مطالب

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.

The security-based futurology of political units is a type of futurology focusing on geographic areas to assess their security status in the future. The Caspian region as one of the regions facing various factors has gained geopolitical significance, has a wide range of probable futures. The operational objective of this study is to identify the criteria affecting the security of this region and its final objective is to delineate an optimal security-based future for the region through a future study approach. It is a qualitative case study being formulated based on some qualitative and quantitative models and the relevant literature is used as the basis for classifying security standards into six groups of military, economic, spatial, sociocultural, political and environmental. the results were used to present 18 criteria of this region security. Then, 26 questionnaires were distributed among a group of faculty members of geopolitics from the universities of Russia, Iran, Azerbaijan, Kazakhstan, and Turkmenistan. The collected data were analyzed using the combined mean TOPSIS method and key criteria of the Caspian region security were extracted. The findings indicated that the three key criteria of joint military and weapons investment, commercial relations and human development as the most critical geopolitical criteria of security in this region formed eight security scenarios and finally the scenario based on ‘regional joint military and weapons investment, free trade, and the homogeneous human development’ with higher scores were introduced as the criterion for the delineation of security perspective for the leaders of countries in this region.