A Model for Cash Flow forecasting in Iranian Companies
Ali
Saghafi
عضو هئیت علمی گروه حسابداری دانشگاه علامه طباطبائی
author
Fatemeh
Saraf
عضو هیأت علمی دانشگاه
author
text
article
2014
per
An economic unit's life, largely depends on its cash flows and balance between available cash and needs of cash, is the most important factor in the economic unit’s health. Since the liquidity situation is the basis for judging of many stakeholders like investors ,creditors, analysts and other users about the economic situation, predicting future cash flows are of great importance.
The purpose of this study is the comparison of Random Walk and Accrual Reversal model to prediction operating cash flow and examine some of firm’s characteristics that impact predicting models. For this reason, a sample of 1663 year/company among the list of Tehran Stock Exchange firms during the years2001-2011were examined.
The findings indicate that the Random Walk model ,in comparison with Accrual Reversal model, can predict operating cash flow, better. However, the results showed that, the companies that government had influenced them, the Accrual Reversal models are more suitable to estimate future cash flows.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
6
v.
21
no.
2014
4
23
https://www.iaaaar.com/article_104395_6cbcad7be3214abf6fd38be17d30b17a.pdf
dx.doi.org/10.22034/iaar.2014.104395
Board of director's attitudes and financing methods relation of listed companies of Tehran Stock Exchange
Shokrollah
Khajoy
دانشیار حسابداری دانشگاه شیراز
author
Abolfazl
Gorgani Firozjah
دانشجوی ارشد حسابداری دانشگاه شیراز
author
text
article
2014
per
The goal of this research is to investigate the relation between board of directors’ attitudes and financing methods of listed companies of Tehran Stock Exchange. This research population includes 65 listed companies of Tehran Stock Exchange during 2004-2011. The multivariate linear regression analysis is used to hypotheses testing. Results of research hypotheses testing indicate that there is a significant negative relation between the board of directors’ size and internal financing. Moreover, there is a significant negative relation between board of directors’ independency and the board of directors’ ownership percent with external financing either. On the other hand, research results show that there is significant statistical relation between board of director independency and the board of directors’ ownership percent with external financing and a similar relation between the board of directors’ size and external financing. Results of control variables demonstrate that there is a significant positive relation between firm size and internal financing and a significant negative relation between firm life time and financial leverage with internal financing. Also, results show that there is a significant positive relation between the firm size, firm life time and financial leverage with external financing.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
6
v.
21
no.
2014
24
37
https://www.iaaaar.com/article_104396_5c9bddebd5b95c247031e2ff82dc1bd3.pdf
dx.doi.org/10.22034/iaar.2014.104396
Review of the Relation of Auditor’s Size, Tenure & Industry Specialization with Stock Liquidity
Ali
Ebrahimi Kordlor
استادیار دانشکده مدیریت، دانشگاه تهران، ایران
author
Salman
Rahmati
کارشناس ارشد حسابداری، دانشکده مدیریت، دانشگاه تهران، ایران
author
text
article
2014
per
The main purpose of this paper is to investigate the relationship between Auditor’s sizes, tenure and industry specialization with stock liquidity. Pervious literature shows that auditor’s size, tenure and industry specialization are correlated with audit quality and audit quality is correlated with information asymmetry and stock liquidity. So it is expected that auditor’s size, tenure and industry specialization have relationship with stock liquidity. In order to review this relation, we used the Amihud’s illiquidity measure and liquidity rank measure as dependent variables separately. The data related to independent variables (Auditor’s size, tenure and industry specialization) is gathered from audited financial statements and to calculating industry specialization; the market share approach was used. Multivariate regression method and Eviews software package was used to review the hypothesis.
Results of the review of 102 firms from1385 to 1389 (510 firm-years) show that Auditor’s size has a positive relation with stock liquidity, and if the reverse of Amihud measure was used as the dependate variable, auditor’s tenure has a positive relation with stock liquidity. Auditor’s industry specialization has no significant relation with stock liquidity, too.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
6
v.
