فصلنامه بورس اوراق بهادار
پیاپی 47 (پاییز 1398)

Although the terms “custody,” “custodian,” and a “custodianship agreement” play a crucial part in the capital market, there are no unified understandings of these concepts. In most cases, commercial usage of these concepts is confused with their legal usage. Even in most jurisdictions such as Iran, there is no accurate and complete understanding of custodian, its function, and legal consequences arising from a custodial relationship. The financial crisis of 2008, by unearthing the existing rules’ gaps regarding the custodians’ activities such a non-restitution of investors’ assets or a long delay in their restitution, made regulation of custodians’ activities a must. This article discusses the most important legal risks in the custodians’ activities. In so doing, it closely looks at the laws of specific domestic legal regimes such as the UK, US, and India. The purpose of the paper is to introduce the concept of a custodian into Iran’s finance law scholarship and to answer the following questions. Do the Iranian capital market laws recognize the concept of a custodian? If not, is there any need for the presence of this institution in Iran’s capital market?

The importance of idiosyncratic risk in recent years on the one hand and mixed evidence about impact of firm life cycle on idiosyncratic volatility on the other hand, has increased necessity to explain causes and origins of the mentioned relationship. Cash flow volatility and information uncertainty are some of the explanations. This study investigates the association between idiosyncratic volatility and firm life-cycle and evaluates the roles of cash flow volatility and information uncertainty in explaining this association. Using final sample consist 268 firm data from 1383 to 1394, this study shows that idiosyncratic volatility is significantly higher in the introduction and decline stages, and significantly lower in the growth and mature stages, when compared to shake out stage. Moreover, findings show cash flow volatility and information uncertainty just for mature stage differ from shake out and as a result explain lower idiosyncratic volatility of this stage.

The issue of behavioral finance is one of the new debates raised by some financial pundits over the past two decades. The unknown factors affecting stock price changes are always a reason to use stock price prediction. In most predictive models, the system performs prediction using only one indicator, but in the proposed model in this study, a two-level system of multilayered perceptron neural networks is presented, which uses several indicators for prediction. In this study, required information of Tehran stock exchange price indicators, for fiscal years 2012 - 2017 was collected. In order to analyze the financial behavior, after examining the effect of each behavioral factor on the investment of financial assets, the results show that all factors other than "over-confidence" affect investment, but the effectiveness of each factor, including "relative profit and loss", " disposition effect", "conservatism", "herd behavior", " representativeness", " ownership" and " regret aversion" is different. Among these factors, the "relative profit and loss" has had the most impact on the investment of financial assets in the stock exchange, and the " regret aversion" has the least, which proceeding a direct impact on the stock price index. Also, for better training of the neural network and consequently improving the results, grasshopper optimization algorithm is used to select the best samples. The results show that the proposed model could have lower predictive error than other models.

This research is an attempt to introduce a desirable model for modeling and forecasting the fluctuations of financial processes. For modelling the fluctuations of financial processes, we have used the combination of the GARCH model and the discrete wavelet transform. In this thesis, we are presented a model for forecasting fluctuations of returns of exchange price index. Stock price index data has been reviewed. The data was collected from the site https://databank.mefa.ir/data from 1/1/1390 to 29/12/1396. Due to the importance of return on financial data, the returns series is calculated and applied for modeling. After preparing data, the two combination models namely ARMA-ARCH and DWT-GARCH are fitted to the data series. The results show that the DWT-GARCH model has better performance than the ARMA-ARCH model. The DWT-GARCH model can significantly improve prediction outcomes and reduce the conditional variance by overcoming the defects of the GARCH family models that can not model the partial features of a process and maintain the benefits of using models The GARCH family describes the fluctuations.

In the legal system of Iran, the the investment bank is one of the financial institutions within the meaning of Article 21.1 of the Market Law, which provides a variety of financial services in the capital market. It is the most complete form of financial institution, that is, it is able to provide a total of services. Provide other financial institutions According to Article 28, the law of its activities is under the supervision of the organization, and public associations, managers, inspector-auditor and specialized committees of the company are required to observe and enforce the laws and regulations. After obtaining a license to establish and issue a license, the investment bank starts its legal life according to the laws and regulations and is governed by the Statute of the Securities and Exchange Organization, which is managed by the company as a joint stock company or a public company. Therefore, the system A review of business-to-business inspections was carried out in accordance with the general rules of commercial companies contained in the Commercial Code, the amending bill and other laws and regulations related to capital market law.

One of the necessary components for confidence of adaptation financial, banking and insurance actions with shariah at different countries is shariah supervision. According to IFSB definition, “Shariah Governance System”, despite being commonly used within the IFSI to refer to structures and processes adopted by stakeholders in the IFSI to ensure compliance with shariah rules and principles, has not been properly defined in any of the existing standards. At this research meanwhile definition of shariah supervision and survey supervision at Ahl-Albeit's life(Sireh), is mentioned specially experience of Islamic countries. This research will count parameters of shariah supervision at capital market based on international supervision and shariah governance standards. At this research with Thematic Analysis Approach, meanwhile survey and analysis of IFSB and AAOIFI standards, is counted basic parameters of promotion of shariah supervision at capital market. Ones of research's result based on Thematic Analysis, are committee Shariah's responsibilities, structure and quiddity of committee Shariah, system of shariah supervision, shariah supervision report and Islamic financial institution's role that are considered five inclusive parameters at optimal shariah supervision.