جستجوی مقالات مرتبط با کلیدواژه « transaction cost » در نشریات گروه « علوم انسانی »

Options are one of the most important derivatives that are trading in most major stock exchanges in today’s world. One of the basic issues in the field of these bonds is valuation and the Binomial model one of the common methods, but it has a number of problems such as the absence of transaction costs and Knightian uncertainty, which have been solved in this research. The purpose in this research is to compare the binomial model under Knightian uncertainty and transaction cost with the Black-Scholes-Merton model. By using these two models, in this research priced options were published since 1397 until the end of 1401. After estimating the theoretical prices of each of the models, it is compared with the market prices, and the amount of prediction error of each of them is calculated using the root mean square error (RMSE). The obtained results show that the Black-Scholes-Merton model has less error than the binomial tree model under Knightian uncertainty and transaction cost. By removing the transaction cost from research model, the error of this model is reduced, and in the symbol-day data that are in the money, this model has a lower error than the Black-Scholes-Merton model.

The purpose of this article was to develop a framework for the institutionalization of credit rating agencies in Iran, considering the institutional components and the socio-economic conditions of the country.

The research method was qualitative-analytical based on interpretative paradigm and Grounded Theory strategy. A combination of desk research and interviews was used to collect data; besides, judgmental and snowball methods were applied to select the statistical sample. Using open, axial, and selective coding, data were summarized in the categories of causal, contextual, intervening, interactive, strategic, and outcomes, all of which formed the main model of the research.

Based on the research data, the most important components of institutionalization depend, firstly on institution-oriented culture which includes independence and objectivity, professionalism, and close supervision, and secondly, on gaining legitimacy which includes trust-building, expertise, stability, and continuity. Conflict of interests is one of the most noticeable challenges for institutionalization, the solution of which should be sought in close supervision and self-monitoring approach of rating agencies.

Originality: 

By integrating institutional and organizational theories, a model has been presented for the institutionalization of credit rating agencies, which can affect the efficiency and effectiveness of these agencies as well as capital markets

Implications:

 It is suggested that the supervisory bodies not only set high-level standards in the field of professional conduct and the instances of conflict of interests, but also encourage the culture of self-monitoring in credit rating agencies.

The paper aims to reassess “the Coase Theorem” in its historical context and highlight the discernible gap between the Coase Theorem and the often-overlooked arguments articulated by Coase. In “the Problem of Social Costs”, Ronald Coase intended to emphasis on the irrelevance of Pigou's argument in dealing with externalities. The theorem implies that in a world with zero-transaction cost, external effects are internalized without government intervention and the allocation of legal rights does not matter. These implications have led observers to criticize the theorem, notwithstanding the accurate scrutiny reveals that almost all of the critiques center around the main assumption of the theorem – namely, zero transaction costs- rather than the theorem itself. While the correctness of the theorem heavily depends on the concept of “transaction costs”, the concept suffers from a lack of clear definition. It is important to note, in that paper, Coase intended to argue that Pigou's analysis in “the Economics of Welfare” is irrelevant, and in a zero-transaction cost world, market forces internalize externalities, and government intervention is not needed. In contrast, when positive transaction cost is considered the allocation of legal rights and liabilities becomes important. This latter point has been almost ignored in the literature and entailed that the Coase theorem is an unrealistic one.

Blockchain technology is a meta-technology that integrates several technologies to form a secure platform for managing transactions . this study determine the effect of using blockchain technology on reducing costs in economic, in the period of 2019-2021. The hypothesis claims that blockchain enables us to reduce controlling, monitoring and enforcement costs. This research benefits from a pluralistic method to study the impact of applying blockchain technology in the field of economy. so, three different methods were used in order to investigate the research hypothesis including theoretical analysis, interview with experts and statistical inference. The findings confirmed the main claim of the hypothesis., the findings indicated that applying blockchain technology results in reduction of controlling, monitoring and enforcement costs. Among the well-surveyed features of the block chain technology, immutability and keeping record automatically by time- stamping reduce controlling, monitoring and enforcement costs more than other features, also confidentiality characteristics provided by encryption has the greatest impact on increasing transaction costs and in the other hand immutability of blockchain has the greatest impact on decreasing transaction costs. Moreover, blockchain can be aligned towards the goals of the resistance economy by bringing new and smart technology into the economy and reducing the costs.

