saeid ali ahmadi

One of the recent developments in the science of investing is the emergence of behavioral finance. Behavioral finance at the micro level examines investors' reactions to false reasoning and cognitive errors. Financial fallacies that result from incorrect reasoning can affect the judgment of financial analysts. Therefore, the purpose of this research is to investigate the impact of financial fallacies on the judgment of financial analysts.

The method of this research is a descriptive-survey. According to the test of research hypotheses through one-sample Student's t-test and based on G*power software, 200 financial analysts were selected as the study sample. The tool for collecting study variables is a scenario-based questionnaire. Using theoretical bases, 22 financial fallacy were selected.

The results of the study indicate that, in general, financial fallacies do not affect the judgment of financial analysts. However, the gambler's fallacy, hasty generalization, false dilemma and retrospective determinism have a significant impact on the judgment of financial analysts.

Based on the findings of the current study that there are no financial fallacies, capital market participants can trust the arguments presented by financial analysts.

Abstract The purpose of this research is to investigate the effect of financial managers' growth mindset on the relationship between perceived role conflict and financial misreporting behavior. The current research is applied in terms of purpose and survey in terms of data collection. In order to collect data, a scenario-based questionnaire was used, taken from Hegers (2022) research, and the data analysis method is inferential. The statistical population is financial managers and based on the table of Cohen et al. (2000), the research sample including 166 financial managers was determined in the period of 2023. Variance analysis was used to test research hypotheses. The results of the research showed that the growth mindset of financial managers has an effect on financial misreporting. Also, the research results indicate that the perceived role conflict of financial managers has an effect on financial misreporting. Finally, the results of the research indicate that the interaction of growth mindset and the perceived role conflict of financial managers has an effect on their desire for financial misreporting.

During the past decade, the increase of stakeholders' awareness, in the context of the operational effects of companies on the environment and society, and the key role of management methods in the field of sustainable performance development by companies, led to the expansion of views on the category of sustainable performance of companies from three dimensions: environmental, social and corporate governance. In this regard, this research aims to investigate the relationship between the moderating role of non-financial performance of environmental, social and management activities and financial performance among the companies admitted to the Tehran Stock Exchange in 6 years between 2017 and 2022. The statistical population of this research was the companies admitted to the Tehran Stock Exchange, and 147 companies were selected using the systematic elimination method. To test the hypotheses, the multivariate regression method of combined data and Eviews statistical software were used. The findings of the research showed that there is a positive and significant relationship between environmental, social and corporate governance activities with financial performance in companies listed on the Tehran Stock Exchange. The research findings regarding the moderating role of non-financial performance showed that non-financial performance has a moderating role on the relationship between environmental, social and corporate governance activities and financial performance

Capital market anomalies are caused by factors that have not been considered in capital asset pricing models. One of the arguments for explaining anomalies is the theory of extreme value. According to the theory of extreme value, tail risk is an adverse event that can have a negative impact on excess stock returns. Therefore, the aim of the present study was to investigate the effect of combining momentum anomalies and idiosyncratic risk with tail risk on excess stock returns. In the present study, two criteria of cumulative tail risk and combined covariance tail risk have been used to calculate tail risk. The sampling method in this study is systematic elimination and the time period of the research years from 2007 to 2019 has been selected. The number of sample companies includes 136 companies listed on the Tehran Stock Exchange (TSE) and the 5-factor regression of Fama and French was used to test the research hypotheses. The results indicate that the combination of idiosyncratic risk portfolio and tail risk has a positive and significant effect on excess stock returns. Therefore, by combining this portfolio, investors can gain returns in the Iranian capital market. Also, the results showed that the combination of momentum portfolio and tail risk does not lead to excess stock returns. In general, the results showed that tail risk can be used to explain the existence of idiosyncratic risk anomalies.

