یاسر کارگری

One of the most arguable discussions in financial and investment scope is cash interest division of companies and has considered by the great numbers of economists and directors. Therefore, this article shall be study the relationship among shareholders, creditors and government considering to dividend policies approach to game theories.
Playing of three players is kind of pure Constant-sum gamer considering to Perfect Information and Non- zero sum game, and any of the players has three strategies in decreasing of paid cash interest and increasing and preserving of current status.  The balance point among three players is viewpoints that shareholders are tend to conserve current status and government and debtors tend to decreasing of cash interest.  But Board of Director members, managing directors and other directors are assigned directly or indirectly by the shareholders, therefore directors’ decisions may be different from balance point and it shall result in their viewpoints be considered more preferable than the others.

This study (for the first time) examined the way investment managers of mutual funds invest, by using questionnaire method. Respondents to the questionnaire are investment managers of mutual funds in Iran. The investment managers are asked to determine the use of each of methods such as technical & fundamental analysis, Modern Portfolio Theory, bulletins, confidential information and market rumors, for market forecasting and selecting assets properly and timely. The research statistic population includes investment managers of active mutual funds in Iran. Questionnaires were sent to all of them, and 40 percent of the questionnaires were returned. The findings of this study show that investment managers always pay most of their attention to fundamental analyses and then published bulletins; they rarely use technical analysis indicators (especially in the long term) and Modern Portfolio Theory (especially in the short term). Also investment managers are reluctant to use confidential information and market rumors in any time intervals.

This article investigates the usefulness of applying the technical analysis to the world gold market by using daily world gold price data per ounce in the US Dollar during last 37 years and the Relative Strength Index which is a directional indicator of the technical analysis. The results of this study indicate that the use of buy and sell signals derived from this method using the Relative Strength Index Junction 50 on the world gold market over the last 37 years has been significantly beneficial.
The average yield of gold ownership in the gold market, when the relative strength index technical analyses of predictive signals, signs are sold, the value is negative. The average return on equity (or maintenance) of gold in the gold market, when relative strength index technical analysis of the predictive signals, signs are purchasing, the value is positive. This article is also a useful model to provide technical analysis of gold prices .