21
no.
2014
38
51
https://www.iaaaar.com/article_104397_65bbacde18c5386bf0c859c1976d8e60.pdf
dx.doi.org/10.22034/iaar.2014.104397
Consolidated and parent company earning management: an Exprimental Study
Mohammad Javad
Saie
استادیارگروه حسابداری دانشگاه فردوسی مشهد
author
Mehdi
Abdi
کارشناس ارشد حسابداری – دانشگاه فردوسی مشهد
author
text
article
2014
per
The earing is an important criterion of evaluation and decision making for the user of financial statements.This importance is one of the resons for earnings management.The focus of this research is to find a response to this question: Whether the earnings management in the consolidated financial statements is diferent from that in the parent company financial statements?
We find that, in total sample and in industry level, earnings management is existed in both of the financial statements. At total sample, the test of difference in earnings management indicate that, earnings management in parent company financial statements is more than the consolidated financial statements. Although, the test of difference, at industry levels, show inconsistency in results.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
6
v.
21
no.
2014
52
67
https://www.iaaaar.com/article_104398_2146092b53cf14f50b8b8de556b17a84.pdf
dx.doi.org/10.22034/iaar.2014.104398
The Effect of Accounting and Market Variables Asymmetry Information on the Common stock Cost of Capital
Abdollah
Khani
استادیار گروه حسابداری و مدیریت مالی دانشگاه اصفهان
author
Ziba
Ghajavand
مربی مؤسسه آموزش عالی صنعتی فولاد، فولادشهر، اصفهان، ایران
author
text
article
2014
per
This paper examines the effect of accounting variable and market variables on the cost of stock capital in Iran. The accruals are used as the accounting variable and the bid-ask spread and also the adverse selection component of the bid-ask spread is used as the market variables. The sample research contains 70 active corporations in Tehran Stock Market (TSE). The Fama and French model [1993]is used for data analyzing. Overall, our results show that the market variables have positively effect on the cost of stock capital but, the accounting variable has not the effect.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
6
v.
21
no.
2014
68
85
https://www.iaaaar.com/article_104399_d19b2cb9b3f70c7a321af865aebbbe11.pdf
dx.doi.org/10.22034/iaar.2014.104399
The Study of Relationship between Accruals Persistence & Return on Stock
Majid
Azimi Bancheshmeh
عضو هیئت علمی دانشگاه آزاد اسلامی مبارکه
author
text
article
2014
per
This paper investigates the relationship between accruals persistence & return on stock (ROS) with a balance sheet approach. I use a comprehensive definition of accruals that represent the change in all non-cash assets less the change in all liabilities. Scott et al. proved that the accrual component of earnings is less persistence than the cash flow component of earnings. If investors do not fully anticipate the lower earnings persistence, it may lead to significant security mispricing. If investors understand the implications of accrual persistence, ten there should be no relation between accruals & future abnormal stock returns. However, if investors naively fail to anticipate the lower persistence of the less persistence accrual components, there were will be a negative relation between these accrual components & future abnormal stock returns. Our population includes listed companies in Tehran Stock Exchange (TSE) for the period 1380 to 1387. We analyzed a sample of 141 companies. My findings don't confirm a negative relation between these accrual components & future abnormal stock returns.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
6
v.
21
no.
