University of Isfahan Financial Accounting Research 2322-3405 3 1 2011 05 22 The association between stock return, earnings quality and magnitude of accruals with Accruals Quality The association between stock return, earnings quality and magnitude of accruals with Accruals Quality 1 20 16900 FA M Dastgir Professor of Accounting in Faculty of Economic and Social Sciences ahvaz University M Rastegar M.A of accounting in Faculty of Economic and Social Sciences ahvaz University. Journal Article 2016 06 14   In this paper association between stock return and earning quality with Quality of Accruals are studied. Our sample is obtained from the Tehran Stock Exchange listed companies. The sample is restricted to ï‌rms with complete data for assets, earnings, cash ï‌‚ow from operations, changes in accounts receivable, and changes in inventory. Hence these restrictions reduce our sample to 95 firms over the period of 1379 - 1386. Our approach to measure accrual quality is the residuals from regressions of changes in working capital on past, present, and future operating cash ï‌‚ows. The standard deviation of these residuals is our measure of accruals quality, where a higher standard deviation signiï‌es lower quality. We document that measure of accrual quality is positively related to earnings persistence (earnings quality) and we show that accrual quality is negatively related to stock return. Also we document that magnitude of accruals is negatively related to earnings persistence (earnings quality) and accrual quality.   In this paper association between stock return and earning quality with Quality of Accruals are studied. Our sample is obtained from the Tehran Stock Exchange listed companies. The sample is restricted to ï‌rms with complete data for assets, earnings, cash ï‌‚ow from operations, changes in accounts receivable, and changes in inventory. Hence these restrictions reduce our sample to 95 firms over the period of 1379 - 1386. Our approach to measure accrual quality is the residuals from regressions of changes in working capital on past, present, and future operating cash ï‌‚ows. The standard deviation of these residuals is our measure of accruals quality, where a higher standard deviation signiï‌es lower quality. We document that measure of accrual quality is positively related to earnings persistence (earnings quality) and we show that accrual quality is negatively related to stock return. Also we document that magnitude of accruals is negatively related to earnings persistence (earnings quality) and accrual quality. https://far.ui.ac.ir/article_16900_b0c3ae47e8395ea078c5d1deffd86543.pdf

University of Isfahan Financial Accounting Research 2322-3405 3 1 2011 05 22 Identification Effective Factors on Dividend by Logit Model Identification Effective Factors on Dividend by Logit Model 21 38 16901 FA N Izadinia Assistant professor,University of Isfahan N Alinaghian M.A in Financial Management,University of Isfahan Journal Article 2016 06 14   In this paper, we try to find factors that determine the ability of companies to pay dividend. After searching in literature review, we determined some factors, then, we defined five hypotheses. Therefore, we built variables and collected data from 141 companies listed in Tehran stock Exchange over a period of eight years (1380-1387). Given the purpose of this study to determine the factors affecting the dividend payment Logit model was used. The final model was estimated by Logit panel with fixed effects, showed that among the factors considered, uncertainty of cash flows, company’s life cycle, investment opportunities and company’s profitability having impact on the dividend payments. The marginal effect showed that company’s life cycle and company’s profitability are two factors with the most significant effect.      In this paper, we try to find factors that determine the ability of companies to pay dividend. After searching in literature review, we determined some factors, then, we defined five hypotheses. Therefore, we built variables and collected data from 141 companies listed in Tehran stock Exchange over a period of eight years (1380-1387). Given the purpose of this study to determine the factors affecting the dividend payment Logit model was used. The final model was estimated by Logit panel with fixed effects, showed that among the factors considered, uncertainty of cash flows, company’s life cycle, investment opportunities and company’s profitability having impact on the dividend payments. The marginal effect showed that company’s life cycle and company’s profitability are two factors with the most significant effect.    https://far.ui.ac.ir/article_16901_da45965fc220bce9762136d2a0b1d3ed.pdf