In recent years, the advent and development of new forms of e-currencies has threatened national currencies issued by central banks (which perform various functions on terms of exchanges and monetary policy). In view of the foregoing, Central Banks are trying to develop cryptocurrencies that perform both the functions of decentralized digital currencies whilst preserving the sovereignty of the national currencies. Various Cases of this effort are currently being trialed or studied on an experimental basis in many countries. This study investigates the effects wrought by the issuance of digital currencies by the Central Bank on the macro economy of Iran. For this purpose, the methodology of this paper relies on the analysis of data from interviews and questionnaires.The results obtained indicate that the issuance of digital currencies by central banks can be effective in improving the nominal-monetary variables of the economy. Furthermore, among the other positive effects of the issuance of digital currencies include; enhancing the efficiency of monetary policy tools; increasing the efficacy of monetary policy platforms such as the interbank lending markets; improving monetary transfer mechanisms such as the payment system, improving the efficiency of financing and investment.

What has been said so far in the financial calculations and in the field of stock portfolio selection is that it prioritizes the existing investments in terms of degree of risk and return, so that investors can, considering the financial possibilities and Their risk level to form their preferred stock portfolio. Therefore, in this research, to present a multi-objective mathematical model for measuring stock portfolio risk by combining return metrics with two risk metrics, namely half variance and conditional risk exposure value along with transaction cost limit for fifteen shares of the top fifty stocks. The period of twelve months ending in 1398 has been discussed in the context of the Iranian capital market. According to the tables and graphs obtained from solving this type of model with the help of dynamic planning in different investment times, we will see better results in the efficiency of investors' decisions by spending less time and money and consequently more profitability of the portfolio.

The aim of this study was to investigate the effect of three components of transaction costs including uncertainty, specific assets and frequency on outsourcing and also to investigate the specific assets and uncertainty on open innovation abroad among banking financial technology companies based in Tehran. The research method was descriptive-correlational, based on which the required information was collected randomly among 123 managers of technology companies by compiling and distributing a researcher-made questionnaire. The results of the analysis of research data with the help of structural equation modeling technique and partial least squares approach show that the increase of specific assets reduces outsourcing and increases the export of open innovation. Rising uncertainty reduces outsourcing and increases open export exports. Increasing the frequency of exchanges also reduces outsourcing.

Although Lex Mercatoria is considered one of the most important options for handling contracts in international trade territory, it can still be delegated to international contract offices which, compared to national legal systems, including Conflict resolution rules, have a greater ability to meet the needs of the business community. Therefore, the choice of Lex Mercatoria can be preceded by the choice of national laws, which in practice can be more effective for traders, facilitating and promoting contracts concluded in international trade, thereby boosting international markets and increasing the level of social welfare. In this study, we analyze Lex Mercatoria based on criteria such as cost reduction and economic goals outlined for contract rights. The material presented in this article shows that Lex Mercatoria is a more appropriate option for traders in the international business domain.

Considering the impact of specific assets on the value of the firm, vertical integration and financing methods, the purpose of this study is to investigate the concept, importance and types of specific assets in Iran and their defining indicators.

In this research, qualitative research method, including qualitative content analysis with explicit and inductive approach and grounded theory with systematic approach of Strauss and Corbin (1998) has been used. In the content analysis section, 83 cases from previous researches between 1985 and 2021 were selected and analyzed by theoretical sampling method. In the next section, after conducting 14 interviews by theoretical sampling method and using the snowball technique, theoretical saturation was obtained.

In this study, specific assets are examined from four dimensions of definition, concept, importance and characteristics, as well as 11 types of specific assets such as Site specificity, Temporal Asset Specificity, Dedicated assets specificity, Brand Capital Specificity, Physical asset specificity, Human Asset specificity, technological assets, organizational capital, intellectual property assets, market assets and social capital, as well as its indicators and determinants were identified and examined.

