yadollah nouri fard

Currently, managing and supervising the activities of public joint-stock companies is one of the main issues in the economic system of various countries, including Iran. Thus, in many countries, corporate governance policies play an important role and the audit committee, as one of the committees of the board of directors in public companies, plays a key role in establishing and overseeing these policies. Since one of the most important duties and responsibilities of the audit committee is its supervisory role and the responsibility for monitoring all financial activities of the company, it is necessary to explain indicators to evaluate the supervisory function of audit committees. This study aims to explain supervisory indicators to evaluate the performance of audit committees, to formulate the supervisory indicators in the form of a questionnaire. To this end, the indicators were developed and tested by surveying professional and academic experts and also members of the audit committees of firms listed on the Tehran Stock Exchange and the Iranian OTC Market. The results showed that the supervisory indicators of audit committees in the Iranian capital market encompass four dimensions including supervision on financial reporting processes, supervision on internal controls, supervision on internal audit, and supervision on the independent auditor. Besides, these dimensions were categorized into 21 sub-indicators.

The main purpose of this study is to study one of the most important investment funds, the Hedge fund, which has attracted the attention of investors (especially real investors) and scientific circles over the last few decades. This study tries to conduct a comprehensive study on these funds and to obtain a comprehensive knowledge about them, functions, interests and disadvantages of investment. The aim of this research is to study the feasibility of establishing this fund in Iran with a view to the main needs of investors, tools required and legal requirements and to test the feasibility of launching the fund in Iran with the data obtained from feasibility and feasibility study using opinion survey of experts.The results of data analysis show that based on the opinion of experts and the establishment of new financial instruments in the Iranian capital market, including private investment funds (Private equity fund and short sale), it is possible to establish a hedging fund in the country.Keywords: Hedge Fund, Hedging Strategies, Fixed Income Arbitrage, Currency Risk, Interest Rate Risk

In recent years, the audit committee has played a key role in establishing and monitoring the corporate governance policies of publicly held corporation. Performance evaluating of the audit committee is an effective process for developing and improving the effectiveness of that committee. The committee should evaluate the effectiveness of itself performance and itself monitoring role.In this research, using the indicators and checklists used in evaluating the performance of audit committees in other countries and also according to the documents and conditions of the country, preparing and compiling indicators in the form of a questionnaire has been done and then in the first step, variables has been tested with using the viewpoints of professional and academic journalists, and in the next step, with using the viewpoints of the members of the audit committees of the companies accepted on the Tehran Stock Exchange and OTC, variables examination has been done.The results showed that in order to evaluate the performance of the audit committee in the Iranian capital market, the performance of the committee can be from eight main aspect including composition of committee members, committee powers, committee charter, committee meetings, business knowledge, monitoring, ethical principles and regulations and committee reporting, as well as their sixty-three sub-indicators, evaluated.Therefore, the self-assessment model was selected to evaluate the performance of the audit committee in the Iranian capital market, the preparation of a self-assessment questionnaire with the aspects and indicators resulting from this research as a proposed model was presented.

This study examines the relationship between volatility and the probability of occurrence of expected extreme positive and negative returns in The thehran security market.‌‌ The purpose of this research is optimation portfolios via hold positive return and eleminate nagative return.‌‌ Two measures of volatility and the factor of expected shortfall are examined:‌‌ conditional volatility calculated using an EGARCH model and idiosyncratic volatility based on the Fama and French five-factor model and expected shortfall calculate with smi-parametric metod.‌‌ This paper is based on regresion probit‌ model and data use from 1382 to 7/1397.‌‌ A significantly positive relationship is observed between a firm’s idiosyncratic volatility and the probability of occurrence of an extreme return.‌‌ Other firm characteristics, including firm price, volume and Book-to-Market ratio, are also shown to be significantly related to firm extreme returns.‌‌ The relationship Between the age factor and exterem return is not found relation.‌‌ The effects of conditional and‌ expected shortfall are mixed.‌‌

Comparability is relative or comparative concept, and Reduces manager's motivation to hide negative news. This is one of the reasons for Crash stock prices. The purpose of this study is to explain the relationship between the comparability of financial statements as a qualitative financial reporting feature with the Expected stock Price Crash Risk.The statistical population of this research includes all companies Listed in Tehran Stock Exchange. In order to achieve the research goal, 81 companies have been selected (as a sample) for the period between 2011 and 2017. The research, in terms of the type of purpose is a part of applied research and the research method is correlation in terms of content. To analyze the hypothesis of the research, logistic statistical analysis has been used.The results of the research hypothesis test showed a significant and negative relationship between the comparability of financial statements and the Expected stock Price Crash Risk.

There are many factors in the transparency of financial information, the most important and most effective of which are financial components. In this research, we merely consider financial insurance agents in transparency of financial information because of, insurance accounting specific nature.The purpose of this study was to investigate the effective relationship between financial insurance factors and financial information transparency of the insurance industry.To determine the final financial components of insurance, experts of the insurance industry were consulted and a researcher-made questionnaire was used to collect data.The research sample consisted of 151 managers and experts in the insurance industry selected by random sampling method. The realm of this research is 2017 and city of Tehran. One-sample t-test was used to analyze the data in a small phase.The results indicate that financial insurance factors have a meaningful relationship with the transparency of financial information in the insurance industry, but violations were also found in the research components.The results of the ranking showed that the disclosure of leverage ratios and deferred loss accounts has the highest degree of significance.

Intellectual capital is considered by many scholars as an important resource in organizations, as well as for the impact that can have on corporate performance.  In this research, the relationship between methods of measuring intellectual capital and investment efficiency has been investigated. The research, in terms of target type is a part of applied research and the method of research, in terms of substance and content, is a correlation research. The research framework is deductive-inductive reasoning. Research hypotheses have been analyzed based on information gathered from 141 companies accepted in the Tehran Stock Exchange during the period from 2009 to 2015. The results of the hypotheses test showed that there is no significant relationship between intellectual capital calculated using conventional value method and investment efficiency and the existence of a significant and positive relationship between the intellectual capital calculated by the coefficient of intellectual-Pulic value added and the calculated intellectual capital calculated using the intangible value coefficient with more investment and there is a significant and negative relationship between the intellectual capital calculated by the coefficient of intellectual-Pulic value and intellectual capital calculated using the intangible value coefficient with low capitalization

According to the role of operating performance in economical entities and importance of intellectual capital and capital employed effects on value creation, the purpose of this paper is to analyze the role of intellectual capital and tangible assets on firm`s financial, operating and stock market performance. To conduct the relevant analysis in the present study, three dependent variables of operating income/sales (OI/S), return on assets(ROA) and MB were used as proxy measures for economic, financial and stock market performance, respectively. The sample consists of 80 firms from Tehran stock exchange for the period 2006-2010 by applying VAIC pulic`s model.The results show that companies’ IC has a positive impact on operating, financial and stock market performance. This result supports the importance role of intellectual capital in value creation.The results also indicate that capital employed remains a major determinant of operating, financial and stock market performance although intellectual capital has more effects on stock market performance than capital employed