جستجوی مقالات مرتبط با کلیدواژه « ask spread » در نشریات گروه « حسابداری »

This study sought to examine whether online stock trading on information asymmetry companies listed in Tehran Stock Exchange will have an effect or not? The statistic population of the study is comprised of the companies listed in Tehran Stock Exchange during 2010/9-2013/8 as the time-span of the study. The sample of the study consists of 117 companies for 36 months and it totally includes 4212 observations. For hypothesis testing, regression analysis and data from the test (EGLS) panel data using the software Eview’s 8 is used. The general result of this research indicates that online stock trading has a considerable negative effect on information asymmetry of companies listed in Tehran stock exchange. It is understood from the results that Online stock trading in the Tehran Stock Exchange on the one hand an increase in the number of traders and the subsequent increase in competition between them and the other hand to reduce transaction costs and adverse selection costs. This causes the reduction of information asymmetry companies listed in the Tehran Stock Exchange.

Investors for selecting the best portfolio need exact information. Sometimes this information is distributed no asymmetric between investors. As the type that buyer or seller has no same information about trading. This subject leads to information asymmetry. Information asymmetry cause to different quoted prices by investors. These quoted prices really are costs of occurring trade and investors pay this cost for immediate deal. In this section at first explaining the concepts of bid-ask spread, and then offer the methods of estimating it.

This paper examines the effect of accounting variable and market variables on the cost of stock capital in Iran. The accruals are used as the accounting variable and the bid-ask spread and also the adverse selection component of the bid-ask spread is used as the market variables. The sample research contains 70 active corporations in Tehran Stock Market (TSE). The Fama and French model 1993is used for data analyzing. Overall, our results show that the market variables have positively effect on the cost of stock capital but, the accounting variable has not the effect.

Price Limit is a type of circuit breaker which is applied in future transaction markets and also some of stock exchanges in emerging markets. In this research we are trying to examine the relationship between the price limitation and information asymmetry before earning announcement in TSE (Tehran Stock Exchange) The time extent of this research is from 1383 until 1390. Our sample is consist of 116 companies listed on TSE. Statistical information is obtained from Tadbirpardaz and Rahavard Novin softwares. Correlation، multivariable regression and ordinary least Squares (OLS) are taken. The results show that there is a significant relationship between the price limitation and information asymmetry. we found either the trade price has a significant effect on information asymmetry.

Price Limit is a type of circuit breaker which is applied in future markets and also some of stock exchanges in emerging markets. In this research we try to examine the relationship between price limit and information asymmetry before earning announcement in TSE(Tehran Stock Exchange) The time extent of this research is from 1383 until 1390. Statistic sample the all of company in Tehran stock exchange. our sample are the 116 companies. Statistic information is obtained from the tadbir and rahavard novin software. statistic tests that were Used are correlation and multi variable regression and ordinary least Squares(OLS). Results show that there is a significant between the price limit and information asymmetry. we found either the trade price has Significant effect on information asymmetry. In fact decreasing in price limit could be lead to increasing in informational market efficiency and decreasing in information asymmetry.

This paper examines the effect of market competitive Spectrum on the relationship between information asymmetry and the cost of capital in Tehran Stock Market (TSE). Accruals quality، the scope of the proposed purchase and sale price (the bid-ask spread) and the adverse selection component of the bid-ask spread are applied for measuring the asymmetry of information. Six hypotheses formulated and the research sample consists of 70 active companies listed on TSE in the period1383 to1388 and Fama and French model (1993) is applied for testing the hypotheses. The results indicate that the levels (spectrum) of the market competition affects on the relation between the information asymmetry and the cost of stock capital. Therefore، the degree of market competition is an important conditioning variable that should be considered when examining the relation between the information asymmetry and the cost of the stock capital.

In this paper the role of information asymmetry in the capital structure decisions through augmenting the Rajan and Zingales Model and using a sample data of 60 corporations listed in Tehran stock exchange (TSE) during 1382-1386 has been examined. To measure capital structure (debt ratios) as dependent variables, We used the ratios of: total debt to total equity, total debt to total assets, short-term debt to total assets and long-term debt to total assets, we also used the relative bid-ask Spread as a proxy for information asymmetry. To test the hypothesis, we used the multivariate linear regression models based on Panel data technique. We also used the T-static and F-static tests to test the statistical significance of coefficients and models respectively. Our findings indicate that there is a positive and significant relationship between information asymmetry and 3 measures of capital structure namely, the ratios of total debt to total equity, total debt to total assets and short-term debt to total assets. However according to obtained results there is no significant relationship between information asymmetry and the ratio of long-term debt to total assets.

Useful information is the base of decision of people who participate in capital markets. Accounting standard setters have always tried to reduce information asymmetry among investors and management of firms in order to make financial statements more useful for users. In this paper we examine how information asymmetry affects on dividend policy. It is anticipated the more information asymmetry, the more dividend as a signal to the market. In this research, bid-ask spread through 21 days before income annoycement is applied to measure information asymmetry. The numbers of sample companies are included from 97 observations during 2008 to 2010. Results show that there is a positive relation between information asymmetry and dividend policy while it confirms the signaling theory for dividend policy. In order to assure outcomes, the effects of control variables such as firm size, profitability and risk, are considered. Ultimately, findings demonstrate, that increasing of information asymmetry causes the growth in dividend payouts.

Basically،maximizingthewealthofshareholdersandreducing the cost of capital are among financial manager''s targets، and the capital structure decision is one of the effective decisions to reach these goals. Also، the impact of equity liquidity on the value of firms and stocks is important and it is expected that reducing the equity liquidity has effects on increasing expected returns. The main objective of this study is considering the relationship between the changes in capital structure and changes in equity liquidity in listed companies on Tehran Stock Exchange (TSE) during 2004-2008. The panel least squares method is used to examine the hypothesis. The results indicate that changes in capital structure has a significant negative impact on changes in equity liquidity but changes in equity liquidity does not have a significant impact on changes in capital structure

Firm’s stock liquidity decreases cost of capital transaction and bid and ask spread. In spite of existence these relationship researchers had doubt about direction and significant of firm’s stock liquidity effects on long term firm performance. The purpose of this study is to investigate the effect of firm’s stock liquidity on firm financial performance. So we randomly choose 112 firm samples from Tehran Stock Exchange (TSE) on cross-sectional base in 2007. The results of this study shows that There is a significant and positive relationship between firm’s stock liquidity and financial performance. The results of this study can be useful for investors, financial managers, and stock exchange and accounting policy maker to improve their policy about disclosure and firm value.