مهرداد قنبری

Based on IFRS laws, British companies have started providing their reporting systems according to International Standards Requirements regarding disclosing their financial derivatives since January 2005. In 2013, Iran revised its Accounting Standard No. 15 to include the derivative instruments. The present study aims at investigating the effect of this revision on financial derivatives and instruments, and the effect of earning management on the relationship between the level of financial derivatives and instruments and risk-adjusted discount rates. From generalized least squares regression panel data, it was found that based on the first hypothesis, the companies which disclose their financial instruments based on No. 15 internal standard have a lower risk- adjusted discount rate, implying an increase in profit and a price rise in the markets. The findings also confirmed the second hypothesis, attesting to the effect of earning management on the relation-ship between financial derivatives and instruments disclosure and excess return. Findings of the research third hypothesis represent that there is a direct meaningful relationship between disclosure level of financial instruments and company value. So, it can be concluded that instruments` disclosures and financial derivatives can decrease risk-adjusted discount rate and increase companies` values in terms of standard number 15.

The intensity of competition in business markets is to the extent that even the slightest strategic mistakes will lead to the failure of the organizations. The lack of knowledge and implementation of appropriate competitive strategies in such markets and, on the other hand, the failure to review the effects of these strategies on the types of cash flows in diverse capital structures is no also an exception to this rule. The subject of this study is to design and explain the affectivity model of types of cash flows in a diversified capital structure based on the type of strategy. The present study is an applied one in terms of objective, a quantitative one in terms of data type and a descriptive survey one regarding how to conduct. The statistical population consisted of all companies listed on the Tehran Stock Exchange during 2013 to 2017, among which 139 companies were selected as the sample by systematic elimination method. The statistical method used is the panel data method and fitting the regression models has been conducted using the same data. The results indicated that there is no significant difference between the effect of the differentiation strategy on the cash flow of accounting and cash flows to equity in companies that have a debt-based capital structure with companies whose capital structure is based on equity.

Information is like a strategic decision-making tool in which the quality of decisions will merely depend on the information used at the time of making those decisions. The purpose of this research is to assist individual investors in Tehran Stock Exchange by providing them a logistic model enabling them to predict their trading behavior. The data in this research has been collected from the statistical population of the study through variables, believed to have effects on the investors' process of decision making. Therefore, in order to achieve the statistical data, 2400 transactions in the form of 100 transactions, including buy and sell of stock shares from March 2017 until February 2019 have respectively been collected as samples. Based on the results of the logistic regression test, the behavior of institutional investors, as well as the volume of stocks traded have a significant positive impact on the behavior of individual investors (the probability of buying shares by them) versus the Beta, earnings per share, and dividends per share that have a negative effect on the probability of purchasing shares by individual investors. The analysis of the results suggests that individual investors are mainly subject to collective behavior which in particular is the same behavior of institutional investors. On the other hand, they tend to invest in stocks with low beta (defensive stocks) along with factors such as earnings per share and dividends per share which have less impact on the probability of stock purchases by individual investors.

Nowadays, predicting the financial behavior of investors plays a crucial role in decision-making and the financial policy-making process. This study is aimed at providing a paradigm to predict the financial behavior of investors in Iran’s stock market. 24 experts were interviewed to identify the variables, and 24 variables were identified. The interpretive structural paradigming was carried out using a self-interaction matrix based on the experts’ opinions. The MICMAC analysis has been used to identify the types of the variables. As findings of the study, a five-level paradigm was determined, in which environmental factors and the background of financial behavior on the fifth level were the most influential variables and also arbitrage, bias, and the perceptual mistake were the most impressible variables of the paradigm on the first level. MICMAC analysis of this study suggested that the variable of environmental factors had low dependence and high efficacy. Furthermore, psychological projection, perceptual mistake, arbitrage, and bias are dependent variables with high dependence and low efficacy. Other variables are mediator variables with high dependence and effectiveness.