مجله راهبرد مدیریت مالی
سال سوم شماره 4 (پیاپی 11، زمستان 1394)

The purpose of this research is to investigate the effect of board of directors’ independency on the relationship between information asymmetry and financial reporting quality of the companies listed in Tehran Stock Exchange. To test the research hypotheses, the data of 135 companies listed in Tehran Stock Exchange during a ten- year-period (2004-2013) were analyzed using combinational data method and Eviews 6. The results indicate a negative significant relationship between board of directors’ independency and financial reporting quality and a positive significant relationship between board of directors’ independency and information asymmetry. That is, as board of directors’ independence increases, board efficiency increases too and the level of information asymmetry decreases afterward; besides, decreases in information asymmetry lead to increase in financial reporting quality. Moreover, the results show that board of directors’ independency affects the relationship between information asymmetry and financial reporting quality. In other words, it can be considered that board of directors’ independency is a moderating factor in the relationship between information asymmetry and financial reporting quality.

The present research deals with the analysis of the relationship between corporate governance, income smoothing and financial reporting quality in the listed companies in Tehran Stock Exchange during the years 2008-2012. The sample includes 114 companies. In order to compute income smoothing degree, the two indexes of Tucker and Zarwin (TZ) (2006), and Albert and Richardson (AR) (1990) have been used. The index of financial reporting quality and informing in this research is the relationship between the profit of current period and subsequent cash flows. Data analysis has been performed by using multiple linear regression by compositional data. The results of the present research determine the weak relationship between corporate governance and income smoothing degree because among all corporate governance mechanisms, only quality and disclosure score and total stockholder's percentage had positive significant relationship with the level of income smoothing. In the level of "net income", income smoothing could not cause increasing the relationship between the profit of current period and subsequent cash flows positively in any of the two methods of AR and TZ, which shows that income smoothing has not caused informing in this level.

The purpose of this research is to investigate the relationship between agency costs and stock mispricing with emphasis on the role of intermediate compensation of the board in Tehran Stock Exchange. In order to measure agency costs, the ranks sum of the eight criteria (Free Cash Flow, Operating Expense Ratio, Utilization Assets Ratio, Non-Executive Ratio, Institutional Ownership, Product Market Competition, Earnings forecast Error and Earnings Forecast Dispersion by management) were used and to measure Stock Mispricing, Pantzalis and Park`s (2013) ranks sum of the five index (Stock Price to Intrinsic Value Ratio, Capital to its imputed value Ratio, Firm Fundamental Value, Market-to-Book Ratio and Abnormal Stock Return) was used. This research is applied in purpose and correlational as descriptive. The research statistical sample includes companies listed in Tehran Stock Exchange that among these, 106 corporate from 11 different industries as samples were selected based on systematic elimination sampling. The period research is 4-year between the years 2009 to 2012, but some of the financial years 2008 and 2013 were also used to measure some of the variables of the study. The results show that there is no relationship between agency costs and stock mispricing and also compensation of the Board does not affect the relationship between agency costs and stock mispricing. Thus, Agency Costs associated with Stock Mispricing does not play any role given the importance of the Compensation of the Board in Iran Stock Exchange and is considered as a completely-ineffective mechanism.

The purpose of financial reporting is to present useful information to users. Information is useful if it has qualitative features including reliability and relevance. One of the components of the reliability of information is Conservatism principle. Therefore, the purpose of this study is to investigate the relationship between conditional and unconditional conservatism with financing constraints in companies accepted in Tehran Stock Exchange. To examine this matter, 107 companies listed in Tehran Stock Exchange during the period 2010 to 2014 were selected. In this study, multivariate regression model and data panel were used. The results show that there is a significant and positive relationship between restrictions on financing and conditional conservatism. A significant positive correlation was, also, observed between conservatism and unconditional and financing constraints.

The purpose of this study is to investigate the effect of risk stimulating variables on financing constraints in firms listed in Tehran Stock Exchange. Financial constraints are one of the main issues facing all companies. Conventional methods for studying the relationship between financial constraints, the cash investment firms are classified into two groups of companies with financial constraints and financial constraints. In line with this objective, information of 87 companies in a 5-year period, from 2008 to 2012 which is available on the target population was selected and then analyzed using Eviews7 software. Test results show that there is a relationship between the deviation margin and asset turnover constraints and also between deviation in profit and financing constraints. There is also a relationship between the average financial leverage and financing constraints. The significant correlation, however, between the average debt leverage operational and constraints in financing was not approved. So it seems that investors should pay more attention in their decision making to criteria such as currencies deviation, SD profit margins and moderate financial leverage which leads to greater profit and efficiency.

The purpose of this research is to design software and evaluate the implementation of the pair trading strategy in the stock market of Iran. In order to review this strategy, two companies - National Development Group (Bank) and Insurance Industry (Insurance) in 2013 - were selected and their stock prices were extracted from Rahavard Novin Software. Before using the above mentioned two stocks, their capability of getting paired were evaluated using correlation, reliability and long-term tests to make sure that they can be paired all respects regarded. After the design of pair trading strategy software, its implementation capability for two companies, named above, were investigated. The results showed that this strategy is applicable and its signals can be used for trading. Also finding of this research proved that this strategy is more applicable for stock pairs which have similar price movements, more periodic volatilities (weekly, monthly) and the feature of mean reversion. The more the price of trading pairs and periodic volatilities are correlated, the more implementation capability of the strategy and its profitability will be. For designing this software, C# programming language was used. This software is designed for the first time in Iran and it is easy to use and user friendly.

The purpose of this paper is to develop a model for prediction of present and prospect stock return using financial ratios. For this purpose, decision tree method was used. In this approach, a set of logical conditions in a hierarchical algorithmic model have been used for prediction or recognition of an event. Hereupon in this research, 70 percent of data were used to produce models in four popular decision tree algorithms (CHAID, ECHAID, QUEST and CRT) and the results of the tests were compared in 30 percent of residual of data with some of performance measures like accuracy, sensitivity and specificity. Information of 317 companies accepted in Tehran Stock Exchange was used in this study. The results indicated that ECHAID and CRT algorithms performed best in the prediction of present and CHAID algorithm in that of future. It was also shown that the models were better in that of present compared to that of future. The abilities of the models, however, were not significant in both cases. Accordingly, the hypothesis of the study was rejected.