scholarly journals Review of Accounting and Economic Standards in Predicting Stock Returns in Tehran Stock Exchange

2014 ◽  
Vol 40 ◽  
pp. 82-94
Author(s):  
Sasan Amini ◽  
Mohammad Nazaripour ◽  
Mohamad Karimi Poya
Keyword(s):  
Stock Returns ◽  
Stock Exchange ◽  
Decision Makers ◽  
Financial Statement ◽  
Exchange Market ◽  
Technical Model ◽  
And Performance ◽  
Independent Varieties ◽  
Retained Earnings ◽  
Location Zone

Share return is one of those complicated abstraction which is interested by investors and decision makers the share return prediction is a vital issue which has involved the financial analyzers mind to itself. Various theories include capital assets pricing model (CAPM), factorial models (FM), Arbitrage model, Technical model (TM), and fundamental analyses (FA) for purpose of share return prediction and recognition have been discussed. The share return fundamental analyze is a function of massive economical condition, Industry position, and particular conditions of the firm. The particular conditions of the firm are consist of financial position and performance which presented in the essential financial statement from. The accounting science acclaims it prepares useful information for decision makers, so one of the information usefulness criteria of accounting and economical information usefulness through return share choice for prediction. Communication creation between economical and accounting criteria is the other goal, thus in the case of this result obtaining it can use of economical and accounting analyses for economical return and value extraction. The research location zone includes of accepted firms in Tehran exchange market, the temporality zone is the gap between 1386 and 1390, too. The research is consist of two independent varieties (economical criteria and accounting criteria), dependent variety (share return). This research is consisting of a direct hypothesis and 6 indirect ones. in the consideration of presented statistical analyses and total summery of research hypothesis assessment, stood over research independent varieties meaningful relation with share return prediction in existing firm performance measurement in Tehran capital exchange market during 2007 and 2011 is existed, between this research proportion is return of assets, earning per share, economical add value ratio, retained earning ratio with positive quantity market add value with negative quantity which statistically shows a meaningful relation with active firms share return in Tehran market. The economical add value ratio has the biggest relation with the share return prediction. So the first hypothesis in this research is (return of assets ratio), secondly (earning per share), thirdly (economical add value), fourthly (market add value) and sixthly (retained earnings) being emphasized.

A Study Relationship between Firm Performance and Dividend Policy by Fuzzy Regression: Iranian scenario

2013 ◽  
Vol 3 (2) ◽  
pp. 70
Author(s):  
Seyed Hasan Salehnezhad
Keyword(s):  
Regression Analysis ◽  
Stock Returns ◽  
Dividend Policy ◽  
Functional Relationship ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Decision Makers ◽  
Fuzzy Regression ◽  
Independent Variables ◽  
Fuzzy Environment

Fuzzy regression analysis is an extension of the classical regression analysis that is used in evaluating the functional relationship between the dependent and independent variables in a fuzzy environment. Accounting dividend is the most important information used by decision makers in the economic analysis. This research investigated corporate governance and dividend policy in listed company's Tehran Stock exchange by fuzzy regression during 2010 and 2012. The results indicated that significant and positive relationship exists between financial performance (stock returns) and dividend policy and also there was a significant and negative relationship exists between economic performance (EVA) and dividend policy. Furthermore, a significant relationship exists between controlling variable (size) and dividend policy.

Analisis Ratio Keuangan terhadap Perubahan Kinerja pada Perusahaan di Industri Food and Baverages yang Terdaftar pada BEJ

2005 ◽  
Vol 1 (2) ◽  
pp. 104
Author(s):  
DIAN MERIEWATY ◽  
ASTUTI YULI SEIYANI
Keyword(s):  
Stock Exchange ◽  
Financial Statements ◽  
Financial Statement ◽  
Financial Ratios ◽  
Future Earnings ◽  
Financial Condition ◽  
Total Capital ◽  
Future Earning ◽  
The Future ◽  
And Performance