From the point of view of Iranian experts, specific assets are a key asset for the strategic management of the firm and in all basic decisions of the firm in the field of financing, valuation of the firm and its shares, vertical integration and bankruptcy risk should be considered and therefore investors and other stakeholders should have Considered the assets and their significant consequences for the firm and its value.

Contribution:

In this study, for the first time and from the perspective of accounting, the issue of asset specificity, related concepts and their importance in Iranian firms, types of specific assets in Iran and their determinants were identified and examined, and specific assets as a strategic issue and noteworthy was introduced to the Iranian accounting community.

Comparison of transaction costs from the point of view of new institutionalism and Imamieh jurisprudenceTransaction cost is one of the most challenging issues highlighted in the work of modernists, especially new institutionalists.The new institutionalists' attention to the issue of transaction costs is due to the importance of this issue in the economy. In such a way that exchange costs a large part of the economy of a society that if the transaction costs are high, many transactions are not executed or at least slows down the exchange rate, thereby creating a disruption to the economic development of the community. An attempt has been made to answer the question of whether the Imamiyyah jurisprudence deals with the cost of the transactions desired by the new institutionalists. In this regard, while explaining the elements and components of transaction cost from the point of view of the new institutionalists of this component of the Imamiyyah jurisprudence, we have come to the conclusion that exchanges and jurisdictions in the jurisdiction can be functionally aligned with the objectives of the disputants. It has been dealt with.Keywords: Transaction Cost; Exchanges Jurisprudence; Transaction Orders;

Due to policies and laws changes and territorial legal protections expansion, researchers have encountered obstacles to collaborate with other researchers in other countries including regarding stakeholders’ satisfactions and the vague legal status. In the research, an attempt was made to analyze the required measures for removal of international scientific collaborations obstacles. The most important solution in this area so far were combining advanced technical tools such as smart contracts with the principles of property to reduce transaction costs which can be a good guidance practices to cooperation as much as possible between law, traditional solutions and technology to reduce transaction cost.

The paradigm includes a set of values, beliefs and perceptions of reality with theories based on them, which uses a distinctive methodology to achieve research goals. The dominant paradigms in the humanities are Positivism, Interpretation, Criticism, Complexity and Postmodernism. This research seeks to understand the meta-theoretical and paradigmatic typology of economic schools by using the documentary and content analysis.The results show that Neoclassical is positivist. Austrian tendencies are in the region of complexity, but the use of hermeneutics puts New Austrians closer to the interpretive paradigm, while the older part tends to be a Positivism. The existence of variable structures in the Post-Keynesian and Evolutionary indicates the influence of the Complexity. OIE is dominated by the Criticism because of its emphasis on domination and dialectics.NIE uses the principles of Neoclassical and OIE as opposing currents. The elimination of this inconsistency has been due to the invention of Transaction Costs, which provides the basis for a paradigm shift from Positivism and Criticism to Complexity. The transaction cost is the unit of analysis and the connection of institutions to economic performance, the use of which will lead to objectivity and generalization.

According to studies in the field of development, in the process of achieving economic development, "Law" should also be called for. Therefore, lawyers have a prominent role to play along this path. One of the most important legal institutions in question is the evaluation of the two areas: property law and contract law. In this, the institution of property is at the forefront and the entry of the institution of property is also the principle of "Numerus Clausus of Property Rights". Thus, in the process of extracting the underlying principles of the legal institution of property, "Numerus Clausus of Property Rights" is considered as the first fundamental principle. According to the mentioned principle, the choice of individuals to own property is possible only in the "limited number" and also in the "specific contents" identified by the legal system. In the meantime, understanding the economic foundations of this principle is important because of its role in the path of economic growth and development.

Theoretical frame work:

Given that fundamental analysis and interdisciplinary studies lead to the development of a legal perspective, the extraction and analysis of the foundations of effective legal institutions in the process of economic development is important. One of the effective approaches in legal research is economic analysis, which along with legal analysis helps to reform and develop legal principles.This article seeks to analyze the principle of "Numerus Clausus of Property Rights"; what is crystallized in Article 29 of the Civil Code of Iran. In the meantime, its economic analysis is considered as an introduction to understanding the participation of law in the call for economic development. In this way, it is written in two parts: The first part describes the "Numerus Clausus of Property Rights" and its elements. The second part presents the legal and economic analysis of the mentioned principle. In this regard, economic analysis has been proposed with the aim of "efficiency" and "reducing transaction costs".

