مجله راهبرد مدیریت مالی
سال چهارم شماره 2 (پیاپی 13، تابستان 1395)

The purpose of this study was to investigation the relationship between growth type and capital structure of listed firms in Tehran Stock Exchange. For this purpose, the firms are classified in to three groups low, mix and high growth and statistical analysis was performed for each one individually. Data were extracted from 940 observation year-firm during 2005 to 2014. For data analysis and hypothesis testing, multivariate linear regression model was used. The results indicate that low growth type firms turn more toward debt financing due to increase of cost of equity. Therefore, they have high financial leverage. The high growth type firms growth due to the increasing cost of debt tend to the financing of the equity. So, they have low financial leverage. Mix growth Firms have average financial leverage ratios.

The purpose of this study is to investigate the effect of capital gain plans on return cumulative and buy (sell) pressure on the days around assembly. In this study, capital gain means shareholders benefit from receivables financing (stock rights) and conversion of retained earnings into new shares (profit share) for fixed investment and development. According to the price pressure hypothesis, issuance of new shares leads to an increase in supply and accordingly, the stock returns and trading volume are affected. 100 companies which over the years from 2003 to 2014 have increased their capital investments three times were the focus of this study. For this purpose, panel data and stratified random sampling were used to collect and organize the sample companies` data. OLS regression and two-tailed T-test were used for data analysis. OLS regression results indicated that the rate of rise in capital has no significant negative effect on two day cumulative returns (the day before and the day after the assembly). Moreover, T test showed capital gain plans has no significant effect on the pressure to buy (sell) in the days around assembly. As a result, the price pressure hypothesis is not confirmed.

In this study, the relationship between corporate governance mechanisms (ownership concentration, institutional ownership, CEO duality, the size of the Board and kind of auditor) with value-based financial performance measures (market value added (MVA), economic value added (EVA), cash value added (CVA)) is investigated. The statistical population is composed of listed companies in Tehran Stock Exchange and the sample of study was selected using random sampling including 101 firms for the period 2006 to 2011. The hypotheses were examined by multiple panel regression methods and research hypotheses were estimated in three separate models. The results of market value added model show that there is a significant negative relationship between ownership concentration, CEO duality and kind of audit mechanisms with market value added, while no relationship was found between institutional ownership and size of the board with market value added. EVA model results indicate a significant negative relationship between ownership concentration and CEO duality task with economic value added. In this model, no significant relationship was found between the measures of institutional ownership, size of the board and type of audit with economic value added. An examination of cash value added model indicates that there seems a positive relationship between ownership concentration, institutional ownership and the size of the Board with cash value added while there is no relationship between CEO duality and cash value added.

Deep understanding aboutthe impact of news and information on stock market is vital for analyzing and forecasting stock return. For this purpose, stochastic differential equations, such as geometric Brownian motion, geometric Brownian motion with jump and geometric Brownian motion with stochastic volatility have been used for simulation total price index. Using daily data of the total price index, index of the top 50 companies, and index of the 30 largest companies in Tehran Stock Exchange from 2009 to 2016, the following results were obtained:the Merton model has minimum error and geometric Brownian motion has maximum error to explain the behavior of price index. According to the log-likelihood criterion, geometric Brownian motion with stochastic volatility is preferred to geometric Brownian motion. The possibility of occurring jump in price index of large companies is more than that in the top 50 companies. During the mentioned period, the good news had the greatest impact on the total price index and price index of the top 50 companies.

Liquidity is one of the desirable features of the competitive markets which can be defined as” the ability to buy and sell assets at the lowest possible cost and time.
One of the key issues of investment is the amount of liquidity of assets. The present study have investigated the capital market liquidity in financial crisis. To this aim it has been investigated the capital market in two levels of in-company and out of company.
The main objective of this study was to find the effect of the financial crisis on the liquidity of the stock market in the Tehran Stock Exchange from 1388 to 1392. The main hypotheses of the research have been analyzed by econometric methods, software STATA, panel data, and in order to determine whether there is a significant relationship between the variables, multiple regression analysis was used.
The findings of the present study shows a significant negative relationship between financial constraints and liquidity of the stock market. And also there is not any significant relationship between the financial crisis and liquidity. The average amount of the expected liquidity in times of crisis to the absence of crisis is only 0.006%. This difference is not significant.

The purpose of the present research is to investigate the effect of deviation from the optimal level cash holding on the marginal value of cash holding. Statistical population of this research is companies listed on Tehran stock exchange, and statistical sample were selected between these companies that including 101 companies over the period 2010-2014.This research was used panel data, generalized least squares and multivariate regression to estimate and examine research models.This research is totally inductive and correlative from viewpoint of nature and aim.Results indicate that marginal value of cash is higher in firms with less optimal level of cash holding than firms with more optimal level of cash holding. On the other hand, results reveal that marginal value of cash in firms with positive excess cash is less than the face value of each Rial and also in firms with negative excess cash is more than the face value of each Rial.

The present study investigates the relationship between governmental affiliation and firm`s systematic risk. In this study, data have been gathered from 76 listed companies in Tehran Stock Exchange from 2005 to 2015 and the research hypothesis has been examined by utilizing the regression coefficient analysis. The results indicate that there is a direct and significant correlation between governmental affiliation and systematic risk. In other words, companies which depend on government may encounter political risk and it can be one of the effective factors on the systematic risk. According to Levine (2005), governmental managers affect the firm`s risk by political decorum. Therefore, governmental affiliation can be used as a significant variable in firm`s risk.