Company reports are one of the most important sources of obtaining information, so that the theoretical foundations of accounting and reporting in most countries state that the general purpose of company reporting is to provide information. The purpose of this research is to determine the factors influencing the voluntary disclosure of non-financial information from the perspective of institutional theory. In this research, a qualitative research method has been used, which is a combination of resource review and Delphi method, at first it was used by using the resource review method and background studies, the factors affecting information disclosure were identified with the approach of voluntary disclosure of non-financial information, then to The categories of identified factors were discussed. In order to determine the factors affecting the voluntary disclosure of information, the Delphi method has been used.The statistical population of the present study were accounting specialists and experts who are experts in accounting and auditing, who were 20 people (10 academic and 10 executive) and were selected as a snowball. The findings of the resource review section showed that 33 indicators were identified and finally the known concepts were categorized into five groups. The desired indicators were included in the Delphi questionnaire through the literature review while presenting to the experts after the initial content validity and 17 out of 20 people They confirmed the indicators and the validity percentage was 85%, so the validity of the model was confirmed through the Delphi method.The results show that in three groups; 1) Involuntary factors and voluntary disclosure of non-financial information; 2) specific discretionary factors of the company and voluntary disclosure of non-financial information; 3) Normative factors and voluntary disclosure of non-financial information, 25 indicators were confirmed.

The common theory for stock price valuation based on accounting data is clean surplus theory. Also, the value function can be determined based on the prospect theory. Therefore, the aim of the current research is to compare the explanatory power of the clean surplus theory and the prospect theory.

Using a systematic method, 152 listed companies were selected as the research sample. The research period is from 2009 to 2022. Research variables include operating earnings, book value and market value. In this research, research hypotheses were tested using multivariate regression and using panel data.

The results indicate that the power of explaining the operating earnings of per share is greater in the theory of a clean surplus of the theory of prospect. Also, the results of the research showed that the explanatory power of accrual items of operating earnings of per share is greater in the theory of a clean surplus of the theory of prospect. However, the explanatory power of cash items of operating earnings of per share does not differ between the theory of a clean surplus and the theory of prospect.

Originality / Value:

 Based on the findings of the present research, capital market investors can use the clean surplus theory to determine stock valuation.

The aim of this research was to investigate the impact of professional skepticism on auditorschr('39') assessment of the risk of material misstatement by considering the moderating effect of learning..Direction test the research hypotheses, was used a scenario-based questionnaire by taking advantage the research of Hossein et al (2017). The time domain of the research is 2020. The statistical population of this research was auditors working in the auditing profession and using Cochranchr('39')s formula the number of samples was determined to be 384 and the samples were randomly selected. The collected data were analyzed using structural equation method and PLS software. The results show that the auditorchr('39')s professional skepticism has a positive effect on the risk of misstatement. The moderating effect of organizational learning on the relationship between professional skepticism and risk assessment of distortion is positive and significant, but the moderating effect of individual learning on this relationship was not confirmed. In addition, the impact of time budget pressure and experience on the relationship between professional skepticism and risk assessment of distortion was examined, and their effect was rejected. Since the behavioral characteristics of auditors and environmental conditions can affect the use of professional skepticism and assessment of the risk of distortion and the audit process in general, it is important to pay more attention to their behavioral dimensions in the audit work environment. And can reduce the error of misstatement risk assessment.

The main role of financial reporting in capital markets is to provide the necessary conditions for the optimal allocation of resources and making correct and timely decisions. Achieving this goal is possible if the financial statements are consistent with economic realities or even have the slightest deviation from economic performance. However, over the past few decades, fraud detected in corporate financial reporting has increased the risk of financial reporting. Therefore, the current paper aims at investigating the impact of internal control weaknesses on financial reporting risk in companies listed on the Tehran Stock Exchange. In order to achieve the purpose of the research, using the method of systematic elimination of information related to 143 companies among the companies listed on the Tehran Stock Exchange in the period from 2009 to 2019 was collected. A multivariate regression model based on composite data was used to test the research hypothesis. The research findings show the significant positive impact of internal control weaknesses on financial reporting risk. The results indicate that reducing the weaknesses of internal control can reduce the risk of financial reporting and reduce information asymmetry and consequently improve accountability processes.

Subject and Purpose of the Paper: One of the most important assessments of auditors is fraud risk assessment. For better evaluation, they should use professional skepticism. Organizational learning can change professional skepticism and fraud risk assessment. The purpose of this study was to investigate the effect of organizational learning on professional skepticism and fraud risk assessment.Research The present study is applied in terms of purpose and survey in terms of data collection. The statistical population was the auditors working in the audit organization and the number of samples was determined by Power analysis method to 186 people and the data were analyzed by structural equation method.Research Organizational learning has a positive effect on professional skepticism and fraud risk assessment. Also, the effect of experience and membership in the IACPA on the relationship between organizational learning and professional skepticism is positive and significant.Conclusion, Originality and its Contribution to the Knowledge: The results of this study can reveal the role of organizational learning in auditing firms while developing the theoretical literature of research related to professional skepticism and fraud risk assessment. This helps auditors assess the risk of fraud as accurately as possible and improves the quality of the audit.

