درخت حوزه‌های تخصصی

In this paper we distinguish between operational risks depending on whether the operational risk naturally arises in the context of model risk. As the pricing model exposes itself to operational errors whenever it updates and improves its investment model and other related parameters. In this case, it is no longer optimal to implement the best model. Generally, an option is exercised in a jump-diffusion model, if the stock price either exactly hits the early exercise boundary or the price jumps into the exercise price region. However paths of the diffusion process are continuous. In this paper the impact of operational risk on the option pricing through the implementation of Mitra’s model with jump diffusion model is presented. A partial integral differential equation is derived and the impact of parameters of Merton’s model on operational risk and option value by operational value at risk measure is employed. The option values in the presence of operational risk on data set are computed and some of the results are presented.

The Iranian economy in recent years is due to the development of economic sanctions, a sharp decline in the price of oil and the deficit resulting from revenue - dependent on oil revenues and the trend towards tax revenues. While comparing the volume of the Iranian economy with the amount of tax income indicates the existence of a relatively significant tax gap. The tax gap is the difference between the collected taxes and the tax required by the law. The purpose of this study is to answer the question whether corporate governance is effective and strong on the relation between tax gap and future earnings changes? The statistical population of the research in Tehran Stock Exchange (TSE) firms and statistical sample consists of 120 companies in the period of 2007-2017. In order to test the hypotheses, multivariate regression using mixed data - data approach has been used. The results indicate that there is a significant inverse relationship between the tax gap and future earnings changes. It can be argued that increasing the difference between earnings accounting earnings can be associated with decreasing interest in the next year and less stability. On the other hand, significant positive relation between corporate governance is efficient and strong with future earnings changes. because corporate governance will ultimately lead to more sustainable future gains due to the decline of discretionary accruals in discretionary accruals. It is also reinforced by the effect of the tax gap on future earnings changes in firms that have efficient corporate governance, and this effect is only seen for a year later. And is not effective for the second and third years.

The present study aims to investigate the association between political connections and related-party transactions for the firms listed on the Tehran Stock Exchange (TSE). Sample includes the 485 firm-year observations from companies listed on the Tehran Stock Exchange during the years 2013 to 2017 and research hypothesis was tested using multivariate regression model based on panel data.We find that political connections are negatively associated with related-party transactions. In other words, politically connected firms are less inclined to exercise opportunistic behaviours by related-party transactions in comparison to other firms. Moreover, additional analysis reveals that the negative relationship between political connections and related-party transactions is more pronounced in larger firms.Our findings not only extend the extant theoretical literature concerning the stock political economy in developing countries including emerging capital market of Iran, but also help investors, managers, capital market regulators, policy makers and accounting standard setters to make informed decisions.

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.