درخت حوزه‌های تخصصی

Based on IFRS laws, British companies have started providing their reporting systems according to International Standards Requirements regarding disclosing their financial derivatives since January 2005. In 2013, Iran revised its Accounting Standard No. 15 to include the derivative instruments. The present study aims at investigating the effect of this revision on financial derivatives and instruments, and the effect of earning management on the relationship between the level of financial derivatives and instruments and risk-adjusted discount rates. From generalized least squares regression panel data, it was found that based on the first hypothesis, the companies which disclose their financial instruments based on No. 15 internal standard have a lower risk- adjusted discount rate, implying an increase in profit and a price rise in the markets. The findings also confirmed the second hypothesis, attesting to the effect of earning management on the relation-ship between financial derivatives and instruments disclosure and excess return. Findings of the research third hypothesis represent that there is a direct meaningful relationship between disclosure level of financial instruments and company value. So, it can be concluded that instruments` disclosures and financial derivatives can decrease risk-adjusted discount rate and increase companies` values in terms of standard number 15.

The present study aims to investigate the relationship between comparability of financial reports and negative coefficient of skewness of firm-specific monthly returns. In this study, to measure the financial statements comparability, De Franco et al. (2012) model is employed. Sample includes the 425 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. The results indicate that financial statements comparability mitigates negative skewness of stock return. Our findings are robust to alternative measure of stock price crash risk, individual analysis of the research hypothesis for each year and endogeneity concern. The current study is almost the first study which has been conducted in emerging capital markets, so the findings of the study not only extend the extant theoretical literature concerning the stock price crash risk in developing countries including emerging capital market of Iran, but also help investors, capital market regulators and accounting standard setters to make informed decisions

Implementation credit rating for Corporates is influenced by Different circum-stances, systems, processes, and cultures in each country. In this study, we pro-posed a Factor analysis modified approach for determine important factors on real data set of 123 accepted corporate in Tehran Securities Exchange for the years 2009-2017 of diverse range of 52 variable. We estimated the priority score for 49 factors. The three factors, Debt to Equity Ratio, Current debt-to-equity ratio and proprietary ratio exclude due to high correlation with others. The results indicated that three macroeconomic factors: Price Index of Consumer Goods and Services, exchange rate and Interest rate determinants were more effective on the credit ratings. In addition, Financial Ratios and non-Financial Ratios such as Return on equity (ROE), Long-term debt-to-equity ratio, Benefit of the loan, ratio of com-modity to working capital, Current capital turnover, Return on Working Capital, Quick Ratio, Current Ratio, Net Profit margin, Gross profit margin, had effect on credit rating accepted corporate in Tehran Securities Exchange. The Nonparametric statistical test to validate the consistency between AHP ranking and Factor analysis revealed, the new approach has a moderated consistency with AHP. In conclusion, the Factor analysis modified approach could be applied significantly to evaluate efficiency and ranking factors with minimum loss of information.