The main purpose of this study is to study the typology of managers' perceptual characteristics of the quality of independent audit services and its practical purpose is to provide appropriate suggestions and solutions to managers to better understand independent auditing services. The research method used in this study is qualitative. Using the meta-combined qualitative analysis method, the indicators are extracted from previous articles and studies and of the 82 articles obtained, 42 final articles were used to examine the effective factors of the typology of managers' perceptual characteristics of the quality of independent audit services. The content of the design was analyzed by categorizing the indices and performing Shannon entropy, the main indicators were identified and the importance of each indicator was determined. It should be noted that the analysis of research data in the qualitative phase was performed with MaxQDA software. Of the 417 articles found, 55 were reviewed. Based on the research findings, 7 main categories and 74 sub-categories (code) were extracted from the texts of previous articles using meta-combined qualitative analysis method. The main categories extracted are: Management factors, Corporate factors, Technical features, Reliable audit process, Company and industry knowledge, Easy to trade and negotiate, and social characteristics.

The scholars of social responsibility have focused on identifying the factors affecting corporate social responsibility disclosure (CSRD). Corporate social responsibility is a key factor in the survival of any organization. The purpose of the study was to examine the relationship between the size of the company, ownership structure, and governance structure to explain the determinants of Corporate social responsibility in Iran. Regarding this, the data of 127 companies listed on the Tehran Stock Exchange from 2009 to 2018 were collected and analyzed. Multiple regression model as panel data and fixed effects method was used to test the hypotheses. The results from the study tests indicated that the size of the company is an effective factor in Corporate social responsibility in Iran. The role of this factor is positive. Larger companies have been more successful in Corporate social responsibility. Moreover, the ownership structure is a determining factor and has improved the disclosure of social responsibility. The presence of major owners in the company potentially enhances the dissemination of information and protects the interests of minority shareholders, and the corporate governance structure has not been a determining factor in Corporate social responsibility in Iran. Indeed, the board's ability to perform its duties decreases when its size is large.

Capital market anomalies are caused by factors haven’t been considered in capital asset pricing models. The theories of extreme value are one of the arguments for explaining anomalies. On the basis of theory of extreme value, the tail risk is an adverse event that can have a negative impact on stock excess returns. Therefore, this study aimed at investigate the effect of combining the anomalies of size, value and idiosyncratic risk with tail on stock excess returns. In this study, we have used two criteria of Aggregate Tail Risk and Hybrid Tail Covariance Risk to measure the tail risk. For this purpose, using the systematic removal method, a sample of 136 firms listed on the Tehran Stock Exchange in the period from 2008 to 2019 was selected. The research hypotheses were tested using the Five-Factor Fama and French model (2015). The results suggested that the combination of size and tail risk portfolio and the combination of value and tail risk portfolio have a negative effect on excess return on risk. The results also showed that the combination of idiosyncratic risk and tail risk portfolio has a positive and significant effect on stock excess returns. Therefore, by combining these portfolios, investors can gain excess returns in the Iranian capital market. The results generally indicated that tail risk can be added to asset pricing models in addition to the variables of the five-factor Fama and French model.

Accurate assessment of systematic risks in financial markets can lead to favorable capital allocation. Systematic tail risk is adverse events that, if they occur, can affect stock returns. Therefore, the purpose of this study is to investigate the effect of tail risk on excess stock returns. In the present study, two criteria of cumulative tail risk and combined tail covariance risk were used to measure tail risk. For this purpose, using the systematic removal method, a sample of 136 companies listed on the Tehran Stock Exchange (TSE) in the period 2009 to 2019 was selected. Research hypotheses were tested using the five-factor model of Fama and French regression. The results showed that the combination of size portfolio and tail risk and the combination of value portfolio and tail risk have a negative effect on excess stock returns. In addition, the results indicate that the combination of profitability portfolio and tail risk and the combination of investment portfolio and tail risk does not lead to excess stock returns. In general, the results showed that tail risk can be added to asset pricing models in addition to the variables of the five-factor model of Fama and French.

