وهاب رستمی

The purpose of the research is to investigate the philosophical attitude of analysts in valuing IPO stocks with the winner's curse approach. The statistical population in the discussion of investors' behavior includes professors, capital market analysts and graduate students, and 100 people have been selected as a sample using a targeted method. To check the valuation of the companies, the statistical population includes all the companies that have made an initial offering in 2021, and the food industry, agriculture, chemical products and basic metals were selected as samples. With Smart PLS software, in the analysis of hypotheses, we found that analysts with a high philosophical attitude have a positive effect on the valuation of companies and do not suffer from the phenomenon of the winner's curse, and the dimensions of flexibility and reflection were confirmed, but then comprehensiveness was not confirmed statistically. A high philosophical attitude in financial analysts results in obtaining better returns in investment, when the dimensions of flexibility and contemplation are confirmed and comprehensive. A high philosophical attitude in financial analysts leads to the formation of a better investment portfolio, and the aspects of flexibility and contemplation were confirmed, but the aspect of comprehensiveness was statistically rejected.

The present study aim is to empirically investigate the impact of comparability and readability of financial statements on avoiding incorrect pricing of company shares. In order to achieve the objectives of the research, a sample of 127 companies listed in the Stock Exchange, which were selected according to the systematic elimination pattern, was collected for a period of 10 years from 2013 to 2022, and since the data of the period 2022 in the calculations It was needed for 9 years and was used for statistical work. A multivariable linear regression model was used to test the research hypotheses. For incorrect pricing of shares, the model previously developed by Pantzalis and Park (2013) and for measuring the readability and comparability of financial statements, the fog index and the profit-return index were used, respectively. The results of the research hypotheses test showed that the increase of both the readability of financial statements and the ability to compare accounting information separately leads to a decrease in the volume of incorrect stock pricing. In addition to that, further investigations revealed the interaction of the above two variables and led to the exchange and formation of stock prices in figures close to their intrinsic values, and the volume of incorrect stock pricing has decreased due to the reduction of information inequality

The purpose of the present research is to investigate the impact of the auditor's expertise in the industry on the relationship between the behavioral and ethical tendencies of management and the divergence of investors' opinions.

A multivariate linear regression model was used to test the research hypotheses. To calculate the divergence of investors' behavior, according to the research of Silva and Cerquera (2021) and Salehi et al. Managers' behavioral biases have been measured by the two factors of real profit management and managers' overconfidence, as well as ethical biases by the two factors of dishonesty (profit smoothing) and management error (fraud in financial statements).

 The results of the research hypotheses test showed that fraud in financial statements, real profit management, profit smoothing and management overconfidence have a direct and significant relationship with the divergence of investors' opinions.

The current research provided evidence that shows that the behavioral and ethical tendencies of managers have a direct and significant impact on the divergence of investors' opinions and increases this factor, and the auditor's expertise can reduce these effects.

The current research aims to trace the role of the comparability of accounting information on the speed of achieving the optimal commercial credit of companies.

to achieve the objectives of the research, a sample of 135 companies admitted to the stock exchange, which were selected according to the systematic exclusion pattern, was collected for a period of 13 years from 2010 to 2022. To test the research hypotheses, a multivariate regression model with the generalized moments approach (GMM) was used. To measure the speed of trade credit adjustment, the model previously developed by Lou (2022) and to measure the comparability of accounting information, the profit-return index was used.

The results of the research hypothesis test showed that the speed of adjustment of commercial credit in the research sample is about 60%, that is, the companies are able to compensate 60% of the gap created every year to optimal commercial credit. Also, the ability to compare accounting information has an effect on the speed of trade credit adjustment, and by improving this factor, the speed of companies achieving optimal trade credit will increase.

The current research provided evidence that the quality level of financial statement information for credit users and suppliers can increase the speed of commercial credit adjustment in reaching the target commercial credit.