Financial statements users need financial informotion of companies to analyze their financial condition and performance. Finacial rotios are useful rneasares for explaning the future earning changes. The study focuses on the usefulness of ftnancial ratios in explaning future eamings.The objective of the study is to empirically examine whether financial statement based tinancial ratios hove ability for explaning future earnings. Data in this study were in food and beverages firms listed on the Jaknrta Stock Exchange. Regression analysis were used in testing the ability financial ratios for explaning changes. The multicollinearity test shows that there is no assosiation between independent variables, indicating multieollinearity is not a seriaus problem. The heteroscedasticity test shows that voriances of disturbances are constant for all observation in independentt variables. Therefore heteroscedasticity is not a problem. The empiricolly result showed that, financial ratios in/luences the futureearnings changes for earning after tax are total debt to total capital assets, total assets turnover, and return on investment. Among those sevent financial ratios that are significant influences the future earnings changes for operating prortt is current ratio.Keywords : Financial Ratios, Performance changes of firms, significantlyinfluence.

scholarly journals Determinan Audit Delay dan Timeliness

2015 ◽  
Vol 1 (2) ◽  
pp. 100
Author(s):  
Oyong Lisa
Keyword(s):  
Stock Exchange ◽  
Financial Statements ◽  
Decision Makers ◽  
Financial Statement ◽  
Prediction Tool ◽  
Manufacturing Companies ◽  
Audit Report ◽  
Timely Manner ◽  
Analysis Technique ◽  
Independent Audit

<em>Timeliness of drafting or reporting an audit report on the company's financial statements could affect the value of such financial statements. If financial statement information is not delivered in a timely manner, thus it is not relevant which could reduce or eliminate the ability of the financial statements as a prediction tool for users or decision makers. Audit delay is the length of time the audit completion is measured from the date of closing of the financial year until the date of completion of the independent audit report. This study aims to analyze the effect of the companysize, solvency and profitability towards audit delay and timeliness. The populatin of this research was manufacturing companies listed in Indonesian Stock Exchange at 2011-2013, based on purposive sampling 25 companies used as sample. The analysis technique used is multiple regression analysis. The results show that the size of the company, solvency, and profitability simultaneously and partially affect audit delay and timeliness. The most contributed variable towards audit delay is profitability, while most contributed variable towasds the time-liness is the company size.</em>

scholarly journals PENGARUH EPS, PER, ROE, DAN DER TERHADAP RETURN SAHAM PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2014

2016 ◽  
Vol 5 (2) ◽  
Author(s):  
Arisa Nurlitasari
Keyword(s):  
Stock Returns ◽  
Stock Return ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statement ◽  
Manufacturing Companies ◽  
Normality Test ◽  
Final Sample ◽  
Positive Effect ◽  
Classical Regression

This study entitled Effect of EPS, PER, ROE, and DEROn Stock Return in The Companies Pharmacy Sector Listed in Indonesian Stock Exchange. The purpose of this study to determine the effect of EPS, PER, ROE, and DERsimultaneously and partiallyto stock return consumer sector manufacturing companies in Indonesian Stock Exchange. The population of this research is all consumption sectors of manufacturing companies listed on the Indonesia Stock Exchange during the period 2011-2014. Based on these criteria the final sample obtained samples of 9 companies. Financial statement data used are the ones with the accounting year ended December 31, 2011-2014. While the return of data used is the stock return 31 December 2011-31 December 2014. Therefore, the data used in the research are secondary data, to determine the accuracy of the model needs to be tested on some of the assumptions underlying the classical regression model. Deviationclassical assumptions used in this study include Normality Test, Test of utocorrelation,Multikolonieritas Test, andTest heteroscedasticity.The results of the analysis of the data showed a positive effect of EPS and PER significant impact on stock returns. The results of the analysis of the data shows the influence of ROE and DER is positif and not significant to the stock return. Keywords: EPS, PER, ROE, DER, dan Stock Return

scholarly journals Impact of return on long-memory data set of volatility of Dhaka Stock Exchange market with the role of financial institutions: an empirical analysis

2017 ◽  
Vol 12 (3) ◽  
pp. 48-60 ◽  
Author(s):  
Muhammad Mahboob Ali ◽  
Aviral Kumar Tiwari ◽  
Naveed Raza
Keyword(s):  
Stock Returns ◽  
Long Memory ◽  
Stock Exchange ◽  
Research Work ◽  
Efficient Market Hypothesis ◽  
Vital Role ◽  
Exchange Market ◽  
Efficient Market ◽  
Data Set ◽  
Real Picture

