جستجوی مقالات مرتبط با کلیدواژه "capital market" در نشریات گروه "مالی"

According to Iran's economic conditions, the investigation of Iran's capital market and the variables affecting it in order to develop and advance economic goals is of particular importance. One of the variables affecting the capital market is the exchange rate. Therefore, the main goal of this research is to investigate the effect of currency market events in the form of two concepts of exchange rate pass-through and exchange rate uncertainty on Iran's capital market index. In this research, after proving the existence of exchange rate pass-through in Iran and examining exchange rate uncertainty using the EGARCH method, ARDL and VAR methods have been used to investigate the effect of exchange rate pass-through and foreign exchange market uncertainty on Iran's capital market index during the years 1370-1399. The results show that exchange rate pass-through have a positive and significant effect on Iran's capital market index, while there is no significant relationship between exchange rate uncertainty and capital market index. Considering that the foreign exchange market is always the focus of every economy, it is necessary to pay attention to its events, including exchange rate pass-through and exchange rate uncertainty, as an important factor for policy makers and capital market analysts.

The loss of investor confidence in financial markets can result in liquidity outflows and market collapse. Restoring investor trust requires identifying the factors that have eroded trust. This research aimed to identify the factors influencing the decline of the Tehran Exchange Price Index (TEPIX) in 2019 and the subsequent loss of investor confidence. Furthermore, it aimed to extract and prioritize solutions to restore investor confidence. Expert interviews were conducted to collect data, which were then analyzed using thematic analysis. Friedman's non-parametric test was utilized to prioritize the solutions. The study identified 26 significant factors contributing to the decline of the stock market and the loss of investor confidence. These factors were categorized into 4 groups: macroeconomic governance, capital market, macroeconomics, and media. Additionally, 27 solutions to restore investor confidence were identified within the same four categories. According to the experts’ opinions, the most crucial solutions included preventing government intervention and non-expert comments by government officials in the capital market, reforming the economic system to enhance economic stability, increasing transparency in information and decision-making processes, and improving the performance of the Securities and Exchange Organization of Iran in detecting and addressing violations.

Abstract This article analyzes and illustrates the state of the scientific production of financial literacy, knowledge, and customer experience in the context of the capital market based on scientometric techniques, articles indexed in the Web of Science database between the period of 1977-2022 and the discovery of research gaps. The current research is of a descriptive and applied type, which was conducted using co-occurrence analysis of words. The statistical population of this study comprises scientific articles in the fields of financial literacy and customer experience. A total of 789 articles were selected from two areas close to business management and business finance, and the data were analyzed using VOSviewer software. The most and most frequent words "financial literacy" and "behavior" which are the results of co-occurrence of words and are related to the word "investment"; Seven thematic clusters were also identified: the experience of the financial crisis of COVID-19, financial literacy and investor behavior, asset management, customer satisfaction and experience of services, financial education and knowledge, retirement economy, strategic plan and development of financial education. Keywords: Financial literacy, financial knowledge, customer experience, capital market, scientometrics

Regardless of the criminal liability of insider trading’s perpetrator, which has been brought to the attention of the legislator in Clause 2 of the Article 46, the Securities Market Law, the discussion of validity and civil effects of such a transaction with the aim of eliminating or compensating the other party’s damage of the transaction is one of the major issues can be raised in this context, and if this type of securities transaction is considered valid, the civil liability of the factors involved in the realization of the transaction is one of the most important issues that can be raised regarding the said transaction. A subject that, despite its importance and unique features, lacks specific regulations in the existing laws. For this reason, it is necessary to answer the questions raised in this field by resorting to legal generalities and legal principles. In the meantime, taking into account the specific requirements of the capital market is effective in realizing the elements of the civil liability of the trader by using Inside information, and it requires that the examples, customs and special characteristics of the capital market be taken into account in applying the titles. A matter that in some cases interprets the concept of "Damage", " Negligence " and "causality" somewhat differently and it is necessary to identify the factor or factors responsible for compensating the damage and the contribution of each one in this field.

Nowdays, due to the speed of technological progress, the process of digitization has prevailed in all fields and has led to the emergence of a hot topic in the financial field called supervisory technology (Suptech). For this reason, it is necessary to evaluate the challenges of the current regulatory system, capabilities and implementation guidelines of the Suptech project in the Iranian capital market in order to improve the regulatory system and make it smarter. In terms of purpose, this research is practical and in terms of its nature, it is a qualitative research based on category analysis technique and based on semi-structured interviews with 13 experts and specialists in order to answer the research questions. The findings of this research in the capabilities section is the four-level model with fourteen main categories and in the guiedlines section is the three-level model with twelve main categories in the form of a program, actions and accelerator. In general, according to the findings obtained from the mental models and opinions of experts, the step-by-step implementation of Suptech project in the capital market of Iran is suggested. This research is one of the first internal studies that examines the various aspects of the operationalization of Suptech project in the capital market of Iran.

