مطالب

The relationship between risk and return is not symmetric under different circumstances. As the prospect theory describes, the value function which passes through the reference point is steeper for losses than gains (asymmetric risk appetite). But such an asymmetrical risk aversion could be traced in different periods of investment and market boom and bust cycles behind the reference point. Moreover, investors’ asymmetric behavior is different regarding various risks, such as market risk, illiquidity risk, and credit risk. This paper examines the asymmetric investors' reaction to various risks in Tehran Stock Exchange (TSE) both in recession and growth from 2011 through 2016. Evidence reveals that although all three kinds of risks are relevant, especially illiquidity risk, risk factors’ explanation power in the bullish market is less than the bearish one. This indicates that investors tend to show an asymmetric reaction to risk in up and downswing markets. The asymmetric behavior is also predominant due to investors’ weak attention to the market risk in a growing market in opposition to a recessive market condition that turns out to be an important risk consideration. The results of this study can help investors to consider asymmetrical behavior effect when they are making their minds on investment decisions.

New technology ventures currently play a key role in the economic performance of countries. Financing methods are among strategic issues facing entrepreneurs for launching a business, which must be reviewed by researchers and policymakers of finance and investment; thereby new technology ventures are of importance in the economic growth trend and sustainable development. This study is aimed at reviewing the effects of internal and external factors on the selection of financing strategies by new technology ventures. Statistical society of the present research includes start-up companies. Data collection method includes library research and field research. Descriptive-practical research method and data analysis tools, Delphi techniques and experts' panel, and regression analysis. Firstly, upon designing the preliminary questionnaire and distribution thereof among academic experts and new technology ventures, totaling 29, main and secondary elements were extracted based on the information received from the experts. Then, at the next stage, for the explanation of the designed model, the final questionnaire of research, incl. general and specialized questions are prepared and drawn up, and upon distribution of the final questionnaire among the statistical sample, comprising start-up companies, the stated questionnaire was distributed among 384 companies. Research results indicate a positive and significant effect of internal variables of companies concerning the role of intermediary variables on traditional and new financing methods. Notably, external variables of companies have a significant effect on traditional and new financing methods through intermediary variables. These results indicate the importance of internal and external factors of companies on the determination of financing strategy of start-up companies in Iran.

Purpose- The project of valuable rural texture was proposed with the aim of rehabilitating the tourist villages with valuable physical features. Since the project aimed at developing tourism in tourist villages and preserving the local and cultural features of these areas, conducting a research to study the dimensions and effects of rehabilitation of valuable rural texture on rural tourism was of great importance. Therefore, the present study aimed to study the rehabilitation of valuable rural texture and its effect on tourism in the village of Hajij, Kermanshah, Iran. Design/methodology/approach- The two groups of population involved in rehabilitation of the rural residential texture were the local people and the tourists. The tools used in this study to collect data were applied, quantitative, and survey methods. The statistical population consisted of 300 tourists and 95 local people. Findings- The results showed that the rehabilitation of rural valuable texture had positive effects on development of rural tourism. The four variables of attraction of tourists, providing local services to tourists, affecting the performance of governmental and non-governmental organizations and institutions, and the advertising role of rehabilitation of dilapidated texture have been influenced by valuable textures. Local people and tourists were satisfied with the rehabilitation project and reported its great effect on the village. Practical implications- This study showed that the rehabilitation project of rural valuable texture caused harmony and agreement between the village's new texture and body and its traditional and local texture. Furthermore, rehabilitation of valuable texture gravitated the tourists' attention to the village and increased local employment. Nonetheless, there were challenges to the rehabilitation project of valuable rural texture. One of the most important challenge was the adverse effect of rural tourism on the village's environment, causing pollution and destruction of natural environment.

Economic justice and equitable distribution of income, along with important issues such as economic growth and development, the reduction of inflation and unemployment, have always been of concern to economists. Fair distribution of income and reduction of income inequality in society, and the identification of factors affecting income inequality to make the right policy are necessary and obvious. The purpose of this paper is to examine the impact of income tax on income distribution in Iran. In this regard, Autoregressive Distributed Lag (ARDL) approach has been used to investigate the existence of a long-run relationship between variables and to estimate the coefficients related to long-run and error correction models for income inequality from 1978 to 2012. The results indicate a long-run relationship among the variables and show that an increase in income tax revenues leads to a reduction in income inequality.