The current study intends to empirically test a relationship between long-memory features in returns and volatility of Dhaka Stock Exchange market. As such, the study uses the ARFIMA-FIGARCH and FIPARCH structure for the daily data ranging from 15 December 2003 to July 31, 2013 of Dhaka Stock Exchange market index, i.e., DSE General Index (DGEN). The observed indication assembled from long-memory tests supports the occurrence of long memory in Bangladesh stock returns. The study aims at doing research work with long-memory data set, as it provides a superior strategy, as well as gives real picture with short-memory data set. Moreover, the backup indication for existence of long memory in both return and volatility denies the efficient market hypothesis of Fama (1970) that the future return and volatility values are unpredictable. Extra measures ought to be given for the smooth functioning of the Dhaka Stock Exchange market so that both individual and institutional investors can get congenial atmosphere to invest. Authors’ suggested that Bangladesh Bank must play vital role as share market of Bangladesh is dominated by banking shares and in case of other listed shares of the Dhaka Stock Exchange, market authority should deal with transparently and fairly so that the market can be transformed into strong efficient market. This requires suitable directives, groundwork, removing malpractices and also implementation of investors’ friendly decisions. Further, fiscal policy of the country should be pro investor friendly, as well as monetary policy should work as complementary towards investment at stock exchange market as suggested by the authors.

scholarly journals Pengaruh Current Ratio, Debt To Equity Ratio dan Return On Equity Terhadap Return Saham Pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia

2021 ◽  
Vol 4 (2) ◽  
pp. 547-556
Author(s):  
Abdurrohman Oman ◽  
Dwi Fitrianingsih ◽  
Anis Fuad Salam ◽  
Hurul Aeni
Keyword(s):  
Real Estate ◽  
Stock Returns ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Financial Statement ◽  
Current Ratio ◽  
Return On Equity ◽  
Equity Ratio ◽  
Research Type ◽  
Descriptive Statistical Analysis

This study aims to determine the influence of Current Ratio (CR) Debt to Equity Ratio (DER) and Return On Equity on Stock Returns either partially or simultaneously in Property and Real Estate Companies listed on the Indonesian Stock Exchange in the 2014-2018 period. This research uses descriptive statistical analysis research type with a quantitative approach. The population in this study amounted to 64 companies. This study uses financial statement data with time series for the last 5 years. Sampling in this study using purposive random sampling technique and obtained a sample of 15 companies. The results of the analysis using the t test and f test state that Current Ratio, Debt to Equity Ratio and Return On Equity have a significant effect on Stock Returns either partially or simultaneously. Keyword : Current Ratio, Debt to Equity Ratio and Return On Equity Against Stock Return

Detecting the probability of financial fraud due to earnings manipulation in companies listed in Athens Stock Exchange Market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Andreas Maniatis
Keyword(s):  
Financial Services ◽  
Stock Exchange ◽  
Financial Statement ◽  
Financial Fraud ◽  
Earnings Manipulation ◽  
Exchange Market ◽  
Financial Statement Fraud ◽  
Content Type ◽  
General Index ◽  
Athens Stock Exchange

Purpose The aim of this paper is to detect whether there are companies listed in the general index of Athens Stock Exchange Market that possibly conduct earnings manipulation during 2017–2018. Design/methodology/approach The paper is based upon the Beneish model (M-score), which consists of eight variables to examine the probability of financial statement fraud related to earnings manipulation for 40 companies listed in the Athens Stock Exchange Market. Any company with an M-score −2.22 or above is likely to be a manipulator whereas any company that scores −2.22 or less is unlikely to conduct earnings manipulation. Findings After calculating the M-score for each company, it was found that 33 (out of 40) companies had M-score values lower than −2.22. Therefore, 82.5% of the sample is considered rather unlikely to conduct earnings manipulation whereas 17.5% of the companies listed in the general index of Athens Stock Exchange Market is likely to manipulate its earnings. Research limitations/implications In this paper, all institutions related to financial services were left out of the sample because of the fact that M-score cannot provide reliable results when applied on similar companies. Originality/value Beneish model offers a probability of financial fraud and can be therefore used as a supplementary test for auditors, fraud examiners or even national regulators such as the Hellenic Accounting and Auditing Standards Oversight Board or the Hellenic Capital Market Commission. The results of this paper can contribute to the literature concerning financial fraud in Greece during 2017–2018 because no relevant recent researches have been published yet.