Disclosure of information in the capital market affects stock prices. The reaction of investors to the gradual and continuous disclosure of information or to the immediate and discrete disclosure of information can have a different effect on the stock price. In addition, the existence of a momentum strategy in the capital market and its combination with discrete disclosure of information can increase these effects. Therefore, the purpose of this study is to investigate the effect of momentum and information discreteness on the excess stock return. The sampling method in this research is the systematic method of elimination and research period from 2010 to 2018. We select of 104 the companies and the method used to estimate the model of multivariate regression method. The results of the research showed that the momentum is effect the on the excess stock return. Therefore, investors can gain returns in the Iranian capital market by implementing a momentum strategy. Also, the results showed that the information discreteness is effect on the excess stock return. Therefore, investors can make higher returns by choosing companies whose information is disclosed immediately and discretely. In addition, the results showed that the combine of momentum and information discreteness have effect on the excess stock return. investors can achieve higher returns by choosing companies based on a combination of momentum strategy and information discreteness. Overall, the results showed that the information discreteness was added to the asset pricing models in addition to the variables of the Fama and French three-factor model.

Disclosure of risk information plays an important role in the decision making process and the assessment of companies. The accounting standard-setters provide disclosure risk information of the company in the form of management commentary. The purpose of present study is to investigate the effect the quality of risk disclosure of management commentary and financial performance of the company on the investors' decision making. To test the research hypotheses, a scenario-based questionnaire has been used. The domain of research in 2018, the statistical population consists of all active financial analysts in Tehran Stock Exchange (TSE) and the research sample consists of 160 financial analysts. The results of the study showed that, when deciding on investing in a company with incremental financial performance, the higher quality risk of disclosure of the firm affects the willingness of financial analysts to investment in the company. Also, the results of the research indicate that when deciding on the earnings persistence of company's with incremental financial performance, the quality of company's risk disclosure high does not affect the financial analysts' judgment of continuing financial performance.

Aggressive financial reporting means that the company delays reporting bad news and shows speed in reporting good news. Although sources of pressure (social pressure and corporate risk appetite) play a large role in this unethical behavior, companies' willingness to provide Aggressive financial reporting can also be influenced by a variety of factors, including psychological, sociological, and ethical motivations. The purpose of this study is to investigate the effect of financial managers' honesty-humility and followership style (with emphasis on sources of pressure) on Aggressive financial reporting behavior.  

Data was collected using Scenario-based questionnaire, and the data analysis method was inferential. Scenario-based questionnaire was used to test the research hypotheses, taken from the research of Brink (2018) and Bishap (2017). Research time zone of 2020 and Statistical population includes financial managers. The sample of research based on Cohen (2000) table is 160 financial managers. Analysis of variance was used to test the research hypotheses.  

The results showed that decreasing the honesty-humility of financial managers, the effect of obedience pressure on aggressive financial reporting is less and the effect of aggressive risk appetite on aggressive financial reporting is greater. Also, with increasing honesty-humility of financial managers, the interaction impact of social pressure and risk appetite on aggressive financial reporting is less. In examining the moderating effect of followershipstyle, the results showed that the high tendency of financial managers to follow the style of non-critical, dependent and passive thinking, the effect of obedience pressure and the impact of aggressive risk appetite on aggressive financial reporting is greater but the interaction impact of social pressure and risk appetite on aggressive financial reporting is less..  

In sum, the results show that the interaction of social and risk appetite pressure resources on aggressive financial reporting is influenced by the modifiers of follow-up and honesty-humility of financial managers. Recognizing the factors affecting the unethical behaviors of financial managers, can be the basis for proper planning of companies in the process of attracting successful financial managers and the vigilance of board members, the audit committee in the face of suspicious behavior. This can, to some extent, prevent them from presenting aggressive financial reporting. Knowing these factors can also increase the ability of accounting professionals to detect and prevent fraud. The potential for aggressive financial reporting stemming from social pressures from superiors and peers should also be of interest to an organization’s auditors and audit committee, since both pressures may lead to management override of controls or collusion, which are inherent limitations of any internal control system. Thus, it is imperative for auditors and audit committees to be aware of the presence and possible effects of social pressures and to create mechanisms that increase awareness of, and effectively alleviate, the negative influence of such pressures.