This research seeks to provide a model for explaining the dimensions of customer sentiment management of asset management services, including investment funds and portfolio-managed accounts, using meta-synthesis application. By reviewing and screening 254 papers written between 2002-2022, coding was done by studying 49 studies. Finally, the components were classified with 32 final codes as basic themes and 5 codes as organizing themes. The reliability and validity of the model were calculated by a Kappa coefficient equal to 0.78, which is at the level of excellent agreement. Since this study uses the meta-synthesis method, its innovation is a method that examines all national and international studies in this field and identifies the dimensions of the subject completely and comprehensively for the readers. According to the results, the components of customer sentiment management dimensions of asset management services were categorized with five themes including the importance of sentiment management, influencing factors on customer sentiments, sentiment characteristics, sentiment management practices, and results of sentiment management. The results can be used by managers of asset management institutions in designing strategies for managing customers' sentiments.

The credit rating of companies is an important factor in the reliability of companies that It can influence the behavior of investors and market activists and gain their trust.The main purpose of this study is to identify factors affecting the credit rating of publishers in the market. The statistical population of this research is all the companies accepted in the Tehran Stock Exchange and the number of the statistical sample of this research is 118 companies. The time periode of the research is from 1393 to 1400 (Iranian calendar). The test of the research hypotheses has been done by the econometric method of panel data and by using Eviews software. The results of the research hypotheses test show the effect of the variables of earnings, operating profit, economic incom, earnings before income tax and Acid ratio on the credit rating of publishers. Also, based on the results of regression coefficient, the highest coefficient related to the acid ratio with 0.16 and the lowest coefficient related to economic incom with 0.14 were obtained.

Despite the benefits of offering and listing companies' shares in the capital market and the world's success in this regard, in Iran, this is accompanied by obstacles that make companies reluctant to offer to the capital market. Therefore, this study aims first to identify barriers to offer and list companies in the capital market and then to provide operational solutions to eliminate them. Obstacles and solutions were collected through 10 semi-structured interviews with experts with a purposeful approach. In the data analysis stage, the content analysis method was used, and the points extracted from the interviews were divided into three themes: basic organizing and comprehensive. The results were then returned to the interviewees to obtain approval.30 basic themes were extracted from a total of 76 codes, and these themes were classified under five organizing themes, including 1. Cultural 2. Legal 3. Regulatory 4. Financial-economic 5. Administrative. Finally, 11 solutions related to organizing themes were extracted from the interviews.

Today, achieving the economic goals of any country is impossible without the public participation of society, because the accumulation of micro-savings of the people leads to the formation of capital, which economists consider one of the most important factors of economic development. Therefore, the purpose of this study is to identify the components affecting the financial stress of Individual capital market investors and to explain the pattern of relationships between economic and non-economic components of financial stress and its consequences. Hypertext technique was used to identify items of financial stress and its consequences with the help of library and field resources; For group decision making and component classification of items from Lawshe index and fuzzy Delphi technique; Using the Demetel method, the relationships between economic and non-economic components were modeled. This research is an exploratory mix in terms of research strategy, survey and one-time in terms of execution time, and MAXQDAv10, SPSS and Excel software have been used to analyze the data collected in the country's securities market. Findings include identifying the pattern of relationships between 10 components (5 economic components and 5 non-economic components) for the variable of financial stress and 4 components (2 economic components and 2 non-economic components) for the variable consequences of financial stress. The results show that the component of "economic factors" with a net effect of 1.6858 is the most important component of the cause of financial stress of Individual shareholders and the component of "consequences for society" with a net effect of -2/2013 is the most important component of the outcome (effect) of financial stress. By rooting out the financial stressors of Individual shareholders, a very effective ground is provided for Individual investors to create new horizons of decision-making in the capital market, economic sub-sectors and especially capital market policy areas.

The main purpose of this study is investigating effects of DB-PAYG and Full-Funded pension systems on the economy and capital market of Iran. The effects of these two pension systems have been studied in form of different fiscal policies by simulating an Overlapping Generations Model. Simulated fiscal policies are compared to a situation which society has no pension system and people spend their income only on their own consumptions or savings. The results show that in the DB-PAYG pension system, reduction of capital stock and therefore the reduction of output and level of welfare are significant. Fully-Funded pension system does not reduce the level of welfare, capital stock and production, also creating an intergenerational income distribution system. so it works better than other system. Iran's current pension system is DB-PAYG, so transferring to the Full-Funded pension system, as structural reforms, have been proposed. The dynamic of changing the pension system has been estimated and the effects of these reforms on the capital market have also been studied. The results show that structural reforms, in the long run will increase the capital stock and aggregate savings, so will increase the value and depth of the capital market, increase efficiency and corporate governance of enterprises operating in the capital market.