2014
86
99
https://www.iaaaar.com/article_104400_edbc98dea917598db8808f8c362938fc.pdf
dx.doi.org/10.22034/iaar.2014.104400
Earnings per Share forecasting models using MLP and RBF Neural Networks on the listed firms in Tehran Stock Exchange (TSE)
Abdollah
Pakdel
گروه حسابداری دانشگاه آزاد اسلامی واحد اردبیل، اردبیل ایران
author
Abbasali
Daryaie
دانشجوی دکتری حسابداری دانشگاه شیراز، شیراز ایران
author
Hossein
Amini
کارشناس ارشد حسابداری و حسابدار رسمی
author
Seyed Mohammad
Moshashaie
کارشناس ارشد حسابداری، دانشگاه تربیت مدرس، تهران ایران
author
text
article
2014
per
Earnings per share (EPS) are one of the important financial ratios that is considered by manager, investors and financial analysts. It is usually used in investment decisions, profitability evaluation, profit risk, and stock price estimation. Therefore, EPS forecasting is an important and an attractive task for manager and investors. This research proposes a model for forecasting earnings per share using a multi-layered perceptron(MLP) neural network and radial basic functions(RBF) neural network and compares estimation accuracy of 2 models using performance criteria.For this purpose, we used 630 listed firms in Tehran Stock Exchange (TSE) in the period of 2003-2009. The results show that the MLP model is significantly more accurate than the RBF model.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
6
v.
21
no.
2014
100
115
https://www.iaaaar.com/article_104401_e265238768c55c3fec473a47bbf95078.pdf
dx.doi.org/10.22034/iaar.2014.104401
Disclosure of Intellectual Capital in Financial Reporting of firms which listed in Tehran Stock Exchange
Hoda
Hemati
عضو هیات علمی دانشگاه آزاد اسلامی واحد رودهن، گروه حسابداری، رودهن
author
Arezo
Jalili
عضو هیات علمی دانشگاه آزاد اسلامی واحد آیت الله آملی،گروه حسابداری، آمل، ایران
author
text
article
2014
per
These days, intellectual capital is one of important resources for firms in knowledge-based economy. There is a difference between market value and book value of firms, which called unexplained gap. If investor has access to information that explained this gap, it can lead to better economic decisions than investors who do not have access this information. Disclosure of intellectual capital component s’ in annual reports, can be partly explain this gap.
This paper aims to examine intellectual capital reporting in annual reports and determine the relationship between intellectual capital reporting and size, industry and partnership of firms.
In order to determine the types of intellectual capital items which reported in annual reports, the content analysis method was used. To test the relationship between disclosure of intellectual capital and firm’s industry, Kruskal Wallis Test was conducted.
The sample of paper consists of 50 companies which listed in Tehran stock exchange for consecutive years 1387 and 1388.
The findings showed that in 1387, external capital and in 1388, human capital had more reporting. There is a significant relationship between intellectual capital reporting and size of firms.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
6
v.
21
no.
2014
116
127
https://www.iaaaar.com/article_104402_90b6ee11d3b8eb52eb7b2d56ef5cfb46.pdf
dx.doi.org/10.22034/iaar.2014.104402
Comparison of neural networks and Auto regression performance in prediction of Dividend and Price Index
Moloud
Familian
عضو هیات علمی دانشگاه شریعتی
author
Sima
Yazdani
دانشجوی دکتری حسابداری دانشگاه تهران
author
text
article
2014
per
This paper present two models for short and long term stock price forecasting using Artificial Neural Networks and Vector Auto regression analyses as complementary methods. Presented models also will be able to forecast the stock price of future day. The models forecast the stock price of future day with using of previous stock price information. In presented models, it is possible to use the calendar parameters, like the day of week, special days and etc to forecast the stock price. A major contribution of this work is the resulting time-delayed artificial neural network model that allows stock return predictions and is particularly useful as an investment decision support system for hedge funds and other investors, whose portfolios are at risk of losing market value.
After designing mentioned models, and specifying construction of multi-layer perception neural network, designed network is trained using available data. Presented method for training the perception neural network is, Error back propagation algorithm, which has variable learning rate and momentum factor, and also is fast. Finally, the models have been applied on Tehran-stock Exchange Price Index (TEPIX) and Tehran- stock Exchange-Dividend and Price Index (TEDPIX) and result are compared together and advantages and disadvantages of these models are described. The results show validity of presented models.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
6
v.
21
no.
2014
128
140
https://www.iaaaar.com/article_104403_5e37f19e20f94cc37e57f245381f5faa.pdf
dx.doi.org/10.22034/iaar.2014.104403