درخت حوزه‌های تخصصی

Two main issues occurring in the economy and largely affecting stock prices are uncertainties and asymmetric information which are influenced by many factors, and along these factors, affect the stock prices. In this study, using Cox, Ingersoll & Ross (CIR) model, we tried to investigate the relationship between theoretical price and stock price under the conditions of uncertainty and asymmetric information. Then, using the GLS panel method, the stock price relationship with these variables and the factors related to the firm performance, economic factors and industrial factors were investigated in Tehran stock exchange. The results indicated that a large part of stock price changes can be explained by two variables of uncertainty and asymmetric information, while other factors had significant effects on stock prices. The difference was that the factors related to the firm's performance and industry index had a positive effect and the macro-economic factors had a negative effect on stock prices. Finally, according to CIR model, asymmetric information and uncertainty in market ‎lead to delays in stock price adjustment, which can affect quality of corporate ‎governance principles‏.

Domestic pharmaceutical industry, as one of the strategic high-technology industries, has a significant impact on individuals’ health. Despite its success in providing maximum medicine domestically, the industry, with its more than 110 active manufacturing companies in the form of semi-governmental holdings, private companies, and agile knowledge-based companies, faces challenges at the policy and operational levels. The challenges, situations, and some strengths of the industry would be identified in the present study using the scientific research method. To identify and review the challenges and status and also to explain the improvement strategies, in-depth interviews with 8 experts in the pharmaceutical industry in senior management positions in the manufacturing industry, regulators, and related syndicates planned and qualitative content analysis method using MAXQDA 2020 software platform applied to identify the challenges, situations, and strengths of the industry. According to the qualitative content analysis, challenges related to inappropriate policy-making, limited financial resources, and inappropriate pricing policies in the industry have been identified as the most important obstacles versus industry development, and on the other hand, the maximum supply of medicine in the country, appropriate knowledge  base and desirable quality of some products are listed as strengths of the industry. Efforts to reform macro policies and industry strategies at the policy and regulatory levels, including private sector development, commitment to quality improvement, and the development of new pricing methods, are among the most important future solutions to cope with the challenges of the industry.