Beliefs and emotional tendencies of investors can influence the direction of trading volumes and stock market prices by creating changes in the capital market environment. This paper has investigated the mediating role of comparability of financial statements on the relationship between managers' opportunistic behavior and investors' divergence of opinions. This research was conducted post-event and using the causal correlation method. The companies listed to the Tehran Stock Exchange. formed the statistical population of the research, and by applying the desired conditions and systematically removing, it we used information of from 134 companies as a research sample in the period of 2014 to 2023. Divergence of investors' behavior has been calculated using the index of unexpected trading volume and managers' opportunistic behaviors have been measured by two factors of real earnings management and managers' overconfidence. The findings indicated that earnings management and management overconfidence have a direct and significant relationship with the divergence of investors' behavior. Also, the comparability of financial statements moderates the positive relationship between real earnings management and management's overconfidence on the divergence of investors' behavior regarding determining the correct figure of the intrinsic value of stocks while making investment decisions.

The aim of the current research is to investigate the impact of the auditor's conservatism on the informational content of profit by considering the role of comparability of accounting information.

Information of a sample of 131 companies listed in the stock exchange was collected for a period of 10 years from 2013 to 2022. To measure the information content of profit gained from the profit reaction coefficient and to evaluate the auditor's conservatism used model Chong and colleagues (2003) which is inspired by Basu's (1997) model and the profit-return criterion was used to measure the comparability of accounting information.

The results showed there is an inverse and significant relationship between the auditor's conservatism and the profit information content and presence of conservative auditor reduces the profit reaction coefficient to stock returns by providing more conservative information. In this regard high comparability gets intense the negative effect of the auditor's conservatism on the profit information content.

With the increase of the conservatism of the auditor, the amount of information content of the profit will decrease and the conservatism of the auditor reduces the sensitivity of the return to the declared profit to the market, and this can be the result of the caution of the auditor in confirming the declared profit figure of the company has been informed to the market in a reasonable manner. Comparability intensifies the negative relationship between two variables.

Contribution: 

The present research provides useful evidence for company managers and capital market agents by better using the financial information disclosure mechanisms and conservative auditors, a reasonable level of effectiveness of the return can be established and the information content of the profit can be placed at a balanced level in the market and abnormal reactions at the time of profit announcement reduced.

One of the financial instruments that plays an important role in investors' decision-making is the derivative financial instrument, which in Iran's capital market has caused the market balance to be disturbed in terms of control and risk due to the existence of integrated usage restrictions for them. In fact, these financial instruments can be used both for commercial purposes and for protection against unpredictable risks in investments. But the existence of restrictions on the use of derivative financial instruments has caused huge losses, which cannot be hidden as a result of the financial scandals of large companies. Therefore, in order to reduce such restrictions in the use of derivative financial instruments, many accounting and financial standards drafting boards such as the American Financial Accounting Standards Board "" and the Australian Accounting Standards Board "" in accordance with  statements; they compiled  and  with the aim of reducing the complications of using these instruments. The purpose of this research is investigating the limitations of using derivative financial instruments in the Iranian capital market. 

This research is mixed in terms of data collection methodology, because the lack of a theoretical framework of the financial instruments limitations has led to the use of these instruments, at least at the level of the Iranian capital market does not have integrity. Therefore, first, through the process of Meta synthesis and Delphi as the basis of analysis in the qualitative part, an attempt was made to determine the dimensions of the limitations of using derivative financial instruments and then its reliability was examined to determine the theoretical consensus. TODIM Fuzzy inference has been used in the quantitative part of the research. Because the purpose of this section was to determine the most important limitation of the integration of the use of derivative financial instruments in the Iranian capital market. In this research, in the qualitative part, 15 accounting experts at the university level and in the quantitative part, 25 capital market experts; Experts in financial reporting and the issuer supervision department of the Stock Exchange Organization participated as the statistical population. 

In this research, based on the fact that the limitations of the integration of the use of derivative financial instruments have not been determined in the form of a coherent theoretical framework in the past researches, therefore, in this research, an attempt was made to determine the desired dimensions. The results of the qualitative research through content screening of 11 studies indicate the selection of 7 dimensions of restrictions on the use of derivative financial instruments, which were confirmed in two rounds of Delphi analysis, the theoretical limit of these dimensions. The results in the quantitative part of the research based on the TODIM Fuzzy Inference matrix and determining the final weight of each research criterion indicate the selection of Lack of Financial Statement Comparability (A2) as the most important constraint on the integrity of the use of derivative financial instruments in the Iranian capital market. 

