Iranian Journal of Finance

Abstract Today, numerous studies have investigated the role and effects of intangible assets on companies' performance. The existence of extensive literature regarding the use of intangible assets as a competitive advantage, in addition to the importance of performance dimensions affected by these assets, is the focus of the attention of various researchers. Regarding examining the performance dimensions of banks, the CAMEL model can be a suitable basis for evaluating the effects of intellectual capital. Although there are many models for calculating intellectual capital, the added value of the intellectual coefficient is still one of the most common methods. Therefore, in the current research, the effects of intellectual capital (based on the calculation model of the coefficient of added value of intellectual capital) on the performance of banks (based on the CAMEL model) have been investigated. Also, the shape of the function (linear or nonlinear) has been investigated in this research. The results show that the value added of the intellectual capital coefficient in the ninth quantile has a significant relationship with the variable of capital adequacy. The form of the relationship is nonlinear and inverted U. This variable affects the quality of assets in the seventh to ninth quantiles, management in the eighth and ninth quantiles, income in the first and second and sixth to ninth quantiles, and liquidity in the first to fourth quantiles. The shape of the function is U, inverse U, and inverse U, respectively.

Abstract Behavioral finance is a new issue raised by some financial intellectuals over the past two decades and has been quickly addressed by professors, experts, and students throughout the world. Investigating the factors affecting investment decisions is carried out in the field of behavioral finance; in other words, the focus of behavioral finance is on the specific charac-teristics of human behavior and applying them in asset pricing. Empirically, pricing models rarely include psychological factors, but the noticeable point is that nowadays, researchers have found behavioral factors influencing empirical asset pricing models that can manipulate returns on asset mispricing. Behavioral asset pricing is the result of applying behavioral finance theories within traditional asset pricing theories. Thus, despite the existence of many asset pricing models, due to their weaknesses and lack of comprehensiveness, as well as the necessity of reviewing behavioral factors, this study aims to model asset pricing through behavioral models. Using the data from 141 listed firms in Tehran Stock Exchange over the years 2008 to 2017 and multivariate regression, this study is an attempts to model asset pric-ing through employing behavioral models and Fama-French approach. Using Fama-French approach, the results showed that accounting information risk, investors’ trading behavior, and investors' sentiment have a direct and significant impact on asset pricing.