University of Isfahan Financial Accounting Research 2322-3405 3 1 2011 05 22 Investigating the relation between income smoothing, earnings quality and firm value Investigating the relation between income smoothing, earnings quality and firm value 39 54 16902 FA D Damoori Faculty member of Yazd University, Department of Management Z Arefmanesh Faculty member of Yazd University, Department of Management KH Abasi Muselo Faculty member of Scientific Board of Islamic Azad University, Firozabad Branch Journal Article 2016 06 14   The purpose of this study is to investigate the relation between firm value with income smoothing and earning quality in the companies listed in Tehran stock exchange for a period of 2000 to 2007. This paper studies that whether income smoothing improve firm value or smoothers should consider earning quality too? Therefore, sample firms is divided into two groups of smoothers and non-smoothers by the use of Eckle model. Then sample firms are divided into two groups of quality earnings and non-quality earnings by the use of Sloan model and finally sample firms are divided into four groups: quality earnings smoothers, quality earnings non-smoothers, non-quality earnings smoothers and non-quality earnings non-smoothers. Value relevance of reported earnings is tested using both the Level and Changes Approaches. Results show quality earnings smoothers have the highest price-earnings multiple while non-quality earnings non-smoothers have the lowest price-earnings multiple.   The purpose of this study is to investigate the relation between firm value with income smoothing and earning quality in the companies listed in Tehran stock exchange for a period of 2000 to 2007. This paper studies that whether income smoothing improve firm value or smoothers should consider earning quality too? Therefore, sample firms is divided into two groups of smoothers and non-smoothers by the use of Eckle model. Then sample firms are divided into two groups of quality earnings and non-quality earnings by the use of Sloan model and finally sample firms are divided into four groups: quality earnings smoothers, quality earnings non-smoothers, non-quality earnings smoothers and non-quality earnings non-smoothers. Value relevance of reported earnings is tested using both the Level and Changes Approaches. Results show quality earnings smoothers have the highest price-earnings multiple while non-quality earnings non-smoothers have the lowest price-earnings multiple. https://far.ui.ac.ir/article_16902_893a8bdbe5d0eb5930181550cf9ac1ea.pdf

University of Isfahan Financial Accounting Research 2322-3405 3 1 2011 05 22 The Evaluation of the Relationship Between the Informational Content of Accruals and Selected Financial Ratios with Stock Price of Listed Companies in Tehran Stock Exchange The Evaluation of the Relationship Between the Informational Content of Accruals and Selected Financial Ratios with Stock Price of Listed Companies in Tehran Stock Exchange 55 76 16903 FA S.A Hashemi Assistant Professor at University of Isfahan F Behzadfar M. A of Financial, University of Isfahan Journal Article 2016 06 14   Managers and investors have always been interested in the ability of financial statements to summarize value relevant information that affects stock returns and also the relation of this information to the value of the company. Given the financial reports aims’, it is supposed that much of the information in financial statements can be used in investors decision-making model. The aim of this research is to assess the relation of accrual components and selected financial ratios with the stock prices of listed companies in Tehran Stock Exchange. For this purpose, nine hypotheses and three models were set. In addition to earning per share (EPS), each model includes the variables that may have informational content about manipulation of financial statements and evaluation of earning-price relation. To estimate these models and analysis of data, the panel data method were applied to a sample of 137 the companies during 2001 to 2008. The results show that EPS and the ratios of working capital to assets , net profit to assets, net profit to sales and sales to assets in 95% confidence interval are all related to stock prices of sampled companies. The results also indicate that accrual components are not statistically significant in this case. This indicates that consideration of quality of earning by the accruals is not so important in earning-price relation and the variability of earning is less influenced by the business position and manager decisions about accruals. In general we can claim that the earning per share is the most related accounting variable to the value of company in the level of the sampled companies and there is an inverse relationship between current assets and stock prices.     Managers and investors have always been interested in the ability of financial statements to summarize value relevant information that affects stock returns and also the relation of this information to the value of the company. Given the financial reports aims’, it is supposed that much of the information in financial statements can be used in investors decision-making model. The aim of this research is to assess the relation of accrual components and selected financial ratios with the stock prices of listed companies in Tehran Stock Exchange. For this purpose, nine hypotheses and three models were set. In addition to earning per share (EPS), each model includes the variables that may have informational content about manipulation of financial statements and evaluation of earning-price relation. To estimate these models and analysis of data, the panel data method were applied to a sample of 137 the companies during 2001 to 2008. The results show that EPS and the ratios of working capital to assets , net profit to assets, net profit to sales and sales to assets in 95% confidence interval are all related to stock prices of sampled companies. The results also indicate that accrual components are not statistically significant in this case. This indicates that consideration of quality of earning by the accruals is not so important in earning-price relation and the variability of earning is less influenced by the business position and manager decisions about accruals. In general we can claim that the earning per share is the most related accounting variable to the value of company in the level of the sampled companies and there is an inverse relationship between current assets and stock prices.   https://far.ui.ac.ir/article_16903_31dd39f5c05cb216561269fe5344641b.pdf