The result reflects the fact that comparability as one of the indicators of information quality in the use of these tools can have benefits such as reducing the cost of information processing and it is through this mechanism that the level of fair valuations on corporate assets can help increase the integrity of the use of derivative financial instruments. In fact, comparability as one of the indicators of information quality in the use of these tools can bring benefits such as reducing the cost of information processing, and it is through this mechanism that the level of fair valuations on the assets of companies can increase the integrity in the use of tools. Financial derivatives help. So that by increasing the ability to compare information, the possibility of comparing the similarities and differences between the value of companies is increased and on the other hand, the effort of analysts to understand and analyze financial statements and to better understand the relationship between economic events and company performance is reduced, both of which are an effective factor on The efficiency of the market and the optimal allocation of resources is in the form of expanding the collection of information available to investors and reducing the cost of information, and it provides opportunities to invest in derivative financial instruments. While the lack of this capacity in Iran's capital market, due to various reasons such as lack of information transparency or agency cost, has reduced the integrity of the use of this tool at the level of Iran's capital market.

Human physical, emotional and mental abilities do not have a linear trend and differ from each other in different time periods. The science of biorhythm is a set of mental, emotional and physical curves that determine different human states in a sinusoidal form from birth to the end of life and is therefore one of the most important human discoveries. The important question that arises is whether the state of human biorhythm influences her decision in the stock market and her cognitive function and follows a certain pattern or not. The purpose of this study is to draw an analytical model to explain the effect of biorhythm cycle on investment. The statistical population includes 384 capital market investors in Tehran. After collecting the questionnaire, Kolmogorov-Smirnov test, ANOVA and Pearson correlation were used to analyze the data. The results show that there is a significant relationship between the physical, mental and emotional dimensions of biorhythm with the decisions of stock market investors and the effect of investors' biorhythm status on their cognitive performance is positive and significant. In other words, the biorhythmic status of stock market investors can play a role in their decisions. The results are in line with previous research.Key words: Physical biorhythm, Mental biorhythm, emotional biorhythm, cognitive function.

The current research aims to trace the impact of the divergence of investors' opinions on the speed of adjusting the financial leverage of companies towards the optimal level of financial leverage. In order to achieve the objectives of the research, a sample of 124 companies admitted to the stock exchange, which were selected according to the systematic exclusion pattern, was collected for a period of 10 years from 2012 to 2021. A multivariable linear regression model was used to test the research hypotheses. In order to measure the speed of adjustment of financial leverage, the partial adjustment pattern model has been used, and to evaluate the divergence of investors' opinions using the volume of unexpected transactions, the method of Silvia and Cerquera (2021) has been used. According to the findings, it was observed that there is a positive relationship between the divergence of investors' opinions and the speed of adjustment of financial leverage, and with the intensification of the difference of opinion between investors, the speed of adjustment of the company's financial leverage increases. The current research provided evidence that shows that the difference of beliefs and opinions in the capital market and confusion in this field can directly affect the most important pillar of companies (financial leverage) and the speed of their achievement of optimal leverage and optimal debt level.

Increasing the debt capacity leads to improving the company's financial flexibility. Financial flexibility plays an important role in the financial empowerment of the company regarding investment in the future, which is important to maintain flexibility according to the existing risks, which is possible with risk management. The current research aims to track the effect of business risk management and life cycle on the debt capacity of the companies listed in the Tehran Stock Exchange. In this regard, a sample of 124 companies from the Tehran Stock Exchange along a period of 2012-2021 were selected as sample and the research hypotheses were tested with aide of multiple linear regressions based on pooled data. The results showed that business risk management has a positive effect on the debt capacity of companies, and this business risk management effect during the recession stages of the life cycle of companies is more dominant. As expected, in the conditions of better use of business risk management mechanisms, the debt capacity of companies has also improved significantly. With better applying of risk management mechanisms, the reliability of loans and creditors to the company is increased too and as a result, the company's debt capacity is also improved.

