917_96cfc6bc5a98e0c78908a86e5e47bef6.pdf
dx.doi.org/10.22103/jdc.2010.1917
Applying The Value Creation Model in tire industry
Ahmad
Khodami pour, Ph.D
Assistant Professor of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran.
author
Esmaeil
Farzaneh Kargar
M.A. of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran.
author
text
article
2010
per
Understanding of the relationship between the costs of the firm and the value the firm provides to its customers is the key to the ability of the firm to reach its profit potential. The objective of this research is to determine how to identify the relationship between costs and value by introducing and applying the value creation model (VCM). This research is a case study in which we have use a survey. In this study on the basis of value creation model, the firm cost structure has been define in terms of value added, non-value added but required activities, as well as of waste. Also, the trade-off between what the customer is willing to pay for a product/service bundle (value) and the cost the firm bears to provide what the customer desires was assessed and according to this trade-off the value multipliers were computed for each bundle. There is of study help firm manager to determine the activities which should be focused on to develop the competitive advantage. More there, this article while be a part of emerging literature on strategic cost management, extends the existing knowledge of the relationship between costs and value.
Journal of Development and Capital
Shahid Bahonar University of Kerman
2008-2428
3
v.
1
no.
2010
107
131
https://jdc.uk.ac.ir/article_1918_f5a7308a9095774cae08246e040a45af.pdf
dx.doi.org/10.22103/jdc.2010.1918
Study of Factors affecting on energy Consumption in agricultural sector of Iran
MohammadReza
Zare Mehrjerdi, Ph.D
Assistant Professor of Agricultural Economics, Shahid Bahonar University of Kerman, Kerman, Iran.
author
Maryam
Ziaabadi
M.A. of Agricultural Economics, Shahid Bahonar University of Kerman, Kerman, Iran.
author
text
article
2010
per
Today world is, expansion economic and industrial world. This process taken more hurry in period of ten days. Energy is as trade goods most share in world trade, for human activity prosperous mach importance, Iran carried to account as one country growthing and containing of rich and wide sources energy and oil bigs tanks, energy is one of meaning pattern growth with pressure on natural source. Agricultural sector is one of energy consumption sectors. Energy is as consumption factors importance special in agricultural sector. The results obtained approve that energy consumption including oil and electricity increased in different years ago with increase production and value additional. In this paper with use of nervous network calculated importance coefficients of effective factors on energy consumption in agricultural sector. Then forecasted energy consumption in this sector with Autoregressive model. The results appear energy consumption intensity, share of agricultural sector in economic and GDP factors, with use of nervous network and econometric method have high positive effective on energy consumption in agricultural sector.
Journal of Development and Capital
Shahid Bahonar University of Kerman
2008-2428
3
v.
1
no.
2010
133
153
https://jdc.uk.ac.ir/article_1919_2fdbe92ab472b4a3eb680cadfe8ad00f.pdf
dx.doi.org/10.22103/jdc.2010.1919
Evaluating the Effect of firm Characteristics on Capital Structure
Abulfazl
Ghadiri Moghadam, Ph.D
Assistant professor of Accounting, Mashhad Ferdowsi University, Mashhad, Iran.
author
Fateme
Asadian
Graduation Student of Accounting, Islamic Azad University, Mashhad Branch, Mashhad, Iran.
author
text
article
2010
per
Different financial decisions are necessary for financial prosperity and also firm continued activity. An incorrect decision about financial structure may lead into financial pressures and finally bankruptcy. Managers usually determine firms structure like that the firm value becomes highest. Obviously managers' decision makings about the ways of providing firm financial resources are considered as a given strategy to adjust decisions considering the expedients of economic environment and also regarded as an appropriate model for increased efficiency of thought dominating firm function. The purpose of this research is to evaluate the effect of firm characteristics (quick ratio, interest coverage ratio, income growth, firm size, debt ratio, Tehran stock exchange) on capital structure whether mentioned cases influence the financial structure of firm. Obtained results specify that there is a significant relationship between quick ratio and interest coverage ratio of firm with firm debt ratio (capital structure). The method which has been used in this research is deductive. This research is an applied one in which real information and statistical methods have been used for proving the hypotheses. Samples have been selected randomly during time period of 2002 through 2006 and SPSS software has been used for analyzing data.
Journal of Development and Capital
Shahid Bahonar University of Kerman
2008-2428
3
v.
1
no.
2010
155
176
https://jdc.uk.ac.ir/article_1920_63b63beed64f638bb0206d24ab101cb9.pdf
dx.doi.org/10.22103/jdc.2010.1920