درخت حوزه‌های تخصصی

Asset allocation has always been a challenging issue / for individuals and businesses to survive in our competitive world. One of the famous businesses, which has an enormous impact on people's lives worldwide, is the pension industry. Pension funds- as Defined Benefit, Defined Contribution, or others- accept reserves from contributors and try to invest them in a way to keep up with their obligations in the future or even pay more than that. The equity market has been one of the good choices for investment as pension funds try to reach a particular rate of return to maximize their wealth while considering not crossing red lines in taking risks. This paper will detail the new mathematical model for finding optimal stock portfolios using Generalized Co-Lower Partial Moment as a risk measure to minimize portfolio optimization. On the other hand, it introduces new tailored Expected Utility as a performance metric to maximize in this model. The proposed model's issue against previous studies is considering risk aversion and target rate of investment return as two significant investor characteristics. This is based on price returns' simulation of candidate stocks in TSE while using accurate and nonparametric Probability Density Function in historical data analysis.

One of the most critical bottlenecks in the country’s oil industry is the lack of sufficient liquidity and a suitable and codified method for financing projects in the downstream sector of Iran’s oil and gas industry. These projects include the construction of oil and gas refineries and petrochemical plants. Oil and gas projects require a very high volume of investment, and the limited financial resources and insufficient attractiveness of the currently defined instruments do not meet the new investment needs of downstream projects to achieve the 1404 vision. Therefore, in this article, due to the novelty of the issue, numerous interviews were conducted with staff and operational managers and other relevant officials in the field of financing the downstream part of the oil and gas industry. Then, with the help of Maxqda software, all independent ideas in the form of concepts and sub-themes were identified. With the help of the Delphi method based on the process of Islamic financial engineering based on responding to existing needs by identifying the needs of the parties to the transaction, asset base, and related cash flow analysis, appropriate structured instrument in this sector were designed in six instruments. From experts and related tests, as well as analysis and comparison of their various risks by AHP using Expert Choice software, finally based on the tests performed on the results obtained from questionnaires and interviews of experts, structured financing instrument in the form of convertible securities parallel Istisna Sukuk–Lease (Ijarah) and Sukuk–stock was approved.

Forensic accounting, as a process of legal inspection of corporate accounting practices, has become an important strategy to prevent fraud and financial misconduct, creating information transparency for investors to make financial decisions. Among the capital market companies, oil companies can strengthen the forensic accounting paradigm to provide documentation and transparency of decision-making to prevent market distrust caused by investor risks and contribute to the sustainable development of its presence in advancing competitive strategies. This study aims to develop an effective forensic accounting paradigm based on the risks of investors in oil companies. In this study, the components (dimensions of forensic accounting) and research propositions (investor risk themes) were used to from a combined analysis with 15 accounting experts at the university level. In the quantitative part, the components and propositions identified in the form of matrix questionnaires were evaluated by the interpretive ranking process (IRP) by 20 financial managers of oil companies in the capital market. The results showed that the statements of inflation and credit risk as the most influential themes threaten investors in oil companies, strengthening the focus on legal mechanisms as a component of the forensic accounting paradigm. This result shows that, in the presence of inflationary and credit risks for oil companies’ investors, the importance of legal mechanisms in judicial accounting can lead to increased information transparency to protect the interests of oil companies’ investors