This study attempts to answer the main questions of this research based on the descriptive-analytical method by analyzing various theories presented in the field of law and economics. In describing and analyzing the mentioned principle, examples of the Iranian legal system have been used.

The entrance gate of the property institution is dedicated to the Numerus Clausus of Property Rights Principle. As a result, a person cannot acquire whatever he wants in any way. Rather, he is required to proceed in accordance with the discretion of the legal system (statue and precedent) and to choose between "limited numbers" and "specific provisions".In the Iranian legal system, Article 29 of the Civil Code of Iran is one of the most important examples of the Numerus Clausus of Property Rights Principle. The analysis of this principle shows that the application of "Numerus Clausus principle" in a flexible format can bring order and predictability to motivate market participants in carrying out economic activities.

Conclusions & Suggestions:

This article concludes that it is necessary to application of the "Numerus Clausus Principle" in the property institution. Because this principle contributes to the prosperity of the market and creates a favorable environment for economic growth and development. Of course, it should be noted that the application of this principle must have the capacity to adapt to market needs. So, it must have a flexible position. For example, we can point to develop examples of security of property, including debt and intellectual property; which helps to increase investment and increase business transactions. In this regard, the question that has been answered is why it is necessary to apply this principle? Lawyers believe that this principle provides legal certainty that is effective in promoting freedom of ownership and the free movement of goods. Legal certainty indicates what property rights can be owned and which of them can be traded in the market. In this way, the market actors can understand a kind of predictability and expectability; this leads to an increase in the motivation of economic actors to participate in the market. As a result, with more actors and more transactions, the market thrives and ultimately economic growth and development is achieved.The issue was also analyzed from the perspective of economic law and it aims to "efficiency" and "reduction of transaction costs": The first analysis based on "preventing a reduction in efficiency", calls for a "ban on the extreme fragmentation of property rights." The second analysis based on "prevention of externalities", emphasizes the issue of "reducing measurement costs". In the end, the third analysis based on "prevention of mistakes and opportunistic behaviors", describes the concept of "common understanding" of individuals in relation to their property rights. Thus, all three analyzes emphasize on the necessity to identify the types of property rights and their contents by legal system.Finally, it is recommended for the Iranian legal system, while maintaining the "Numerus Clausus Principle" in the property institution, to take a more flexible approach in responding to market needs and identifying new property, including in the field of identifying the subject of mortgage contract.

Each plan is an institution that adjusts the relationships of many actors. In other words, planners devise plans to reduce the transaction costs of non-planned situations. However, since every plan is an institution itself, its creation and maintenance impose costs. The local authorities devise detailed plans in cities of Iran to adjust land use and complete these plans through a mechanism of preparation, implementation, and monitoring which is similar all around the country. Measuring the transaction costs of the third detailed plan of Isfahan is a major step towards evaluating its efficiency after long periods of utilizing this system of planning in Iran. To do so, the costs it imposes on major actors, i.e. municipality and citizens, are calculated through interviews with key actors and statistical analysis of the official report. The results show that the municipality burdens 84 percent of the total transaction cost and citizens burden the rest of it. Regardless of the share of each party in total transaction cost, the income earned from the exchange of development rights through a detailed plan justifies such transactions in fiscal terms. Although, lack of effective participation of key stakeholders especially in the plan-production phase leads to the minimum realization of the plan which consequently has some undesirable implications for citizens’ quality of life. While alteration of the detailed plan seems impossible at present, some modifications are suggested to increase its realization, although they would incur additional transaction costs.

