Seyedeh Fatemeh Hosseini; Hassan Mafi; Reza Shakeri Bostanabad
Abstract
High transaction costs have been cited as limiting access to credit in developing countries. This issue is much more critical for knowledge-based companies due to their position in accelerating economic growth and the particular characteristics of these companies. Therefore, this research aims to evaluate ...
Read More
High transaction costs have been cited as limiting access to credit in developing countries. This issue is much more critical for knowledge-based companies due to their position in accelerating economic growth and the particular characteristics of these companies. Therefore, this research aims to evaluate the transaction cost of financing knowledge-based companies from an official fund in Iran that provides financial support for innovations and technologies. The data was collected through interviews and questionnaires in a sampling of knowledge-based companies in 2022. In this study, after calculating the transaction costs of financing, the effect of the factors affecting it has been investigated. The investigated sample was 123 companies from the fund's customers. The results showed that, on average, the ratio of transaction cost to the facility, transaction cost rate, total cost rate (transaction cost and interest rate), and the ratio of transaction cost to interest rate are equal to 3.33, 7.04, 15.66, and 0.81, respectively. Based on the results, the facility amount, the number of payment steps, the distance between the request for the facility and the contract, the interest rate, and dummy variables for the type of facility have a positive and significant effect on the transaction cost
Abbas Ali Daryaei; Pedram Azizi; Yasin Fattahi
Abstract
The purpose of this paper is to focus on examining the impact of conservatism on IPOs underpricing and then examine the role of audit quality as a moderating variable in the relationship between conservatism and IPOs. Based on financial-behavioral theories, analyses are conducted of data from a sample ...
Read More
The purpose of this paper is to focus on examining the impact of conservatism on IPOs underpricing and then examine the role of audit quality as a moderating variable in the relationship between conservatism and IPOs. Based on financial-behavioral theories, analyses are conducted of data from a sample of Tehran Stock Exchange (TSE) listed companies for the fiscal years 2008–2017 (i.e. 230 firm-year observations). Correlation and regression analyses are performed to evaluate possible associations between conservatism and initial public offerings (IPOs) underpricing with regard to audit quality. There is a negative significant relationship between conservatism and IPOs underpricing, i.e., it reduces IPOs underpricing. Also, the research results indicated that the auditing quality cannot moderate the relationship between conservatism and IPOs underpricing in Iran’s stock market. This conclusion may be explained under the winner’s curse theory. Accordingly, informed investors do not request to purchase unattractive stocks, and uninformed investors demand and obtain all the unattractive stocks since there is no competition between informed and uninformed investors. A limitation of this paper is the number of firms, which for future studies needs to be considered. This research is expected to contribute comprehensively to expanding the theoretical foundations and increase audience knowledge of the underpricing of initial public offerings (IPOs). It is also expected that the results of the study will: 1. determine the underpricing of IPOs in Iran during the research period; 2. document the role of conservatism in reducing underpricing of IPOs; 3. potentially prevent inappropriate pricing of new stocks. Furthermore, the findings of this study suggest that the application of financial-behavioral theories calls for more inquiry.
Neda Ranjandish; Marjan Damankeshideh; Houshang Momeni Vesalian; Majid Afsharirad
Abstract
The mutual relationship between monetary and fiscal policies and value at risk is one of the most important topics in the financial economics literature and accounts for the vast majority of empirical studies. Therefore, the main objective of this paper is to investigate the effects of monetary and fiscal ...
Read More
The mutual relationship between monetary and fiscal policies and value at risk is one of the most important topics in the financial economics literature and accounts for the vast majority of empirical studies. Therefore, the main objective of this paper is to investigate the effects of monetary and fiscal policies on conditional value at risk in the financial sectors of the stock exchange, bank and insurance during the years 1995-2017. For this purpose, by quantile regression method and in the form of Adrian and Brunnermeier approach, the conditional value at risk of these three financial sectors is estimated and then by using the seemingly unrelated regression equation approach in panel data evaluated the effect of liquidity money variables. The interest rate on facility payments, the real exchange rate, the government's budget deficit, real GDP growth, and the degree of economic openness are subject to conditional risk. The results of the model estimation indicate the significance of the effect of liquidity money, interest rate on facility payments and real exchange rate variables on conditional value at risk in each of three relevant equations, and real GDP growth variable in the model, Exposure to the conditional value at risk of the insurance sector has a negative and significant effect. Also, the degree of openness of the economy in any of the three estimated equations has no significant effect on the conditional value at risk.
Zahra Haeri Nasab; Kiomars Sohaili
Abstract
The Stock Exchange is a private sector savings and liquidity fund to fund long-term investment projects. The indicators of this market are influenced by several factors, one of which are economic variables. Banks are also one of the most important investors in the financial market. In this study, the ...
Read More
The Stock Exchange is a private sector savings and liquidity fund to fund long-term investment projects. The indicators of this market are influenced by several factors, one of which are economic variables. Banks are also one of the most important investors in the financial market. In this study, the effect of exchange rate, bank interest rate, liquidity and inflation rate on stock price index using time series data of 1978-1988 and using equation system model of four equations of the stock price index, inflation rate, profit rate Deposits, and facility interest rates were estimated using the three-stage least squares method. The results showed that the effect of the exchange rate, deposit interest rate and positive liquidity volume and the effect of inflation rate on stock price index was negative. Other equations have been estimated because of the relationship between the bank interest rate and inflation rate, and the results show that both deposit interest rate and facility interest rate have a positive relationship with the inflation rate