University of Isfahan Financial Accounting Research 2322-3405 3 1 2011 05 22 The Relationship between Earning Management and Company Profitability in Tehran Stock Exchange (TSE) The Relationship between Earning Management and Company Profitability in Tehran Stock Exchange (TSE) 77 96 16904 FA V Khodadadi Assistant Professor of Accountin Shahid Chamran University R Janjani M. A. Accounting Shahid Chamran University Journal Article 2016 06 14   This paper provides evidences about existence of income smoothing and earning management in the Tehran Stock Exchange. In this study for earning management identification, we divided firms into two groups: smoothing firms and non-smoothing firms. Also the univariate analysis and logistic regression analysis used to test the research hypotheses. The results from univariate analysis show, that in the levels of net income and operation income, firms with weaker performance and in the levels of net income and earning per share , firms with more growth and also in the level of net income, firms with larger size and finally in the level of earning per share, firms with higher dividend pay out ratio, do management earning. Also the findings from logistic regression analysis indicate that firms with more growth and less returns do management earning.   This paper provides evidences about existence of income smoothing and earning management in the Tehran Stock Exchange. In this study for earning management identification, we divided firms into two groups: smoothing firms and non-smoothing firms. Also the univariate analysis and logistic regression analysis used to test the research hypotheses. The results from univariate analysis show, that in the levels of net income and operation income, firms with weaker performance and in the levels of net income and earning per share , firms with more growth and also in the level of net income, firms with larger size and finally in the level of earning per share, firms with higher dividend pay out ratio, do management earning. Also the findings from logistic regression analysis indicate that firms with more growth and less returns do management earning. https://far.ui.ac.ir/article_16904_5a5f086e294927f6437cfd27d4ff57ef.pdf

University of Isfahan Financial Accounting Research 2322-3405 3 1 2011 05 22 An Analysis Impact of Privatization on Stock Market Development in Iran An Analysis Impact of Privatization on Stock Market Development in Iran 97 112 16905 FA H Rezaie Dolatabadi Assistant Professor of management Group of Esfahan University S Samadi Assistant Professor of Economic Group of Esfahan University H Naji Zavareh M. A management of Esfahan University Journal Article 2016 06 14 This research aimed to study privatization effect on enhancing development of stock market. Privatization is a financial and juridical process which governments use in order to reform economy and administerial system in country. According to privatization literary, meaning the purposes of privatization is to enhance guild effectiveness, proper distribution of earning, government miniaturization, empower the private branch, enhance stock market, increase competition and provide consumers revenue by entrusting the ownership and generalship of governmental political guilds to non-government branches in financial, economical and social-political ambits. The population of this research consists of all companies listed in Tehran’s stock market during the period of 1379 to 1387. Since this paper aims to study general state of stock market there is no need to select a sample. In order to evaluate effect of privatization on stock market development, according to spotted index, by using Perron test, proceed with probable structural break points in 9 dates, according to trend of privatization. Result of the research showed that privatization does not affect on stock market development. A reason of this finding could be Iran’s incorrect process of privatization This research aimed to study privatization effect on enhancing development of stock market. Privatization is a financial and juridical process which governments use in order to reform economy and administerial system in country. According to privatization literary, meaning the purposes of privatization is to enhance guild effectiveness, proper distribution of earning, government miniaturization, empower the private branch, enhance stock market, increase competition and provide consumers revenue by entrusting the ownership and generalship of governmental political guilds to non-government branches in financial, economical and social-political ambits. The population of this research consists of all companies listed in Tehran’s stock market during the period of 1379 to 1387. Since this paper aims to study general state of stock market there is no need to select a sample. In order to evaluate effect of privatization on stock market development, according to spotted index, by using Perron test, proceed with probable structural break points in 9 dates, according to trend of privatization. Result of the research showed that privatization does not affect on stock market development. A reason of this finding could be Iran’s incorrect process of privatization https://far.ui.ac.ir/article_16905_f9fea9dc0d44134b021b46ccb652d9f1.pdf

University of Isfahan Financial Accounting Research 2322-3405 3 1 2011 05 22 Study of the Effects of Liquidity Risk and other Effective Factors on Cross-Sectional Returns in Tehran Stock Exchange Study of the Effects of Liquidity Risk and other Effective Factors on Cross-Sectional Returns in Tehran Stock Exchange 113 124 16906 FA M Sayrani PhD. in Accounting from Tehran University R Hejazi Associate Professor of Al-Zahra University M Keshavarz Department of Accounting, Islamic Azad University, Mamasani, Iran Journal Article 2016 06 14   Given the importance of the relationship between risk and returns, the effect of liquidity risk and factors affecting risk such as: market risk or systematic risk, size, book to equity ratio and free float on cross-sectional returns, using FARM model is investigated. Our sample consists of 108 companies from listed companies in Tehran stock exchange. Required data for a period of 4 years (1383-1386) is collected. To test the research hypotheses, simple and multiple regression (step by step) techniques were used. Results show that market risk, size and free float have significant relationship with returns, but relationship between book-to-market ratio, liquidity risk and returns is not significant. Also, findings indicate that the relationship between systematic risk and liquidity risk is significant.   Given the importance of the relationship between risk and returns, the effect of liquidity risk and factors affecting risk such as: market risk or systematic risk, size, book to equity ratio and free float on cross-sectional returns, using FARM model is investigated. Our sample consists of 108 companies from listed companies in Tehran stock exchange. Required data for a period of 4 years (1383-1386) is collected. To test the research hypotheses, simple and multiple regression (step by step) techniques were used. Results show that market risk, size and free float have significant relationship with returns, but relationship between book-to-market ratio, liquidity risk and returns is not significant. Also, findings indicate that the relationship between systematic risk and liquidity risk is significant. https://far.ui.ac.ir/article_16906_aa47338b0c03a17a25e18533e3e0e6a6.pdf