Usually doing transactions in the derivative market of a specific mechanism, which requires a sufficient level of knowledge of investors in this field. The same complexities in derivative financial instruments can be effective in stimulating the mental anchor drives of investors. Derivative financial instruments should be considered as a complex issue in the development of financial functions in investment decisions. Therefore, in order to reduce such restrictions in the use of financial derivative instruments, many accounting and financial standards drafting boards such as the Financial Accounting Standards Board "FASB" and the Australian Accounting Standards Board "AASB" respectively FASB 133 statements; They compiled FASB 137 and AASb 1033 with the aim of reducing the complications of using these tools. The purpose of this study is evaluation of investors' mental anchor drivers based on the limitation caused by derivative financial instruments. In terms of results, this research is considered a development because by relying on qualitative evaluation methods, it seeks to create a theoretical framework to determine the causes of the mental anchor drivers of investors and the sub-factors of restrictions on the use of derivative financial instruments. In fact, due to the lack of theoretical coherence regarding concepts and theories related to this field, this research seeks to expand theories and theoretical concepts to create more coherence for future studies. In other words, this research seeks to evaluate the mental anchor drivers of investors in the form of a model based on related researches in this field by establishing the criteria for the limitations of using derivative financial instruments. In terms of the purpose of this research, it is applied and in terms of its nature, it is descriptive/survey. In terms of the type of data, this research is considered a mixed method. In this research, firstly, to examine the related concepts of the research variables, meta-composite analysis method is used to analyze textual data with an inductive approach. Then, in the quantitative part, intuitive fuzzy analysis is used to answer the research questions. In this study, in the qualitative part, based on met synthesis processes, an effort was made to first identify the researches related to the two concepts of investors' mental anchor and derivative financial instruments, and then determine the components and themes of the research based on the critical appraisal scale. Also, in the continuation of the qualitative part, Delphi process was used to determine the limit of theoretical consensus. In the quantitative part, was used with the aim of determining the most effective drivers of the mental anchor of investors, due to the limitation caused by derivative financial instruments in the Tehran Stock Exchange (TSE), Intuitive Fuzzy Sets (IFSs). In this study, 13 of the experts in the (TSE) and at the university level participated in the qualitative part, and 25 of the TSE experts; the financial reporting experts and the issuer supervision department of the Tehran Stock Exchange (TSE) filled out the matrix questionnaires in the quantitative section. The results in the qualitative part indicate the existence of 5 themes of limitations caused by derivative financial instruments and 3 driving components of investors' mental anchor. The results in the quantitative part also showed based on the process of fuzzy Vikor process, the most important parameter of the research themes (limitations of using derivative financial instruments) is the lack of comparability. It was also found that cognitive drivers are the most effective measure of mental anchor in investors' decisions regarding restrictions on the use of derivative financial instruments. The obtained result is an indication of this fact because investors are probably not aware of their perceptual errors in decision-making, they always use the basis of limited rationality to make decisions despite stress and uncertainty situations in decision-making and considering that the criterion of non-comparability as one of the limitations of derivative financial instruments is almost dominant in the Iranian market, this issue makes cognitive drivers play a role in the formation of mental anchors in the decision-making of investors. In fact, comparability as one of the indicators of information quality in the use of these tools can bring benefits such as reducing the cost of information processing, and it is through this mechanism that the level of fair valuations on the assets of companies can increase the integrity in the use of tools. Financial derivatives help. So that by increasing the ability to compare information, the possibility of comparing the similarities and differences between the value of companies is increased and on the other hand, the effort of analysts to understand and analyze financial statements and to better understand the relationship between economic events and company performance is reduced, both of which are an effective factor on The efficiency of the market and the optimal allocation of resources is in the form of expanding the collection of information available to investors and reducing the cost of information, and it provides opportunities to invest in derivative financial instruments.

The current research aim is to trace the relation between probity of the paying unexpected audit fees and companies' financial reporting quality. For this purpose, the data of the 121 listed companies in the Tehran Stock Exchange were selected by the systematic elimination pattern was gathered along a time period of 2016 to 2021 and The research hypotheses were tested by using the multi-linear regression model on base of pooling data. Choi & et al. (2010) developed model is employed to assess unexpected audit fees and was gained of Barth & et al. (2001) for evaluation of financial reporting quality. The findings indicate there is a negative and meaningful relation between payment of unexpected audit fees and unsuitable financial reporting quality. upon to theoretical base of the research while the companies don't have suitable financial reporting quality they may try by more paying to the applied auditors to get their consent and issuing less adjusted auditor report. And this finding is in accordance with past finding of Lobo and Zoe (2013) which showed conditionally increment of the audit fee lead to decreasing the probity of the annual reports adjustment.Contribution: The present study's findings provide some invaluable concepts for Iranian Association of Certified Public Accountants and other related bode about necessity of more effort to regularity of the auditors' attestation services pricing process.

