درخت حوزه‌های تخصصی

High transaction costs have been cited as limiting access to credit in developing countries. This issue is much more critical for knowledge-based companies due to their position in accelerating economic growth and the particular characteristics of these companies. Therefore, this research aims to evaluate the transaction cost of financing knowledge-based companies from an official fund in Iran that provides financial support for innovations and technologies. The data was collected through interviews and questionnaires in a sampling of knowledge-based companies in 2022. In this study, after calculating the transaction costs of financing, the effect of the factors affecting it has been investigated. The investigated sample was 123 companies from the fund's customers. The results showed that, on average, the ratio of transaction cost to the facility, transaction cost rate, total cost rate (transaction cost and interest rate), and the ratio of transaction cost to interest rate are equal to 3.33, 7.04, 15.66, and 0.81, respectively. Based on the results, the facility amount, the number of payment steps, the distance between the request for the facility and the contract, the interest rate, and dummy variables for the type of facility have a positive and significant effect on the transaction cost

As a trading strategy, pairs trading is performed based on the arbitrage opportunities extracted from statistical models. It is an outcome of the distance between an asset pair and the equilibrium state. Consequently, selecting a pair with the potential to form long-term relationships and reverting to the mean is the main challenge associated with pair trading. Cointegration is one of the most famous statistical tests for selecting a pair's trading. The present study uses Empirical Mode Decomposition (EMD) to decompose the time series of an asset pair price into its constituent elements (intrinsic mode functions). This study examined the property of cointegration across different levels and the corresponding levels of 2- time series to find the cointegration pairs in different decomposition levels and finally examine the resulting profitability. To this end, the profitability of the pairs trading system related to 14 stocks of the Tehran Stock Exchange throughout 2012-2021 was investigated based on EMD. The results showed that the outputs are pretty noticeable for the first level of decomposition (the first intrinsic mode function), and the number of trading opportunities increased by more than two times compared to the normal pair trading with cointegration; the daily returns increased by four times; and the Sharpe ratio increased by about two times compared to the normal pairs trading. The system formed based on the second mode function also outperformed the normal cointegration, and the performance of the third intrinsic mode function is almost on par with that of cointegration. Moreover, the mean transaction duration decreased remarkably in the first and second mode functions.

Holding companies collect funds from subsidiaries and allocate them to important areas (Internal Capital Market). Managers of holding companies have the ability to transfer funds between subsidiaries. Some specific orientations cause the non-optimal allocation of financial resources. One of the concerns of investors is investing in companies where transparency is fully implemented. Companies are trying to achieve this by implementing corporate governance mechanisms. In this research, using a systematic review method, the dimensions of corporate governance were extracted with the stakeholder theory approach. Finally, in order to examine the question of whether the managers of holding companies consider the interests of all stakeholders when using the internal capital market or not, according to the assumptions of the research, the dimensions of corporate governance on stakeholders have been investigated. To investigate this relationship, a set of questions based on Likert scale about the measured variables of the target society was designed. After data collection, finally, data analysis was done by statistical method using SPSS software and structural equations using SPLS software, and the results of path analysis and causal relationships between the research variables were interpreted in the conceptual model. The data analysis also showed that the value of the path coefficient, the effects of dimensions and components of corporate governance and stakeholders, is a positive value. The null hypothesis of the research is rejected and the opposite hypothesis is confirmed. This shows that there is a relationship between the effects of corporate governance dimensions and stakeholders. The direct effect value indicates a strong and high effect size. As a result, the interests of all stakeholders should be considered.

Corporate integrity is considered as part of the company's development strategies, which in the long run can lead to the increased firms' financial transparency to stakeholders. The purpose of our study is to present a corporate integrity model and, then to investigate its effect on firms' information asymmetry. In this study, to measure the corporate integrity, we use Meta-synthesis and Delphi analysis in the qualitative part. Then, in the quantitative section, the corporate integrity questionnaires were sent to the managers of the sample firms. Subsequently, a total of 138 questionnaires were completed and sent back, which were used as the final samples for analysis. In addition, information asymmetry is measured using the three different proxies, namely bid-ask spread, turnover, and Amihud illiquidity measure. Our findings show a significant and negative effect of corporate integrity on information asymmetry. This results suggest that corporate integrity, by promoting behavioral values based on truthfulness and commitment, the structures will enhance the corporate governance mechanisms and, thereby, firstly motivate the managers to reduce the agency gap and, secondly, implement a more effective level of the supervisions on the firm's performances in front of the stakeholders by accelerating the circulation of information and giving timely and reliable feedback to the stakeholders. This is the first study that presents a corporate integrity model through qualitative analysis and then, investigates the effect of corporate integrity on firms' information asymmetry. Therefore, our study can contribute to the extant literature of this context.

Today, choosing the suitable model for determining the portfolio of investment in financial assets is one of the critical issues of the attention of analysts and capital market activists, and investing in a portfolio consisting of mutual investment funds is the same. With this statement, the purpose of the article is to evaluate and compare the net assets value (return) of the Federation of Asian and European Stock Exchanges (FEAS) member countries by using support machine models in comparison with statistical models. The statistical and sample population included the data of 39 selected traded funds and FEAS members from 12 selected countries (including Iran) between 2014 and 2021. The data related to the mentioned funds were classified and analyzed using spss-modeler, rapid miner, and Weka software. They were tested with 24 support machine methods and 11 statistical methods, and the results showed that the prediction accuracy of statistical models is lower than that of support machine models. The Mann-Whitney test was used to determine the significance of this difference. Also, the results show that at the 95% confidence level, it can be claimed that the prediction accuracy of machine learning models is higher than statistical models. The average rating of machine learning models was (20.86) much higher than statistical models (10.85).

Using appropriate policies to overcome food insecurity is one of the pillars of economic prosperity of countries. Economic decisions that change macroeconomic parameters can directly or indirectly affect food production and prices and affect food security. Therefore, achieving a clear understanding of how macroeconomic policies affect different dimensions of food security in the country can lead to providing solutions to improve the food security index. In this study, a framework of simultaneous equations is presented in order to investigate the relationship between monetary and financial policies with food production and prices in the country. In this regard, using the method of generalized moments, behavioral equations were estimated separately using the data of 1978-2018. The model was then implemented as a system of equations using the Gauss Seidel method. Different scenarios were simulated in this model to investigate the effects of changes in interest rates, money volume, and general government investment on various aspects of food security. The results indicated that government investment in the agriculture sector and public investment expenditures have a positive impact on food production through capital stock. Additionally, changes in interest rates have minimal effects on food production but significant negative effects on food prices. Overall, monetary policy decisions result in increased food prices alongside decreased food production due to the demand for money and private investment. Therefore, the implementation of these policies should be done more carefully in order to encourage farmers to increase production and therefore ensure food security for consumers.