University of Isfahan Financial Accounting Research 2322-3405 3 1 2011 05 22 The Systematic Risk Determinants in Tehran Stock Exchange The Systematic Risk Determinants in Tehran Stock Exchange 125 142 16907 FA A Saeedi * Assistant Professor of Taylor,s University, Malaysia M Ramsheh Department of Accounting, Fereydan Branch, Islamic Azad University, Fereydan, Iran Journal Article 2016 06 14   The purpose of this study is recognizing the determinants of equity systematic risk of listed companies in Tehran Stock Exchange using contingent claims modeling. For this purpose, theoretical model relating to determinants of beta is introduced. The determinants are presented in the form of three main group contain of company’s characteristics, growth option and risk free interest rate. Then to empirical test of this model 80 companies are selected from companies listed in Tehran Stock Exchange during 1997 to 2008. For hypothesizes testing, that are based on the theoretical model, this study uses multivariable regressions for pooled data . The results suggest that the determinants of systematic risk include operating income growth rate, operating income volatility, correlation between the market portfolio index and the company’s operating income, and growth option. In addition, results provide weak evidences that equity betas of highly leveraged companies may be nonstationary and volatile .   The purpose of this study is recognizing the determinants of equity systematic risk of listed companies in Tehran Stock Exchange using contingent claims modeling. For this purpose, theoretical model relating to determinants of beta is introduced. The determinants are presented in the form of three main group contain of company’s characteristics, growth option and risk free interest rate. Then to empirical test of this model 80 companies are selected from companies listed in Tehran Stock Exchange during 1997 to 2008. For hypothesizes testing, that are based on the theoretical model, this study uses multivariable regressions for pooled data . The results suggest that the determinants of systematic risk include operating income growth rate, operating income volatility, correlation between the market portfolio index and the company’s operating income, and growth option. In addition, results provide weak evidences that equity betas of highly leveraged companies may be nonstationary and volatile . https://far.ui.ac.ir/article_16907_2b6d3f66433cc934f2c787330d6a21f9.pdf

University of Isfahan Financial Accounting Research 2322-3405 3 1 2011 05 22 Evaluating performance of mutual funds by measures based on post modern portfolio theory and the relationship between their rankings with measures based on modern portfolio theory Evaluating performance of mutual funds by measures based on post modern portfolio theory and the relationship between their rankings with measures based on modern portfolio theory 143 160 16908 FA A Roshangarzadeh M. A Student of Accounting, Department of Accounting, Science and Research Branch, Islamic Azad University, Khuzestan M R. Ahmadi Assistant professor, Shahid Chamran University, Khuzestan Journal Article 2016 06 14   This paper investigates performance of mutual funds in Tehran Stock Exchange (TSE) by measures based on modern portfolio theory (e.g. Sharpe, beta, etc) and measures based on post modern portfolio theory (e.g. Sortino measure, Upside Potential Ratio, Downside Risk, etc) and compares the relation between ranking of them. For this purpose, we have used from data of 14 mutual funds during 1387-1388 period. Because the nature of this study is ordinal, we applied non parametric tests. The results of this research show that there is a positive relationship between ranking of measures based on modern portfolio theory and ranking of measures based on post modern portfolio theory, while this relation is not related to normal distribution return of mutual funds, it is related negative skewness distribution return of mutual funds, and that's why using measures based on post modern portfolio theory, is more reliable and efficient in comparison to measures based on modern portfolio theory.   This paper investigates performance of mutual funds in Tehran Stock Exchange (TSE) by measures based on modern portfolio theory (e.g. Sharpe, beta, etc) and measures based on post modern portfolio theory (e.g. Sortino measure, Upside Potential Ratio, Downside Risk, etc) and compares the relation between ranking of them. For this purpose, we have used from data of 14 mutual funds during 1387-1388 period. Because the nature of this study is ordinal, we applied non parametric tests. The results of this research show that there is a positive relationship between ranking of measures based on modern portfolio theory and ranking of measures based on post modern portfolio theory, while this relation is not related to normal distribution return of mutual funds, it is related negative skewness distribution return of mutual funds, and that's why using measures based on post modern portfolio theory, is more reliable and efficient in comparison to measures based on modern portfolio theory. https://far.ui.ac.ir/article_16908_9fb230c870cd0131bdedc0a55d39833a.pdf