Transaction cost, the cost that is not considered in the production function of the business, is actually the success or failure of the market. Examining various international reports (such as the Doing business, competitiveness, and global entrepreneurship monitoring) as well as the evidence and current status of Iran tourism indicate high transaction costs and inadequate business environment. Accordingly, the institutionalism explanation of the factors affecting the market transaction costs and tourism businesses is the main object of this study. Based on this, using the qualitative approach (theme analysis) and the profound interview with tourism market experts, the factors affecting the Iran tourism market transaction costs based on the model of new institutionalism have been identified and analyzed. The results of this survey indicate that the six themes identified in the study include the costs of information and knowledge, technology, business start-up, macroeconomic environment, capital and the cost of contracts, are the main elements of transaction costs of tourism in Iran and its impact has led to internalization, the lack of growth in the size of businesses and the reduction of partnerships among the players in the tourism industry.

The collateral begins in the Encyclopedia of Comparative Law of Algar with the statement that economic enterprises are "credible" and there is no credit without bail. Banks and credit institutions, one of their main functions of crediting to economic enterprises, are more concerned with legal issues related to false claims than any other institution, and any shortcomings and deficiencies that exist in the legal system in the country in which there is a failure Will have a direct impact on their activities. The recipients of the banking facility will repay the facility as a result of the fact that the bank has received them, and if they know that the banks will not be able to execute the debt, they will be reluctant to They will not fulfill their obligations. The study seeks to investigate the factors that lead to non-implementation of the veto. Causing or creating a dilemma for the bank, and the timely payment of non-payment of installments and borrowers from an economic point of view, the most important of which are economic efficiency, rationality, lost opportunity expense, cost of use and transaction costs. Not be Consequently, if these elements are missing from the use of the new legal entity, then thought needs to be made to arrive at an efficient and rational outcome economically. So, here is the question of what should be the features of the legal system governing civil property in the country, in order to avoid increasing the demand for banks. What are the shortcomings of Iran's legal system in this regard and what is the way to compensate them?

Optimal performance of an economic system depends on the presence of efficient, strong, and supplementary real and financial sectors. Working together of them is necessary and sufficient condition for the survival of the economic system in general. This study aims to explain the impact of transaction cost on financial development for OPEC members during 1990-2012. In the present study, the effect of transaction costs on financial development is estimated by an econometric model according to Baltagi et al (2007). In this regard, the index of the banking sector efficiency (private credits) is used to explore the development of the banking sector, and stock market turnover ratio (in percent) and Total Value (of shares) Traded (TVT)/GDP (in percent) is used to study the development of the non-banking sector. Explanatory variables include the transaction costs, the government size, the per capita income, and degree of openness of economy. The estimation results using Panel Data indicate that the transaction costs affect financial development significantly; and the reduced transaction costs result in increasing financial development. With regard to property rights, we conclude that guaranteed property rights raise the financial development. Also, per capita income and government size have positive and negative relationships with financial development, respectively.

Iranian Civil Code has anticipated the risk of destruction of subject matter of transaction before delivery in the form of a default rule in Article 387 and introduces the transfer of risk of destruction as the result of delivery of subject matter of transaction. The default rule should economically reduce transaction costs and disclose information to reduce moral hazard. According to the legislator, the seller is responsible for the risk, since the seller can assign the risk with the lowest cost. This would be correct in most cases, but not always, and sometimes risk tolerance by the buyer seems more reasonable. This situation has convinced some authors to introduce the mentioned article as an irregularity and exception. Prediction of exceptions in this article will lead to further updating the provision. The parties should allocate the risk in a better manner. This study is intended to economically analyse the rule

Portfolio selection is one of the most important area in financial world. Investors always want to make the best decisions which are compatible with conditions of real world. In the real world, data are usually under uncertainty. On the other hand, the most of strategies for portfolio selection are multi-period. Therefore, investors should rebalance their portfolios during investment horizon. In this research we present a multi-period portfolio optimization model which considers transaction costs and deal with uncertainty by application of robust programming. This model is a mean-CVaR multi objective model that is solved by goal programming. Furthermore, most of previous researches have used regression or time series models to forecast future returns of stocks for solving numerical examples, however, in this paper we forecast future returns by using Artificial Neural Networks (ANNs). Finally, solutions of robust model are compared with results of nominal one. These results show that consideration of data uncertainty and other real assumptions lead to more practical solutions.