جستجوی مقالات مرتبط با کلیدواژه « Transaction Cost » در نشریات گروه « مدیریت »

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 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.

Optimal portfolio selection and how to invest in، is one of the key issues which is considered in the capital market and should be paid attention by investors. In this regard، investors studies in selecting optimal portfolio accords to risk and return level. What has been done in the field of financial calculations and portfolio selection should prioritize existing investments in terms of risk and return respectively، until investors be able to constitute their optimal portfolio according to the finance and their level of risk-taking. Hence، measuring risk is considered as a major issue in the investment of portfolio. So in this research which was done in a capital market of Iran، it is presented a multi objective single - period mathematical model for measuring the risk of portfolio which integrates measure of return and two measures of risk (semivariance، Cvar). This model enables investors to measure the risk of portfolio carefully under transactions cost constrains and invest in a portfolio with maximum rate of return and minimum rate of risk Results show that using integraed risk measure can increase the carefulness of investors in capital market for optimal portfolio selection.

The aim of this paper is to explain the financial markets fluctuations by strategic pattern of investment behaviors, together affected by different situations. The key point is finding the strategic patterns of changes in exchange rate, interest rate and other macro-economic indicators envisage economic environment and Commanders financial markets by fluctuations. These variations will affect expectations and demands of entrepreneurs, including investors, especially two indicators, degree of expected return and risk. Changes in the expected return and the degree of risk, put investors in that position in order to achieve the expected return performance with attention to new market conditions and the degree of their acceptable risk, choose their strategies for make some changes in the combination of their portfolio and rebalanced it.Portfolio rebalancing is one of the reachable strategies could be used by investors to review their investments ploy. In this paper, with attention to portfolio rebalancing as a proper strategy to make coincidence in investor’s portfolios simultaneously, we regard the variations in expected rate of return and degree of acceptable risk, affected by market conditions inflections, thus wedesign and to develop a fuzzy linear programming model. To achieve the research strategic model, the three key components: risk, expected return and liquidity degree on equities have been used to design model and represent it.Also, consider to the importance role of transaction costs to gain the expected return in return calculating process of portfolio, we spot it in our model. In order to test the designed model, data and information of traded listed stock of Tehran exchange market, during 1384 - 1387. Then we import the different subjective satisfaction level of investors to test the model efficiency. The results show that the designed model could be use for the subjective satisfaction level of investorsabout the expected return, risk and liquidity of its portfolio, as well as possible and reach to the different strategy of portfolio rebalancing for each investor with different satisfaction level.