Considering the fact that economic crisis comes along with uncertainty and fluctuations in macroeconomic variables and it causes in a special situation in the economic circumstance of the country and companies activities in that, therefore it can affect the ability and the power of management on the company’s performance and its value. Also, the quality of auditing and the quality of financial reporting in critical situations can moderate the opportunistic behavior of managers. The purpose of this study was to investigate the effect of economic crisis on the relationship between management power, company value and financial performance considering the moderating effect of the Characteristics of financial reporting on Tehran Stock Exchange companies. In this research, two Characteristics of financial reporting including financial reporting quality and audit quality have been used to investigate ethical characteristics of the company.Accordingly, Using the systematic removal method, the data of 197 listed companies in Tehran Stock Exchange for the years 2006-2017 is analyzed. The results of the study show that the characteristics higher level of audit quality by decreasing the negative impact of the Crisis conditions leads to a positive effect of the power and ability to manage the company's value and financial performance. Also, the characteristics higher level of financial reporting quality, as well as the negative effect of the critical situation, only have a positive effect on the ability and power of management on the value of the company but have no significant effect on the firm's financial performance.

Companies ability during Crisis has been evaluated. Considering the fact that economic crisis comes along with uncertainty and fluctuations in macroeconomic variables and it causes in a special situation in the economic circumstance of the country and companies activities in that, therefore it can affect the ability and the power of management on the company’s performance and its value. So in this research behavioral features including; social responsibility reporting ,agency cost and tax avoidance in financial crisis have all been incorporated. Therefore, this study used behavioral characteristics including social responsibility reporting, agency costs, and tax avoidance in times of economic crisis. Accordingly, the data of 197 listed companies in Tehran Stock Exchange for the years 2006-2017 is analyzed. The results of the study show the behavioral characteristics of the company,  social responsibility reporting by decreasing the negative effect of economic crisis creates a positive effect of power and management ability on its value and financial performance. In addition, the results indicate that the higher agency cost of the company by increasing the negative impact of economic crisis will have a more negative effect on the strength and ability to manage its value and financial performance. On the other hand, the results indicate that the tax avoidance characteristics does not play a significant role in the adjustment of the economic crisis on the relationship between management power, company value and financial performance. Overall this research proves that the behavioral characteristics of a company can decrease the effect of economic crisis on the relationship between CEO power and firm value and financial performance.

The purpose of this study was to investigate the effect of managerschr('39') optimism and riskseeking level on investment selling decisions with emphasis on fair value accounting. The requirement to apply International Financial Reporting Standards and third-level discretion of fair value requires to review the behavior of managers regarding the effect of the level of optimism and their riskseeking on the investment selling decisions based on fair value. The research method is applied in terms of the target, analytical of the kind of quasi-experimental in terms of the nature and survey in terms of data collection method. The statistical population consists of all active financial analysts in the capital market and statistical sample includes 268 financial analysts which were selected by targeted sampling method. The period of research is 2018. To collect data, we were used a questionnaire based on the scenario. The results of this study showed that the level of optimism and riskseeking of managers does not have a significant effect on the investment selling decisions based on fair value. the level of conservatism applied to the assessment of fair value affects investment selling decisions, but the level of fair value volatility does not affect the decisions made. In addition, the level of optimism and riskseeking of managers does not affect the relationship between the level of conservatism and fair value volatility with investment selling decisions.

Fair value accounting for valuation of assets and liabilities has given managers the discretion.The purpose of this study is to investigate the effect of manager’s discretion allowed in fair value measurement on investment selling decisions. In order to test the research hypotheses, a questionnaire based on the scenario was used. This questionnaire is based on Green et al. (2015). The statistical population consists of all active financial analysts in investment companies and stock exchange brokers and the statistical sample of the study was determined using the sample size tables of Cohen et al. (2000) of 268 people. Multivariate analysis of variance (MANOVA) and univariate analysis of variance (ANOVA) were used to analyze the data and test hypotheses. The results of this study showed that conservatism and its interaction with the fair value volatility have a significant effect on the investment selling decisions based on fair value, but the fair value volatility has no significant effect on these decisions. Overall, the results of the research showed that the directors' discretions in fair value accounting affects investment selling decisions.

Emotions are an important underlying factor that may interact with other variables to influence auditors’ judgments and decisions. The purpose of this study was to investigate the interactive role of emotional intelligence on the impact of time budget and client pressures on the auditor's judgment.

In order to test the research hypotheses, a scenario-based questionnaire has been used. The period of research is 2018 and the statistical sample of research includes 160 auditors which were selected by available sampling method.