IntroductionThe speed of adjustment of financial leverage indicates the movement of companies towards the optimal capital structure and clearly shows the financing policies of companies. The importance of optimal leverage is such that the growth and survival of companies depends on this factor and affects the risk and expected returns of companies. One of the ways to reach the optimal leverage level is to reduce the risks faced by the company and consequently increase the company's efficiency. Therefore, the purpose of this study is to investigate the effect of risk management on the speed of adjustment of financial leverage in the life cycle stages of companies.  HypothesesCompany-specific risks and market risks affect companies' achievement of optimal financial leverage, so by managing internal and external risks, the company can achieve optimal leverage sooner. In general, when a company moves from one stage to the next in the stages of the life cycle, the target financial leverage in the next stage is an important factor in determining the current capital structure, and companies should adopt their strategies according to the stages of the life cycle. Based on the stated contents, the research hypotheses are presented as follows:H1: Risk management has a positive and significant effect on the speed of adjustment of financial leverage.H2: Risk management during the growth period of companies has a positive and significant effect on the speed of adjustment of financial leverage.H3: Risk management in the maturity period of companies has a positive and significant effect on the speed of adjustment of financial leverage.H4: Risk management during the decline period of companies has a positive and significant effect on the speed of adjustment of financial leverage.  MethodThe current research is applied and from the methodological point of view, correlation is causal type (post-event). The statistical population under investigation in this research is all the companies admitted to the Tehran Stock Exchange and the period under investigation is from 2011 to 2020. In this research, the systematic elimination method was used to reach the sample, and 128 companies were selected as the research sample. Data analysis has been done by using the combined data method and with the data panel approach and by using Eviews 12 software to test the hypotheses.  ResultsThe results of the research showed that risk management has a direct effect on the speed of adjustment of financial leverage. Also, risk management in the growth period of companies has a direct effect on the speed of adjustment of financial leverage with an increasing factor; But in the maturity period, risk management has no effect on the speed of adjustment of financial leverage. Also, risk management in the period of decline of companies with a decreasing and negative coefficient has an inverse effect on the speed of adjustment of financial leverage.  Discussion and ConclusionThe financial leverage of the company is affected by the market risks and specific risks of the company, and by fully managing and identifying these risks and using specialized risk management teams and committees, these risks can be minimized so that the company can quickly move towards the optimal leverage and its goal. Risk management during the growth period of companies has the most positive effect on the speed of lever adjustment towards optimal leverage. Among the theories that are related to financial leverage is the theory of the life cycle of companies, and the theme of this theory is that companies always keep resources with different combinations in the stages of the life cycle, and by looking at the methods of financing, they try to parallelize risk, return and goal. They are maximizing the value of the company. In the maturity stage, because the company has a stable situation and with a relative reduction in new investments, the need to finance them has decreased, as a result, they have achieved relative stability in the speed of financial leverage adjustment. Companies in the decline stage have lost their growth value, liquidity indicators are at a minimum and profitability is in a downward trend. At this stage, companies increase the company's risks with large external financing due to the lack of necessary financial resources, and due to the lack of resources to repay debts, the company may face the risk of bankruptcy, and this will slow down the speed of lever adjustment.

Current research was done with aim of considering the effect of product market competition and companies' life cycle on their elective business strategy. Along that, data of 115 listed sample companies in Tehran Stock Exchange was gathered along 2013 to 2018 years and hypothesis model was tested with the help of multiple regression analysis. The criteria to assess the business strategy was Ittner & Larcker (1997) model and Herfindahl-Hirschman Index to product market competition and in the last, the base for distinguishing the sample companies upon their life cycle stages was Anthony & Ramesh (1992) model. The findings indicate that product market competition has a significant impact on business strategy and those companies which are operating in high competition condition have tendency to defensive business strategy. Besides, company's life cycle stages has also a significant impact on selecting business strategy and those companies which are in growth life stage in compare to others (those operating in maturity and decline stages) have more tendency to gain of offensive business strategy. high competition condition in product market gets reducing tendency of growth life stage companies to applying of offensive business strategy. Finally new companies have tendency to opportunistic business strategy while, old ones desire to use Analytical business strategy.

