مجله راهبرد مدیریت مالی
پیاپی 3 (زمستان 1392)

This paper investigates the relation between product market competition and managers’ decision to distribute cash dividend to shareholders. Therefore، the Herfindahl-Hirschman، Lerner، and Modified Lerner indexes were employed as a proxy for product market competition. The research population composes of 67 companies listed on Tehran Stock Exchange which have been studied during the years 2004 to 2010. Multivariate linear regression statistical analysis was used to test the hypotheses of the research. The results of the study indicate that firms located in more competitive industries would pay lesser dividends than firms in the less competitive markets. The results in this paper seem to support the «Substitution Model» and the «Opposing Outcome Model» and «Predation Hypothesis». Furthermore، based on analysis of variance، type of industry is an effective factor on product market competition.

This study examines the impact of political cycle on Tehran stock Exchange performance. Political cycle is a four-year cycle that Is known to political business cycle and Presidential cycle. Political cycle theory shows that stock returns fall during the first half of a presidency، and rise during the second half of a presidency. Also Stock market performance in different years from a government in USA Indicated stock returns is lower in the second year than in other years. In this study، stock market performance is measured by Exchange price Index return، Exchange dividend and price Index return. The research method is based on the goal، application and is based on the method descriptive. we used two methods to collect data and content،library method and Using the Exchange documents. The study used descriptive and inferential statistics. Statistical analysis was performed using SPSS software. The results of this research indicate that There is«nt significant relationship Between the independent variable (Political cycle) and dependent variables (price Index return، dividend and price Index return). In other words، there is no significant difference between Thehran stock performance (Basis of two indicators) the first half and second half of a presidency. Also، there is no significant difference between Thehran stock performance the different years of a presidency. In summary، this research shows Tehran Stock Exchange does not follow the political cycle.

This research examines the impacts of trading halts on liquidity and price volatility of companies listed in Tehran Stock Exchange. This study examines abnormal changes of trading volumes، bid-ask spreads، market depth at the best-quotes around trading halts and price volatility. Considering limitation sampling، we examined 231 trading suspensions related to 50 companies from 1387 to 1390. Using SPSS 19 and Compare Means Method، results indicated that abnormal period trading volumes with normal period and also pre-halt period with post-halt don’t have a significant difference. Abnormal period bid-ask spreads is more than normal period; likewise، post-halt is more than pre-halt. Abnormal period market depth with normal period and also pre-halt period with post-halt don’t have a significant difference. Abnormal period price volatility is more than normal period and pre-halt period with post-halt don’t have a significant difference.

With forming Agency relationship، there is relation between the conflict between Managers and Shareholders and the managers can behave like opportunities and make decisions that are toward based on their benefits and interest and in contrast of the shareholder’s interest. The companies that are member of Stock Exchange، have different structure and in recent years، corporate governance of Harvey Company influenced upon its structure. This research was performed for studying the effect of structure of corporate Governance upon their performance in Tehran Stock Exchange، for this research، 70 active Companies in Tehran Stock Exchange at time period (2004-2010) and panel data was used. The results showed that there is not meaningful relation between ownership concentration and firm financial performance for stock exchange companies and the relation is as not hump – shaped and there is positive relation between Institutional investors and firm financial performance. JEL: G32،G34

Many attempts have been made so far to design a proper model to predict stock return. One of the oldest models is CAPM. Despite the relative acceptability، this model is usually criticized for low explanatory power and also due to the results of different experimental examinations. The Fama and French Three-Factor Model (1993) is one of the latest models that is introduced in this field. After introducing this model، many researchers have tried to increase its explanatory power by adding some other factors to it and the most famous of them is The Carhart Four-Factor Model that has added the momentum factor to the Three-Factor Model. Subsequent researches have concentrated on the volatility. This research is conducted on the explanatory power of the four-factor model that by adding volatility has made it the center of attention in Tehran’s Stock Exchange. The sample that is being studied on includes 95 firms in a period between the years 1381 to 1390. The results show that in contrast to the results obtained by Fama and French researches (1993)، large firms compared to small ones and growth firms compared to value firms have higher returns. Moreover، firms with higher standard deviation of the return have higher return compared to those with lower standard deviation. Also، adding the volatility factor to the three-factor model results in significant increase in the explanatory power of the three-factor model. Finally، the explanatory power of the four-factor model is not influenced by industry.

One method of allocating resources in conventional banking in overdarft. This type of service consist of the allocation of credit to businesses for short-term and urgent needs. This type of service due to the nature of their interest، in the framework of non-interest banking in our country is not usable. Given the immense benefits of this approach in recent years، Islamic finance scholars seekalternatives to the use of this method of resource allocation. In recent years، several approaches have been proposed to replace but rather to be acceptable from sharia perspective، the attractiveness and acceptability of this solution for banks or firms isn’t acceptable. This article is a practical research and with the analytical method، want to design a model based on attornetship contract. This article give an alternative that is acceptable from sharia perspective. In addition، this method is acceptable for banks and firms economically. The use of credit in this method have very easy procedure. In this solution، the bank allocate credit to firm based on attorneyship contract and give attorneyship to them for use this credit based on conditions and bank’s expected rate of profit. Finally، the firm payback the credit and it’s profit to the bank.

The purpose of this paper is to investigation the relationship between capital structures and stock futures Abnormal returns. Also، this study is also sought to identify the contribution of concentration in the industry on the relationship between capital structure and future stock returns. The data used، has been extracted from firms is listed in the Tehran Stock Exchange in the period 1385-1391. For analyzing data and hypothesis testing has been used linear multivariable regression model base on panel data. The results from hypotheses testing show that there is a significant positive relationship between capital structures and future Abnormal Returns. On the other hand، the share of industry concentration is a significant and negative effect on the relationship between capital structure and stock futures Abnormal returns. Also، there is a positive relationship between growth opportunities and company size to stock futures Abnormal returns. There is a significant negative relationship between ratio price to earnings (P/E) and stock futures Abnormal returns.