درخت حوزه‌های تخصصی

One of the features of a financial market, the stock market, in particular, is the market sentiment which is the overall attitude of investors toward a particular security or financial market. Investors always seek to create a portfolio with minimum risk while maintaining the expected return level. Therefore, perceiving the relationship between the stock returns and markets returns can be helpful for investors to create an optimal portfolio. On this basis, the present study aims at investigating the Dynamic Conditional Correlation (DCC) between the returns on the domestic markets (industry stock market and exchange rate) and foreign markets using monthly data of oil and base metals including total metals, copper, steel and returns on the stock price index in Iran during March 2001 to April 2017 using the Dynamic Conditional Correlation Fractionally Integrated Asymmetric Power ARCH (DCC-FIAPARCH) approach. The obtained results indicate a statistically significant and positive DCC coefficient between metals, industrial products, and copper returns with the stocks returns. Consequently, it is not possible to put each of these assets with the stocks in an identical situation (purchase or sale), but instead they should be always situations for risk control. However, in connection with other markets, DCC is not significant; accordingly, assets can be placed in the investment portfolio together with the stocks.

Good implementation of corporate governance principles is considered as an important component for stability and soundness of a financial institution. An extensive body of literature has reviewed the effects of corporate governance on the performance of corporations. The majority of these studies have found more corporate values for implementing the principles. Therefore, the assessment of compliance with corporate governance principles is a critical factor for external inspectors to ensure long-term sustainability of any economic organization. Based on these, this research aims to introduce a mechanism for assessing corporate governance in Iranian banks. This mechanism helps to calculate points for ranking of any banks compared to other banks and with regard to the compliance with four corporate governance principles: accountability, responsibility, transparency and fairness. To this end, and based on corporate governance principles, a set of measurements, elements and sub-indices have been introduced that some of them are estimated. The value domain for each of sub-indices is determined with respect to the published information by the bank. This paper has introduced 153 sub-indices, 17 elements and 3 measures that explain corporate governance. These are all valued and altogether in the form of a suitable model, make possible to calculate the Corporate Governance Index (CGI) in a usury-free bank.

The capital market in each country is considered as the most important part of the economy and its fluctuations may reflect the economic situation of the country. In this paper, the hypothesis of convergence of stock market price indices in Asian countries during the period from January 2007 to February 2017 is investigated using cluster analysis method. The results show that there is no evidence of overall convergence among countries. However, there are three converging clusters between stock markets while the Jordanian stock market forms a non-convergent cluster. These findings should assist portfolio managers in the design and implementation of appropriate portfolio management strategies. Regulatory authorities can also benefit from the design of financial regulation.

Measuring the dynamic relationship between banking and industries with systemic importance has attracted much attention after the recent financial crisis. This paper examines the dynamic conditional correlations and volatility spillover using three popular multivariate GARCH models in the twelve-year period (from the beginning of 2005 to the beginning of 2016) among the fourteen systemically important industries in Iran’s capital market. The purpose of this study is to understand and identify the volatility spillover between industries to predict financial fluctuations, as well as policy decisions and risk management. The results of this study confirm the spillover between “Banking” and the five industries of "Basic Metals", "Industrial Multidisciplinary", "Investments", "Computers", and "Transportation & Warehousing". There is also an asymmetric spillover between “Banking” index and the "Chemical Industry", the "Extraction of Metal Ores", "Pharmaceuticals" and "Communications Devices". The results are used for mapping fundamental analysis and risk programming.

A bank as a business units needs to have liquid assets which can be easily converted into cash at short notice. Thus the concept of liquidity risk management is important for any commercial banks. The impact of liquidity position in management of banks have remained significant, though very elusive in the process of investment analysis vis-à-vis bank portfolio management. In addition, liquidity risk management affects banking performance. In this paper, according to existing theoretical and empirical literature, the suitable system for measuring liquidity risk management is defined. Then, the effect of liquidity risk management on the profitability and survival of banks has been investigated. For this purpose, a model is estimated using panel data method and the financial statements of banks for the period 2005-2017. The results of the study show that there is a significant relationship between risk management and profitability and bank survivability. As poor liquidity risk management reduces the profitability and survival of banks.

Comprehensive and reliable conceptual definition of concepts can be considered as the first step toward managing the phenomena based on those concepts. Spiritual tourism is a multidimensional phenomenon with different mixed concepts such as spiritual experience, spiritual tourist, achieving spirituality through tourism, deepening and institutionalizing spirituality perception (experience), training and learning spirituality (spiritual experiences), development planning, spiritual tourism economics, and spiritual tourism marketing. The mentioned concepts are formed in dialectical models that are influenced by disciplines such as geography, history, economics, management, religion, and mysticism. Regardless of the level and the type of combination of concepts, the definition of these concepts may be different in various paradigms due to the differences in assumptions, ontology, epistemology and methodology of different paradigms. Such a different even makes the spiritual tourism’s definition process more difficult. Spiritual tourism has already common definitions in literature that are not formally classified based on various paradigms’ assumptions; and have not been specified by the tourists under which paradigm that they are formed. Therefore, in this paper, the concept of spiritual tourism is reviewed from the perspective of different paradigms such as positivism, critical romanticism, post-modernism, critical realism, and pragmatism and new definitions are extracted. Based on the results of this article, the passage from abstract concepts to operational concepts in the field of spiritual tourism has been smoother. Besides, a more sustainable vision has been created about how to create and disseminate knowledge in the field of spiritual tourism. Hence, the main aim and contribution of this article is to extract the different conceptual definitions of spiritual tourism in different paradigms, in order to provide a reliable paradigm conceptual definition of tourism spiritual. The present paper concluded that a reliable and comprehensive definition of spiritual tourism can be provided in Pragmatism Paradigm framework.  This pragmatic definition can be used as a base for future planning, management, marketing, and other operational and administrative applications.