Current research is willing to trace the effect of disclosure quality rank and proper notifications on debt capacity of the companies. To achieve research aim were elected 132 companies by systematic elimination pattern and wanted data for research variables along the years 2013-2017 gathered and hypothesis model was tested with the help of multiple regression analysis. In order to measure the debt capacity (as a dependent variable of research), the model previously developed by Frank Goyal (2009) and to assess the ranking of the disclosure quality (independent variable of the research) of the rankings declared in the "Quality ranking Disclosure and proper notification" of stock exchange organization has been used. The result of the hypothesis test showed that the ranking of disclosure and proper notifications has a positive and significant effect on the borrowing capacity of the companies. Companies with higher disclosure rank have higher borrowing capacity also.Contribution: Research finding, in addition to extending the theoretical foundations of past research, contains valuable concepts to managers and regulatory bodies about importance of companies' financial information disclosure quality and rank. Qualitative disclosure not only reduces investors' uncertainty but also creditors' and upon that their required return and in final lead to increasing company's borrowing capacity.

In this study, the impact of voluntary disclosure of intellectual capital components on stock returns of companies listed in Tehran Stock Exchange's has been studied. In order to measure of voluntary disclosure of intellectual capital components, a checklist developed by Li (2007) and Ibekonel et al (2013), to gather information related to the disclosure of human capital, structural and relational capital by reports of the board of directors examined companies, has been used. Research data through multiple linear regression by using panel data and fixed effects were analyzed. In the course of this study, 137 companies through systematically sampling removed, the 5-year period 2011- 2014 statistical tests should be performed on them. The results show that this voluntary disclosure of intellectual capital components of stock returns is positive and significant effect. In other words, the components of intellectual capital, the greater the level of information disclosure, investor concerns and as a result, their investment risk will be reduced. In this case, their confidence level increase expected returns, to improve and to follow the trend of stock prices spiral upwards and eventually they will increase stock returns results in conformity with the findings of Li (2007).

The purpose of this study was to evaluate the impact of corporate governance on financing in the capital market. In this study, we have used the composite index of corporate governance . The purpose of this study was the application of the methodology of cross correlation. The population of listed companies in Tehran Stock Exchange for the removal of systematic sampling , 81 companies in the sample have been . During the study period of 1386 to 1390 . The multiple regression method was used to test the hypotheses . The results indicate that the strength of corporate governance and the willingness of companies to Increase capital share of stock dividend is a meaningful relationship. Also, the strength of corporate governance firms tend to have equity over other items. These results are consistent with the findings of recent studies of Vivek and Associates in 2012 showed that companies with strong monitoring system, financed through the creation of debt, preferred stock.

Result of various studied in current years revealed this fact that current accounting education system performance isn’t in accordance with nowadays complex work environment needs (Mohamed & Lashine, 2003). Upon that current study is willing to trace main cases which make accounting educational courses incomplete and far from real word needs. By considering the nature of the research, a suitable questioners with some question around perception of the respondents about current condition of the investigated five area that make gap between academic education and work needs, distributed among two main engaged groups there including profession bodies (accountants & Auditors) and Academics (teachers & master courses students). By collecting the questioners and testing the hypotheses. it revealed that from view of respondents, accounting education system had not could to take it’s task in preparing accounting students with suitable skills to operating in real world environment around four cases of five ones. More investigation also revealed that respondents unsatisfied of condition of «less considering on new IT abilities of students», «less considering to learning of law topics», «don’t considering of low practical skill of students» respectively. However they didn’t have more compliance of «ethical education of students» and «don’t accordance of education subjects with standard and GAAP rules». These finding however is in accordance with past finding of Albreeht & Sack (2001) whom stated that it is late to change in accounting education so it get only better than past and accounting education in current style is very surrounded and incomplete and needs major adjustments and subjects of accounting education must be sited on ground of work needs not on academics willing.

This study investigated the effect of life cycle stages of listed firms in the Tehran stock exchange on their performance evaluation criteria. Based on analysis 685 firm-year data companies are classified into three groups including firms in growth، maturity and decline stages. After removing the firms which weren’t concern with life cycle model، 86 firms were selected to test two main hypotheses of the research. The results showed that the Tobin’s Q and ROA performance evaluation criteria were different in various life cycle stages. Moreover، examination by LSD test also revealed that Tobin’s Q performance evaluation criterion in growth stages was significantly different from those in decline stages because the acquisition of main assets in past time، their assets book value was low and respectively their Tobin’s Q was high. The same result was also true for ROA ratio.