The purpose of the current research is to examine the effect of underreaction and overreaction on the risk distribution of the Iranian capital market. The current research is a post-event descriptive and applied type in terms of purpose. The target statistical population is all active and accepted companies in Tehran Stock Exchange, whose shares were traded in Tehran Stock Exchange from 2010 to 2019, and the statistical sample was selected based on the method of systematic elimination of 182 companies. In order to collect the required data and financial information, primary and secondary data such as reports of financial statements and audited financial statements of stock companies for a period of 10 years have been used and analyzed by Eviews9 software. For the inferential analysis of the variables, various statistical tests were used, including the Limer and Hausman F test, regression test, and panel data. The results of the research showed that there is a positive and significant relationship between underreaction and overreaction with Iran's capital market risk. In other words, incorrect pricing leads to underreaction or overreaction in stock prices from the psychological deviation of the investor, such as the investor's misunderstanding of the company's profit.

The purpose of this research is to identify the irregularities of the Iranian capital market based on metacombination and fuzzy Delphi. The current research was conducted as a mixed research (qualitative-quantitative). Based on this, in the first stage of the research, in order to extract the types of capital market irregularities from the literature related to the research, a meta-composite qualitative research method has been used. The statistical population of the research in the metacomposite section included books and articles related to the research topic (English articles studied in this research from the years 2000 to 2022 and Persian articles from the years 1385 to 1401).In the quantitative phase of the research, by using the fuzzy Delphi method and the questionnaire tool, common irregularities were screened by a survey of experts. The results of the research showed that the irregularities of the Iranian capital market include eight types of irregularities related to impulse/momentum, irregularities related to technical analysis, irregularities related to calendar, irregularities related to risk, irregularities caused by fundamental analysis, irregularities related to innovation, irregularities It is related to accrual items and irregularities related to dividends.

Algorithmic trading has a significant share in global markets. These types of transactions are also emerging in the domestic financial and capital markets. In this regard, in this study, to design and present several algorithms and trading strategies and implement and output five of the most important of these strategies using the Python programming language and compare their profitability. Has been. The study's statistical population includes all companies listed in the Iranian capital market. The sampling method is a stock selection from 30 large companies on the Tehran Stock Exchange index. The present research is applied in terms of purpose and terms of data collection, survey, and cross-sectional, in terms of subject, field, and time in terms of retrospective research. The results show that he used a different trading strategy in algorithmic trading to optimally use and compare and earn dividends of stocks traded in the future of the Iranian capital market. In the present study, five types of studies are implemented on one of the symbols of the Tehran Stock Exchange (Fars). One of the most practical strategies is to follow the trend that is welcomed by traders.

The purpose of the research is to examine special financial institutions; In the financing of tourism industry projects in Iran, it is based on the capital market. Based on the philosophical premise, this research is interpretive. Also, its paradigm is pragmatism and its approach in the field of mixed research. Here, there is a tendency towards the applicability of "what works" and solutions to problems. Therefore, the important dimensions of the research and its questions are emphasized, so no hypotheses are examined and its purpose is to answer the research questions. In this method, the researcher has compared and summarized the qualitative and quantitative results with the triangulation approach by reviewing the documents and asking the experts' opinions through preliminary semi-structured interviews and questionnaires using the Delphi method. The results have shown that real estate investment funds, project joint stock company, risk investment fund, tourism infrastructure investment fund, bond guarantee syndicate by the tourism development fund with banks, playing the role of reinsurer by the fund The development of tourism, the formation of a joint insurance association for the compensation of tourism projects has been agreed upon.

Money laundering is an illegal activity in which the proceeds of wrongdoing enter the global economy and gain legal legitimacy. The effects of money laundering on the economy can be mitigated by planning programs and solutions. This phenomenon causes serious damage to a country's economy in the long run, and the existence of money laundering in a country's economy indicates a structural weakness in that country's economy. Therefore, the purpose of this study is to predict the causal relationships between organizational risk management structures (control environment, risk assessment, control activities, information and communication and monitoring) and money laundering risk of organizations. The statistical population of this study includes company managers, auditors and faculty members of universities (experts in the field of capital market, banking and auditing) and a standard questionnaire was used to collect data. After performing the reliability and validity tests of the sample data, the relevant analyzes were performed based on the structural equation modeling approach. The results showed that money laundering risk of organizations is affected by organizational risk management structures (control environment and information and communication).