scholarly journals A neural network approach for fundamental investment analysis: a case of Athens Stock Exchange

2020 ◽  
Vol 182 (3-4) ◽  
pp. 56-63
Author(s):  
Safwan Mohd Nor ◽  
◽  
Nur Haiza Muhammad Zawawi ◽  
Keyword(s):  
Stock Returns ◽  
Stock Prices ◽  
Stock Exchange ◽  
Investment Analysis ◽  
Financial Statement ◽  
Trading Costs ◽  
Network Approach ◽  
Neural Network Approach ◽  
Data Source ◽  
Athens Stock Exchange

This paper explores investment profitability in an emerging European stock market using fundamental analysis enhanced by artificial neural networks. Using a set of accounting-based financial ratios from publicly available data source, we find that these ratios possess useful information in forecasting future stock returns of Athens Stock Exchange (ATHEX) constituent firms. By combining long and short rules, the neurally reinforced fundamental strategy surpasses the unconditional buy-and-hold rule in the holdout subperiod in terms of returns (total and annualized) and risk (volatility, downside volatility and drawdown) measures. Overall results remain consistent even in the presence of trading costs. Our findings suggest that stock prices in Greece do not fully incorporate financial statement information and thus inconsistent with the principle of market efficiency at the semi-strong form.

scholarly journals Impact of High-Frequency Trading on the Stock Returns of Large and Small Companies in the Tehran Stock Exchange

2016 ◽  
Vol 8 (4) ◽  
pp. 216
Author(s):  
Ahmad Sarlak ◽  
Zahra Talei
Keyword(s):  
Stock Returns ◽  
High Frequency ◽  
Stock Exchange ◽  
Financial Statements ◽  
Total Sample ◽  
Linear Functions ◽  
High Frequency Trading ◽  
Small Companies ◽  
Exchange Market ◽  
The Past

<p>The main objective of this study is to evaluate the effect of high-frequency trading on stock returns of the Exchange market in Tehran Stock Exchange. The research methodology in this study is in terms of the purpose, functional and in terms of the method of data collection, descriptive and in terms of the type, solidarity.</p><p>Statistical society of this research is all companies in the Tehran Stock Exchange which in the past two years had been active in the stock market. In this study, companies are divided into two categories: large and small companies. Large companies that their assets logarithm is greater than the average total sample and small companies that their assets logarithm is less than the average total sample. To collect information has been used from the financial statements of accepted companies in Tehran Stock Exchange.</p><p>MATLAB software has been used for data analysis.</p>Used tests in this study are include (DF) Dickey-Fuller test, (ADF) Generalized Dickey-Fuller test, Phillips-Perron test, and time series methods. The results of this study show that the dynamics of stock returns of the Tehran Stock Exchange are non-linear functions and high Frequency trading of the large companies affect the turnover of small companies. As a result, volume of the high-frequency trading and the returns of small and large companies are different from each other.

scholarly journals EVA and Stock Returns: Are They Correlated?

2016 ◽  
Vol 7 (2) ◽  
pp. 34-51
Author(s):  
Matione Sauro ◽  
Mashamba Tafirei
Keyword(s):  
Stock Returns ◽  
South African ◽  
Firm Value ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Ordinary Least Squares ◽  
Economic Value Added ◽  
Johannesburg Stock Exchange ◽  
And Performance

The study sought to examine the relationship between economic value-added (EVA) and stock returns in commercial banks listed at the Johannesburg stock exchange. Furthermore, we also investigated other traditional value measures like Dividend per Share and Return on Equity in-order to identify which metric measures firm value better. The data was analysed with the Ordinary Least Squares (OLS) method. Economic value added was found to have significant influence on the financial performance of banks. This explains why traditional performance measures have driven investors to look for alternatives, such as value based measures in most developed economies. Therefore, EVA can be reliably used to measure corporate value and performance simultaneously. This at least should be a good encouragement for South African banks to adopt Eva so as to keep up with local and international competition for foreign capital (FDIs) in global financial markets. Hence, South African banks should consider supplying EVA data when releasing annual performance figures.

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