University of Tehran
Accounting and Auditing Review
2645-8020
2645-8039
17
3
2010
11
22
The investigating Response of Investors to Aspect of Accruals, Investment
FA
Hanid
Haghighat
استادیار گروه حسابداری دانشگاه بین المللی امام خمینی(ره)، ایران
hhagh2006@yahoo.com
Aliakbar
Iranshahi
کارشناس ارشد حسابداری دانشگاه بین المللی امام خمینی(ره)، ایران
a.a.iranshahi@gmail.com
One of the efficient capital market assumptions is that rational investors react to new information, but experimental results indicate that the type of reaction to new information published is different and in some cases is not completely rational. In other words, people affected by psychological and behavioral factors may show different reactions and cause some abnormalities, including increased too much or less than is price. The purpose of this study was to evaluate the reaction of investors to Accruals which is creating Accrual anomaly in market. The statistical study included all the accepted companies in Tehran Stock Exchange for during the period 1999-2007. collectively we conclude that in the market there is Accrual anomaly and these resualt support the view that the accrual anomaly is attributable to the fundamental investment information contained in accruals.
Accrual anomaly,Accruals,Investment,reaction of investors
https://acctgrev.ut.ac.ir/article_21682.html
https://acctgrev.ut.ac.ir/article_21682_ff657e3d4da7a92d00d498f1023088ba.pdf
University of Tehran
Accounting and Auditing Review
2645-8020
2645-8039
17
3
2010
11
22
The effective Factors on Accuracy of Forecasted Earning Evidence from Tehran Stock Exchange
FA
Esfandiyar
Malekiyan
استادیار دانشکده علوم اقتصادی و اداری دانشگاه مازندران، ایران
e_malekian35@yahoo.com
Ahmad
Ahmadpour
دانشیار دانشکده علوم اقتصادی و اداری دانشگاه مازندران، ایران
ahmadpour@umz.ac.ir
Mohammad
Rahmani Nasrabadi
کارشناس ارشد حسابداری دانشگاه مازندران، ایران
nasrabadi3@initor.com
Abbas Ali
Daryaei
دانشجوی دکترای حسابداری علوم تحقیقات اصفهان، ایران
abbasalidaryaei4@initor.com
The earning forecast and their revisions have long consumed the attention of investors, managers, financial analysts, researchers and providers of credit. The main source of information for investors, creditors and others active in the stock market is the forecasted earning in the statements issued by the companies themselves. In light of the importance of these disclosed earning per share by the companies , the present paper is an attempt to identify the factors that determine the accuracy of these forecasts , such as size , life of the company , forecast horizon , financial leverage , number of revisions , audit reports , board of the company and the type of industry. The research encompassed 58 companies, in the period 1382 – 1385. The methodology included regression analysis by panel data and repeated measures design. The average error in all observations was 50%, with only 18% of observations indicating a prediction error of less than 10%. The results of the research indicated an inverse relationship between forecast horizon, financial leverage and the life of the company and the accuracy of the forecast. It indicated a relationship between the audit report and the accuracy of the forecast. No other meaningful relationships were identified.
Earning forecast,Forecast Horizon,Number of Revisions,prediction error
https://acctgrev.ut.ac.ir/article_21683.html
https://acctgrev.ut.ac.ir/article_21683_17b33dafbdff03b69acb1cd45a4e926d.pdf
University of Tehran
Accounting and Auditing Review
2645-8020
2645-8039
17
3
2010
11
22
Institutional Ownership and Stock Liquidity: Evidence from Iran
FA
ali
rahmani
0000-0001-5458
استادیار حسابداری دانشگاه الزهرا، تهران، ایران
rahmani@alzahra.ac.ir
Seyyed Ali
Hosseini
0000-0002-2470-2950
عضو هیئت مدیره سازمان بورس و اوراق بهادار، ایران
a.hosseini@alzahra.ac.ir
Narges
Rezapour3
کارشناس ارشد حسابداری دانشکده علوم اقتصادی، تهران، ایران
rezapoor@initor.com
Regarding the critical role of liquidity in asset price discovery, sharing of financial risk and transaction costs reduction, it is important to know about the effective factors. This study offers evidences about the role of institutional ownership in the stock liquidity. In this research, for separating various impacts of institutional ownership, we used two measures as institutional ownership level and concentration. The level of institutional ownership is the proxy of trading and monitoring activity and the concentration of such ownership is the proxy of adverse selection and free float share reduction. We defined 15 different trading and information liquidity measures. Considering sampling limitations, we examined 138 corporations, from 1384 to 1388. We utilized linear multivariable regression to test our research hypothesis. The results indicate that liquidity is positively related to institutional ownership level; but institutional ownership concentration has a significant negative effect on stock liquidity. The finding is true about both trading measures including trading volume, free float share percentage and Amihud measure and also information measures like bid-ask spread.
