فصلنامه بورس اوراق بهادار
پیاپی 50 (تابستان 1399)

The development of the government debt market has always been a challenge for policymakers and economic planners. Some countries consider the development of the government debt market to stimulate the real sector of the favorable and undesirable economy. But efficient monetary and monetary policy stimulate the behavior of the real sector of the economy, more than anything else, they need efficient tools that can be defined and organized in the context of the development of the government debt market. Given the importance of this issue, the present study examined the effects of debt market development threshold on the efficiency of monetary and fiscal policies in stimulating private sector consumption over 68 countries during the period 2018-2019. In this case, we have the following: Experimental results from STR modeling show that the behavior of economic variables with regard to private sector consumption is structurally failing when government debt-to-GDP ratios reach above 70%. Thus, the consumption of the private sector takes on two behavioral regimes. In both behavioral regimes, the Ricardian equality theory is rejected, and the positive effect of government debt on private sector consumption in the high state debt regime is greater than the low government debt regime. The effect of monetary and fiscal policies on private sector consumption in two government debt regimes is also defined as a linear function of the ratio of government debt to GDP whose width and origin of this effect function in both regimes. Behavior is completely different.

Financial reports are the only source of internal information where provided by the board of directors to investors. The qualitative features of the provided information, which have a significant role in the optimal allocation of resources, largely depend on the readability of the information. With respect to this fact that the readability and quickly getting the message from a report is one of the essential qualitative features of presenting information, the current study aims to investigate the effect of this qualitative feature on the reaction of investors and increase in quality of companies’ voluntary disclosure. The readability of the board's report is measured using Fog model while the investors' reaction is measured trough the cumulative abnormal return and trading volume. The statistical population of the research includes: Companies listed on Tehran Stock Exchange during 1392-1396, which out of them 159 companies were selected to study using the systematic exclusion sampling method. To test the hypotheses, multivariate regression, panel data and Eviews software have been used. The results indicate a significant relationship between the reaction of investors and readability of the board's report, however, the relationship between the readability of the board's report and the reaction of investors to major economic-political news was not approved. Due to the ability of the current research to inform investors from the manner of providing information by the manager and the readability of the reports, the results of the research are applicable.

Today, free flow of information is one of the basic characteristics of different markets. Based on this, one of the most important issues in the growth and development of stock markets is the disclosure of information that influences decision makers in this market. On the same basis, there are several regulations on disclosure of information in stock markets. One of the main challenges in the disclosure of information is the scope of information disclosure in such a way that the information is published correctly and at the right time, while the disclosure of information takes place in such a way Making it possible to provide a precise picture of the company's situation. Accordingly, in the present paper, we will examine the comparative scope of the disclosure of information in the initial release of Iranian law and the rights of the United States as one of the foreseeable future in the field of securities, and finally, it will be determined that the regulation in this area is based on the necessity The disclosure of credible information is based on the company's status, since it is based on the confidentiality of information, while exceptions are made for the non-disclosure of corporate secrets and the prevention of harm to companies in emergencies.

In recent decades, identification and analyzing of behaviourial factors affecting investors failure is one of the most important subjects in investment markets. In this research, identification and analyzing the nature of behaviourial factors that cause investors failing at Iran’s stock market is studied. This researchs approach is qualitative and analytical methods is used for. This research from data collection aspect is survey using non-structured interviews and from conclusions usage view is applied. At the framework of this survey, cognitive mapping method is used to map 12 experts of Iran’s stocks market perceptions about the causes of investors failure. In analyzing this map, analyzing methods of cognitive maps is used. Finally conclusions showed that 27 factors affecting investors failure based on mostly 70 percent experts agreement. These 27 factors can be divided into two “Inefficient implementation of effective decision” and “Ineffective decision making" clusters. Also “Lack of adequate, effective and efficient knowledge”, “inefficient and inadequate experience”, and “inappropriate strategy layout” more than other factors affecting the investment failure agreed upon by the participants in the research.

Resilience is defined as "the ability of a system to return to the original form, position, often being compressed". In one hand, fluctuate in financial markets is one the most important variables in investment decision-making. On the other hand, the expected return has always a sort of distrust. The purpose of the current study is a comparative analysis of the relationship between "liquidity and stock resilience" and "expected returns".In this study, the stock resilience and 13 liquidity measures were examined and then their relationships with expected returns were evaluated among a sample of 151 Tehran stock exchange companies during 1392 to 1397. In this analysis, the 5 Fama & French factors were also assumed as control variables. Among liquidity measures, there is a significant relationship between "traded stock numbers, transaction numbers, trading volume, stock turnover rate" and "expected return". There is no significant relationship for resience and other liquidity measures. Also, it shows that Amivest liquidity ratio measure, transaction number, and stock turnover rate explain the expected returns much better than the other measures.

The purpose of this research is the pricing of gold coin option contracts in Iran mercantile exchange. The price of gold coin option contracts has been estimated by the Black–Scholes,Boness and Binomial tree models.For this purpose, the theoretical prices Have been compared whith the Black- Scholes method for each maturity from December 2016 to November 2017. The theoretical prices of the option contracts have been compared with market prices in Iran mercantile exchange. The volatility of the gold coin in the market has been estimated by the GARCH method as a variable in the pricing models. The comparison of pricing call options indicates that the theoretical prices of the call option based on Black- Scholes method were more than the theoretical prices on the Boness method. The comparison of pricing put options indicates The theoretical prices of the put option based on Black- Scholes method were lower than the theoretical prices based on Binomial tree method at the level of the strike price 12750000 Rials.

Past years economic changes have made producers and consumers to pay more attention to price fluctuations, and try to remove uncertainties and decrease losses caused by the risks. In other words, sellers and buyers are looking for ways to be assured about the future transaction of their product with a determined price, so both sides desire to avoid uncertainty. In addition to sellers and buyers, arbitragers are the other player who by getting advantage of arbitrage opportunities remove them and increase the market efficiency. Governments, also, need signals from economic actors for suitable planning for policy making and on time decision making to avoid crises and manage financial concerns. Commodity exchange provides tools for financing and risk management to market actors as well as governments by making a transparent market to easing deals and discovery of prices. Future contracts are an important financial derivative to hedge volatility risks but have not been successful after nearly a decade from their commencement, except gold coin and saffron. We study the failure reasons through questionnaires, and find out that “oppressed pricing of underlying commodity” and “investors unawareness” are the most important factors.

A proper inquiry into the laws of the existence of a right in the name of the right of priority.It is the privilege and ability of a person to be able to do or gain privileges before others.One of the instances of this right is the right of shareholders of the joint stock companies referred to in Article 166 of the amended Bill of Trade Act of 1347 to include shareholders after the capital increase.However, less has been done on whether this right can be referred to as a specific right like any other recognized right, and by identifying the pillars and their status among the various rights of a person, he has attained his rights in terms of his right to be object or debt or religious, to be able to be transferred, detained, and detained?What is the basis for the exercise and effect of this right for shareholders?This article examines these cases.