The results show that the effect of time budget pressure and client pressure on the auditor's judgment has a significant effect. However, the results showed that the interaction of emotional intelligence with the time budget pressure and client pressure does not have a significant effect on the auditor's judgment.

Overall, the results of the research showed that the pressure of the time budget and client pressure did not reduce the audit quality and the auditors in their judgments have taken into account the audit quality.

This research can, while developing theoretical literature in audit judgment, determine the role of two important factors of time pressure and client pressure on auditors' judgments, taking into account the emotional intelligence in the audit market of Iran.

Disclosure of useful and high-quality information can improve investor decision-making in the capital market. One of the channels of Information disclosure in the capital market is the management commentary. The purpose of this study is to investigate the effect the quality of disclosure of the business nature of the management commentary and the financial performance of the company on the decision-making of investors. To test the research hypotheses, a scenario-based questionnaire has been used. The period of research is 2018. The statistical population consists of all active professional investors in Tehran Stock Exchange (TSE) and the research sample consists of 160 professional investors. The results of the study showed that professional investors tend to more ( less) investment in a condition which the quality of business nature disclosure is high (low). Also, the results of the research point out that in condition of incremental (decrease) financial performance, the high (low) quality of business nature disclosure is increases (low) the willingness of professional investors to investment. In addition, the results of the research indicate that with increasing (decreasing) the quality of business nature disclosure, professional investors ' decision-making on the earnings persistence of company is increases (decrease).

The Hierarchy of Effective Factors on Corporate Tax Avoidance Because of the information asymmetry within taxpayers and governments, commonly, the taxpayers try avoid the payment of tax. The problem can be explained by Agency theory. On the other hand, governmants try to maximize receiving tax by recognizing risky taxpayers and researchers try to recognize effective factors on tax avoidance. The aim of the research is the hierarchy of effective factors on corporate tax avoidance on Tehran stock exchange. In this research, first, 37 quantity factors are recognized that affect on corporate tax avoidance in 8 dimensions by interview with academic and professional experts that can be measure by corporate reports.
   Then the factors and dependent variable are measured and are tested the efficacy of the dimensions by structural equation model (SEM). Finally, based on confirmed dimensions, hierarcy is done by contributed analytic hierarchy process quastionaries with same experts. Statistic population in this research involves 77 companies listed in Tehran Stock Exchange during the period 2013-2017 that are selected by systematic delete. The interview with experts done at 2017 and questionaries contributed at 2018. Results show that the hierarchy of effective factors on corporate tax avoidance is: trading factors, corporate governance factors, auditor factors, financial reporting factors, industrial factors, public attributes, capital market factors and social factors.

The correct method of classification is one of the ways to improve the understandability of financial statements. This paper has two purposes. Firstly, the effect of the persistence and subjectivity classification on the forecasting of analysts is investigated. Second, it examines the effect of the presentation format of income statement on the analysts’ forecast. This research in terms of purpose is applied research, in terms of method is quasi-empirical and in the point of data collection is survey. In this research, to test the research hypotheses, questionnaire based scenario is used. In this research the questionnaire of Hewitt et al (2015) research is used. The statistical sample of research includes 136 analysts participated in Tehran Stock exchange which were selected by available sampling method. The period of research is 2017 and its subject field is behavioral accounting. The results show when forecasting a high persistence earnings item, analysts forecast a lower amount when measurement subjectivity is high. Also, when forecasting a low persistence earnings item, analysts forecast a lower amount when measurement subjectivity is high. These results hold both sequential and matrix format. The other results indicate the presentation format of income statement has not significant effect on analysts forecasting.

The accrual anomaly as the phenomenon in the capital market has attracted the attention of many experts to its underlying causes. The purpose of this study is to investigate the role of the cross-sectional dispersion of stock returns in the accrual anomaly and investment anomaly in the companies listed in Tehran Stock Exchange. The research sample that was selected using the systematic elimination method includes 147 companies listed in Tehran Stock Exchange in the period of 2007-2014. The Fama and French (1993) model with return dispersion is used in order to test the research hypotheses. For analyzing the role of return dispersion in the accrual anomaly, Fama - French model was fitted by sorting the companies with high and low accruals and for analyzing the role of return dispersion in the investment anomaly, this model was fitted by sorting the companies with high and low investments. Research models were fitted using the combined data and then by using the time series method and sorting the given portfolios. The results show that the stock return dispersion does not affect accrual and investment anomalies.