Raja University
فصلنامه نظریه های اقتصاد مالی
2476-5724
1
1
2016
3
1
Technical Performance Evaluation Branch of Bank Melli Iran in Tehran on Stochastic Frontier Analysis
5
26
FA
Ahmad
Jafari samimi
Saeed
Karimi Potanlar
Kourosh
Azami
The Purpose of this Paper is to Analyze the Productivity of the Melli Bank Branches in Tehran in 1391 using a Translog Production Function and Stochastic Frontier Approach. To Measure Productivity in the Study of Technical Efficiency and Scale Efficiency is used for Different Branches. The Results Show that the Studied Branches, Branch Syed Smiling (Northern Branch) and the Social Security Branch (the Branch West) Had the Highest levels of Technical Efficiency at a Rate of 0/94. Branch of Susa (South Branch) Has the lowest level of Technical Efficiency Rate is 0/28. The Observations Showed that the Performance of North Tehran Branch of 0/85 and South Branches of the Average Performance of 0/78. Overall, the Average Performance of all Melli Bank Branches to 0/82 is Obtained. Other Results Show that Small Scale Production Function with Labor Bachelor's Degree or Higher than 0/40 Obtained Towards the Production of Other Inputs Maximum.
Raja University
فصلنامه نظریه های اقتصاد مالی
2476-5724
1
1
2016
3
1
Comparative Study of the Investment Funds Performance using Undesirable Risk Methods
27
48
FA
Hossein
Nikbakht
Davood
Shahbazi
Amad
Sadeghi
Alireza
Bahiraie
The comparative study of investment funds based on undesired Risks, provides subsequent performance evaluation for investors which is one of the most recent methods in these kind of studies. In this paper, all investment mutual funds of tehran stock exchange from 1387 to 1392, in 5 periods are evaluated. For this aspect, all 55 fund using spearman correlation test by MINITAB software have been performed. The results show that the further rankings of traditional and modern most recent method were similar and there is no significant difference between undesired risk technique and market risk and return performance measurement methods.
Raja University
فصلنامه نظریه های اقتصاد مالی
2476-5724
1
1
2016
3
1
Performance Evaluation of Decision Maker Units using Combining Approach Fazzy DEA –TOPSIS (Case Study : Petrochemical Companies Accepted in Tehran Stock Exchange)
49
74
FA
Maghsoud
Amiri
ali
Reiszadeh
Zahra
Seddighi Pashaki
One of the Challenges Facing Investors to Identify Companies with Better Efficiency and Lower Investment Risk that the requirements of this decision, just measure the performance of companies, ie the evaluation of the performance of decision making units. The aim of this study was to introduce and express a hybrid approach fuzzy DEA - TOPSIS is the decision-maker to assess the performance of this hybrid approach for performance evaluation and ranking of petrochemical companies active in the Tehran Stock Exchange is used. The results indicated that the combination of fuzzy TOPSIS DEA to recognize the best of the DMU from DMUs efficient, more effective than the classic DEA method, The results of this method because of the use of fuzzy numbers using data from the aspects of best, worst and average performance of the Company, with respect to certain of the integrity and reliability is more. Finally, after the evaluation and ranking of 12 petrochemical companies during the period of 3 years using this method, petrochemical companies Pardis and Amirkabir are the best and worst performers during the period under review have been allocated.in the end The correlation coefficient between the results obtained from the use of hybrid approach, with an average return on equity of each company in the study, to evaluate the reliability and accuracy of model results is used.
Raja University
فصلنامه نظریه های اقتصاد مالی
2476-5724
1
1
2016
3
1
Assessment of Three Variables Causality among Economic Freedom, Financial Development and Economic Growth in Iran (Period: 1973-2010)
75
106
FA
Sadegh
Bafandeh Imandoust
Mahdi
Ghaemiasl
Behnam
Elyaspour
Both of Financial development and economic freedom, are important factors affecting economic growth. This research seeks to answer the question of whether economic freedom and economic development can be the cause of economic growth in Iran or not? To answer this question, first using the Toda and Yamamoto (1995), bivariate causality between economic growth and each of the variables, economic freedom and financial development, was assessed in the period 1973-2010. Findings don’t establish causality between financial development and economic growth but economic freedom is cause of economic growth. According to this, in order to assessment of the financial development position as a channel for influencing causality relationship between economic freedom and economic growth (with oil and without oil), short-run, long-run and strong three variables causality is studied in the context of a vector error correction model (VECM). The results show that three is short-term strong causality between economic freedom and economic growth. So it could be consider financial development as one of the important aspects of channelization of the impact of economic freedom on economic growth that by providing the required fields in Iran’s financial system, create possibility of emergence of positive results of economic freedom.
Raja University
فصلنامه نظریه های اقتصاد مالی
2476-5724
1
1
2016
3
1
Testing Asset Pricing Model with Emphasis on Liquidity Risk in Tehran Stock Exchange
107
134
FA
Reza
Talebloo
Fatemeh
Hamidi
The aim of this study is to investigate the factors affecting the return on assets, particularly liquidity risk. In this study, given the importance of the relationship between risk and shareholder value, capital assets standard pricing models (CAPM) and the capital asset pricing adjustment (A-CAPM) to evaluate the effect of liquidity risk on stock returns for the period when Tehran Stock Exchange from 1385 to 1390 was examined. For this purpose liquidity risk analysis into three parts, and the effect of each of these aspects of liquidity risk on stock returns of the results of the study show that the coefficient of determination than the CAPM model A-CAPM standard. This pattern reflects the impact 1β covariance between liquidity risk and market liquidity risk is the expected return of the share. Factor 2β, shows the effect of the covariance between the returns on the expected return sheet securities and illiquidity market share and 3β shows the relationship between covariance sheet illiquidity of securities with market returns on expected return contribution. The results of this study show the significant risks and 3β 1β is estimated coefficients of respectively 57/10 and 94/3 are indicative 1β bigger impact than is 3β
Raja University
فصلنامه نظریه های اقتصاد مالی
2476-5724
1
1
2016
3
1
The Effect of financial Development on Income Distribution in Developing Countries
135
164
FA
Khled
Ahmadzadeh
Zahra
Zarouni
Saeedeh
Gowdini
Fair distribution of income is one of the major issues in economic policy. Therefore, the study of factors affecting are very important and in this regard financial development is an important factor affecting the distribution of income. This research intends to study the effect of financial development on income distribution in developing countries by income separation over the period (1990-2014), using panel data method.
The results suggest that the relationship between financial development and Gini coefficient among upper middle income countries is positive and significant and among down middle income countries is negative and significant.The impact of GDP growth and quasi money on the Gini coefficient on both income groups of developing countries is positive and significant and Inflation is negative, but not significant. In addition, the effect trade on income distribution is positive and significant.