مطالب

The financial anomalies, which have brought about challenges for the nature of efficient-market hypothesis, provide ample experimental evidence on the deviation of market from rationality. According to the efficient-market hy-pothesis, investors avail themselves of all the information available in the market, and then attempt a thorough and painstaking interpretation of it. The empirical evidence, however, reveals that most investors fail to imple-ment rigorous information processing, thereby rendering to a number of behavioral theories concerning market inefficiency and biased information processing. The current research sets out to identify and scrutinize the im-pact of the CEO’s perceptual biases in judgment and economic decision-making on the reporting quality of the firms listed on the Tehran Stock Ex-change. The Purpose of this study CEO Overconfidence and Overinvestment by Role of Economic moderators Tehran Stock Exchange (TSE). One hun-dred five companies were selected as the sample size by systematic removal sampling reviewed in 2012-2019. Due to its dichotomous dependent variable, this study uses probit regression to test the research hypotheses. The results indicated the significant positive effect of CEO overconfidence on overin-vestment. It was also noted that Exchange Rate strengthens the positive effect of CEO overconfidence on overinvestment. Based on these results, the CEO's decisions as a decision-maker in charge of any company, especially under inflationary conditions, can play a substantial role in future corporate investment levels. The findings reveal that the indices of the CEO’s percep-tual biases in judgment and economic decision-making exert a significantly negative effect on financial reporting reliability and competitiveness.

Criteria weighting is a crucial step in the entire decision-making process. Determining the appropriate weights will lead to more reliable results. This study aims to use a coalitional game method for calculating proper criteria weights in multi-criteria decision-making (MCDM). In this paper, the Shapley value method is used to determine the weight of criteria. A numerical case study of 65 banks has been used to explain the efficiency of the proposed method. To this end, using the TOPSIS technique, the alternatives are ranked once in Shapley value and again in the Shannon entropy weighted matrix. Then the results are obtained applying Spearman rank correlation coefficient are compared to efficiency-based ranking using data envelopment analysis (DEA) as a powerful benchmarking method. In the proposed method, unlike many conventional weighting methods, the selection of criteria weights is made in a coalitional game with the participation of all criteria; the obtained weights are both intuitively and objectively fairer, and more reliable rankings are provided. According to the logical and fair calculation of weights, having a simple and understandable mathematical method, and no need for experts’ judgment, the proposed method can be used in real problems. Especially where realistic ranking has a significant impact on the equitable allocation and absorption of resources.

Due to the rapid advancements in computer technology, researchers are attracted to solving challenging problems in many different fields. The price of rainbow options is an interesting problem in financial fields and risk management. When there is no closed-form solution to some options, numerical methods must be used. Choosing a suitable numerical method involves the most appropriate combination of criteria for speed, accuracy, simplicity and generality. Monte Carlo simulation methods and traditional numerical methods have expensive repetitive computations and unrealistic assumptions on the model. Deep learning provides an effective and efficient method for options pricing. In this paper, the closed-form formula or Monte-Carlo simulation are used to generate data in European and Asian rainbow option prices for the deep learning model. The results confirm that the deep learning model can price the rainbow options more accurately with less computation time than Monte-Carlo simulation.

After closing, the multi-period portfolio can be corrected and revised at regular intervals. The philosophy behind using multi-period portfolio models is that investors often have a multi-period view of future changes in assets, which can be the result of technical and fundamental analysis or statistical model analysis. In conventional multi-period portfolio models, it is assumed that the forecast and correction time horizons are the same for all assets. However, one asset may be forecasted over a one-month horizon while another may be forecasted over a two-month horizon, and both may be revised in the future. The purpose of this study is to present a multi-period portfolio model in which assets have different time horizons for corrections or an asset may not be traded for the first few periods and then enter the correction stage. In this model, fuzzy variables defined in a credibility space are used to describe the return, and the credibility measure controls the risk. The model's objective function is to maximize the portfolio's ultimate wealth, and a constraint is used to control portfolio risk, in which the validity of the portfolio's ultimate wealth below a certain threshold is controlled at a certain level of confidence. A combination of particle swarm optimization and simulation is used to find the best solution. Finally, using a numerical example, the model is implemented on a portfolio with 6 assets and 4 monthly time steps on the Tehran Stock Exchange.

The main drivers of value creation in a ‘brand community’ are social networking, community engagement, impression management, and brand use. Marketers are therefore interested in determining which factors affect the value creation practices. This study examines the impact of the Interactivity of Electronic Word of Mouth (EWOM) systems on value creation practices in a brand community, which in turn influences the loyalty of the customers. In this regard, a conceptual model was developed and tested by the researchers of the current study. The results indicate that perceptions of the users regarding the interactivity of EWOM systems, highly impact only three of the four value creation practices including community engagement practices, impression management practices, and brand use practices. Furthermore, the researchers found that collective value creation practices could significantly and directly enhance brand loyalty. Several theoretical contributions and managerial implications were also discussed

This study is a structural equation modeling study. It has investigated the effect of literary tourism during the Covid-19 virus pandemic on tourists' behavioral goals through the attitude of mental norms. The present study is a one-section survey. The statistical population of this study includes all tourists who visited the cultural and spiritual sites of Shiraz, like Hafez and Saadi tombs. Literary tourism is a concept that praises the culture and heritage of a destination. The concept is to go to locations worldwide highlighted in some non/fictional novels. They can fascinate new tourists, increase the number of domestic travelers, and promote tourism destinations. Because the sample size is unknown through Cochran's formula with a 95% confidence level, 384 people were selected by the available sampling method. They answered the questionnaire about the effect of literary tourism during the Covid-19 virus pandemic on tourists' behavioral goals. The collected data were analyzed by using Amos software and SPSS. Confirmatory factor analysis, the reliability and validity of the contract measurement model, Cronbach's alpha results (above 0.7), and composite reliability (greater than 0.7) for the reliability and mean of the extracted variance (greater than 0.5) were confirmed. The structural equation model was used to test research hypotheses and the relationships between research variables (spiritual factors, behavioral purpose). The results showed that spiritual variables, in general, have a positive effect on the behavioral goal of tourists through the attitude of tourists' mental norms. This attitude was also recognized as a significant mediator between spiritual perception and behavioral goals. The findings of this study indicate that literary tourism has a positive, significant effect on increasing re-visit tourism destinations through attitude, mental norms, and perceived behavioral control.