Securities Exchange Organization is one of the regulatory models in the Iranian capital market. The main question in this article is: From the perspective of public law, what are the challenges relationship between the “government” and “Securities & Exchange Organization”? In answer to this question, it has been concluded, using a descriptive-analytical research method, that:The composition of the Council members is first and foremost state-owned. Secondly, the strong presence of the government in the organization strongly influences the organization's performance and policies as a public nongovernmental organization, in a way that fosters the “governmental” and “statehood” of the exchange. Thirdly, although legally defined, the organization is a public nongovernmental organization, but the broad level of government involvement in it has violated the principle of independence and the legal personality of the organization, suggesting that such oversight would pose risks to the organization. It follows the philosophy of a non-governmental public entity, and the role of the government in this organization is more than a guardianship institution. Fourth; the council is involved in two conflicting goals: governance and tenure, resulting in reduced the stock market productivity and efficiency. Fifth; for strategic success, the stock market needs to follow the market economy in the context of limited state.

Financial markets are considered to be a kind of complex network due to the interaction and interrelationship of its various actors. Therefore, the development of stock communication networks is an important issue for discovering potential connections between different companies. Therefore, the purpose of this research is to investigate and analyze the communication structure of companies in the capital market based on price, return, and trading volume of stock with a network approach.
 
This study employs a quantitative research methodology, specifically focusing on network analysis. The data were collected in the period between 2017 and 2021 and analyzed using the network analysis method and with the help of Excel 2021, SPSS 26, UCINET 6, and its complementary package NetDraw. In addition to the general analysis and review of the price, returns, and trading volume of the stock correlation network, the performance of each node in the network was also investigated using micro-indices. Centrality is one of the most important micro-concepts of network analysis, which examines the influence and importance of people in the network. Also, it was studied with three indices of degree, betweenness, and closeness of centrality of network nodes.
 
The results indicated that as the correlation basis expands, there is a decrease in communication between different companies along with an increase in irregularity. The higher the correlation basis, the less likely it is to be affected by a common variable or interaction, which will reduce the correlation between stocks. In addition, there are companies in the communicative network that are in a better position than the rest. They may have higher connections, faster access to information, and greater influence over other units' price changes. As a result, these companies can play a decisive and leading role, or in other words, the role of key and influential actors in the governing structure. Also, the results showed that in the second period of 2021 compared to the first period, communication networks were much more erratic and scattered.
 
Considering the importance of capital market communication networks and the decisive role of key companies, relationship pattern analysis helps to increase transparency, reduce risk, and, consequently, improve decision-making, policy-making, portfolio optimization, etc by revealing the network structure of the capital market. The results of this research can lead to a better understanding of the forces that create the communication structure of companies and enable policymakers to make better decisions. Therefore, all users are suggested to pay attention to the communication structure governing the companies in the capital market and the role and impact of their position on the advancement of the company's goals in their decisions and to consider this communication structure and the way power is distributed.

In the past years, due to the reduction of bank credits and the limitations of access to international resources, companies have faced the challenge of financing. Collective financing is a new financial tool that can meet the financing needs of capital applicants and investors. If companies want to develop and promote this financial tool to attract investors' capital, they need to know the effective factors on crowdfunding marketing. Therefore, in this research, we will identify and prioritize the factors affecting crowdfunding marketing in Iran's capital market. The research method is a combination of qualitative-quantitative sequence. First, with the method of theme analysis and the use of library studies and interviews with 12 experts in the field of crowdfunding, 52 basic themes under 10 organizing themes were identified and classified into three overarching themes: contextual, causal, and intervening. Then, according to the results of the questionnaire and with TOPSIS software, the impact of themes on crowdfunding marketing was obtained. In order, the importance of the basic themes according to the overarching theme: investment culture and infrastructures; According to the comprehensive causal theme: efficiency, liquidity, time, trust, and transparency of the applicant and promotion; And according to the overarching theme of the intervener: the product (the subject of the project), the guarantee and the feature of the platform.

Capital market violations are numerous and the models of dealing with them are different. judicial model, quasi-judicial model and administrative model are the most common models of dealing with violations. Regulation is the chosen model of this article. An agreeable model between capital market activists, they have determined the authority of the regulator to establish and apply disciplinary punishment in this area. In this model, the authority of the regulator in facing capital market violations and crimes has granted by individuals and by their will. For this reason, the capital market regulator, i.e., Securities and exchange organization, must be a non-profit and non-governmental institution in order to fulfil its goal. The legislator's clarification on the powers of securities and exchange organization in the law is also a kind of emphasis on a clear matter. Only effect of passing an act is the official recognition of such an institution. Then not mentioning the powers in the law will not harm the authority of this institution. Securities and exchange organization, as the capital market regulator, has the necessary tools to achieve the goals of its formation, which these tools include regulation, imposing and applying disciplinary punishments. Therefore, establishing and applying disciplinary punishment for the violators of this field has no conflict with the criminal principles and rules, as well as the principle of separation of powers.