ali esmaeilzadeh maghari

The purpose of this research is to evaluate the investment methods and compare between the behavioral model and conventional rational models in choosing the optimal portfolio using cumulative perspective theory because the behavior of the stock market does not follow a linear pattern, for this reason, the methods A common line cannot be used to describe this behavior and be useful. Considering that choosing a portfolio is a difficult task according to different criteria and goals, in this research, an attempt was made to provide a solution for this problem by using cumulative perspective theory and the usefulness of the mentioned technique in choosing the best portfolio according to several Different criteria should be tested. The analyzed statistical sample is for 31 active companies in the period from the beginning of April 2015 to March 2014. The results of using cumulative perspective theory based on elliptic two-point distribution show that using this method over time and using more training data leads to the creation of a portfolio with better performance and a high standard. Also, the total portfolio, which is obtained by using the monthly average of the total stocks, has a favorable trainer criterion, which indicates better portfolio performance and creation of an optimal portfolio.

 Institutional investors play a crucial role in monitoring and reducing asymmetric information. Institutional investors reduce asymmetric information by demanding high quality in corporate governance practices and information disclosure that leads to informed decisions on investment choices. In the present study, the impact of institutional investors, investment horizons on management efficiency and investment decisions of the companies is investigated. In thes study, the data of 138 companies listed in tehrak stock Exchange during 2018-2011 were investigated. In order to test the hypothesis, Regression models with panel data method and fixed effects approach areused. The results of the testing of research hypotheses indicated that the short-term investment horizon of institutional investors has a negative and significant impact on management efficiency. also, The research findings indicated that the long–term investment horizon of institutional investors has a negative impact on the investment decisions and expenditures of companies with high operating cash flows, by the method based on Bushee(1998)and these investors(with lng-term investment horizon) reduce theinvestment decisions and expenditures of companies with limited funding. This finding could be due to the fact that the majority of institutional investors withlong–term investment horizon in companies with limited fundinghave absolute control and exacerbate the company's problems in order to extract private benefits.

In the broadest sense, sustainability means the ability to maintain or support a process continuously over time. To maintain the sustainability and sustainable development of society, we need to meet the demands of today's generation without compromising the needs of future generations. Sustainability has three dimensions: economic, social and environmental, the latter having the most decisive weight. In the 2000s and 2010s, multiple experimental studies were conducted on sustainability employing an experimental model based on the Kuznets curve. Moreover, in recent years, the two concepts of human development and sustainability have been extensively addressed in the development literature. Various studies have considered human beings as a substantial factor in the development of different societies. The composite index of human development has various dimensions that may affect sustainability and specifically environmental sustainability. Plus, exorbitant oil revenues in oil-producing and exporting countries have had a significant impact on human development in these countries. Therefore, we can classify these countries into three groups of oil-rich countries with high human development, oil-rich countries with medium human development and oil-rich countries with low human development. In this paper, to investigate the impact of the human development index in 35 major oil-exporting countries around the globe, we applied the panel data method and Kuznets function for the data from 2010 to 2019. The result of the econometric model estimation demonstrates that the greater the human development index, the higher the environmental sustainability in these countries.

Privatization is an issue that is the concern of many officials and researchers due to its importance and lack of proper implementation in the country, and a study of its various dimensions, including financial and managerial components, can clarify other aspects of it. The purpose of this study is to model the role of financial and managerial categories in a data-driven (data-based) method - an inductive and exploratory research method - in privatization. This research was conducted by in-depth study of existing sources and articles in the field of privatization and conducting interviews with experts. The results show that the role of macro-level management factors and financial components in privatization is very fundamental. According to the research, the main financial and managerial factors affecting the implementation of privatization are: 1. Management components including the weakness of government structure, environmental factors affecting, sabotage and corruption in the implementation and performance and characteristics of individuals and 2. Components ‌ Financial and accounting issues including internal and external issues of state-owned companies, problems in calculations and estimates, incentives and existing regulations and standards. Bed conditions, intervention conditions, guidelines and consequences were presented as an integrated model and finally the obtained model was approved using Delphi method.

This research empirically analyzed the impact of business environment risk on the relationship between Liquidity risk and financial performance in the Banking Industry of Iran. The research samples include 18 Bank over the period 2006 - 2018. The solely research hypothesis examined by using multivariate regression model based on panel data method. The method in terms of purpose is an applied research and in terms of the type of research is a correlation method. The evidences indicated that the impact of Liquidity risk on financial performance in the banking industry of Iran is a negative and significant. The impact of business environment risk on financial performance in the Banking Industry of Iran is a negative and significant. The impact of business environment risk on the relationship between Liquidity risk and financial performance in the Banking Industry of Iran is a negative and significant.

Optimal stock portfolio selection is an optimization problem that can be solved by meta-heuristic algorithms. The search power of the meta-innovation algorithm is directly related to the accuracy of selecting the best stocks in the portfolio portfolio. salp swarm algorithm is one of the new meta-heuristic algorithms that has had good results in selecting the optimal stock portfolio. In this research, a new solution to strengthen the search power in salp swarm algorithm using cosine sine algorithm is presented. Research shows that all-in-one is one of the best ways to choose the best portfolio, but it is also important to consider the future as well. In the first twenty years of the stock market, from the first fifty years of 1398. In this research, using the forward neural network, the future final price of stocks is predicted and by new method for of cosine sine salp swarm algorithm is used to select the optimal stock portfolio. The results indicate that the model presented in this article, compared to traditional methods and market index, provides a higher yield for investors.

Mutual funds are professional finance institutions which have invested in securities, by investors’ payments, while enjoying the professional management as well as decrease in non-systemic risk. On the other hand, investors require some approaches to evaluate the performance of mutual funds including, data envelopment analysis as a multi-purpose decision making method. Efficient and inefficient companies may be specified by this method, as well as a reference to achieve the efficiency limit for inefficient companies. This research aims to evaluate efficiency of mutual funds by the method of data envelopment analysis. The interval is begun from 2018 until the end of the spring of 2020 and all stock mutual funds form the statistical society. Also 35 mutual funds is a statistical sample. The results show meaningful correlation between obtained efficiency by the method of data envelopment analysis and the real output of mutual funds. So data envelopment analysis is a suitable method to evaluate efficiency of mutual funds. The results indicate that increase in total assets of mutual funds enhance their efficiency. But the age of mutual funds does not affect their efficiency.