Corporate governance,Information Asymmetry,Institutional Ownership,Stock liquidity
https://acctgrev.ut.ac.ir/article_21684.html
https://acctgrev.ut.ac.ir/article_21684_a7b2e41b12a003dde737a1c7f0ebb05c.pdf
University of Tehran
Accounting and Auditing Review
2645-8020
2645-8039
17
3
2010
11
22
The Relationship between Auditor Quality and Accrual Reliability
FA
Ali Akbar
Nonahal Nahr
0000-0001-5298-4185
دانشجوی دکترای حسابداری و عضو هیئت علمی دانشگاه آزاد اسلامی، واحد بستان آباد، ایران
anonahal@gmail.com
Saeed
Jabbarzadeh Kangarluei
دکترای حسابداری و عضو هیئت علمی دانشگاه آزاد اسلامی، واحد ارومیه، ایران
jabbarzadeh.s@gmail.com
Yaghoub
Pourkarim
کارشناسارشد حسابداری و مدرس دانشگاه آزاد اسلامی، واحد خسروشهر، ایران
pourkarim@initor.com
This study investigates the relationship between Auditor Quality and Accrual Reliability. To determinate of auditor quality, using two metrics of Auditor Size and Auditor Tenure, and following Richardson, we use accrual persistence for measure of accrual reliability. In this study, we investigated the listed companies in Tehran stock exchange, over the period of 1380-1386. For testing hypothesis, the multiple linear regression and measurement method of Cross-sectional are used. We find evidence that reported accruals audited by higher-quality audit firms have a more persistence coefficients compared to reported accruals of companies audited by lower-quality audit firms, and finally have a more accrual reliability.
Accrual Reliability,Auditor Quality,Auditor Size,Auditor Tenure
https://acctgrev.ut.ac.ir/article_21685.html
https://acctgrev.ut.ac.ir/article_21685_dd170175436cf3b8803340848c1efba6.pdf
University of Tehran
Accounting and Auditing Review
2645-8020
2645-8039
17
3
2010
11
22
An investigation of Relationship between Accounting and Economical Performance Measures with Market Value of Companies in Cement and Petrochimical Industries in Tehran Stock Exchange
FA
Ahmad
Pouyanfar
دکترای مدیریت مالی دانشگاه تهران، ایران
apouyanfar@gmail.com
Farzin
Rezaee
0000-0002-5941-6305
دکترای حسابداری، استادیار وعضو هیات علمی دانشگاه آزاد اسلامی واحد قزوین، ایران
farzinrezaei@yahoo.com
Shahla
Safabakhsh
دانشجوی کارشناسی ارشد مدیریت بازرگانی- گرایش مالی، دانشگاه آزاد اسلامی واحد قزوین
safabakhsh@initor.com
The main measure for creating value in enterprises from the viewpoint of managerial accounting is the size and continuity of residual income, which measured in the form of economic value added. The problem in the use of economic value added measure in Tehran Stock Exchange is the number of low observations. This study employs pooled Bootstrap regression on the cross sectional data of 23 cement and petrochemical companies listed in the TSE over the period 1378 – 1387 to examine whether EVA® or the traditional accounting-based measures are associated more strongly with stock returns. Empirical results indicate that the relative information contents of the economic measures are greater than that of earnings.
Bootstrap,Economic Value Added,Net operating profit,Performance Evaluation
https://acctgrev.ut.ac.ir/article_21686.html
https://acctgrev.ut.ac.ir/article_21686_fa36ece1d9fb476b22dafbd709c08e40.pdf
University of Tehran
Accounting and Auditing Review
2645-8020
2645-8039
17
3
2010
11
22
Relationship between Audit Quality and Auditor Size
FA
Yahya
Hassas Yeganeh
استادیار دانشگاه علامه طباطبایی، ایران
yahya_yeganeh@yahoo.com
Kaveh
Azinfar
هیئت علمی دانشگاه آزاد اسلامی واحد بابل، ایران
azinfarbabol@yahoo.com
To improve in understanding audit quality, multiple researches were performed to obtain a better understanding for this concept to determine the relationship between audit quality and other variables. One of the variables which its relationship with audit quality was reviewed in many research, is auditor size. One of the first researches in this respect was performed by De Angelo in 1981. In his studies, he concluded that there is a positive relationship between audit quality and auditor size .In the present research, the researchers seek to study the relationship between audit quality and auditor size in Iran. In this study, Iranian certified public audit firms as small audits and audit organization, due to having many personnel and oldness, is considered the big audit. To study the quality, researchers, criterion, the comparison of discovered and reported misstatements in audit reports are performed by separating it into five kinds of misstatements by comparing the current year audit report and statement of retained earning in the future year. The method used is dichotomy research and the statistical analyses performed in this research indicate a meaningful and inverse relationship between audit quality and auditor size.
Accounting Misstatement.,Audit organization,Auditor Size,Audit Quality,Iranian Certified Public (IACPA) Audit Firms
https://acctgrev.ut.ac.ir/article_21687.html
https://acctgrev.ut.ac.ir/article_21687_af350029bb1553f9db7a7eadc085a254.pdf
University of Tehran
Accounting and Auditing Review
2645-8020
2645-8039
17
3
2010
11
22
Survey of the Excess Return of Earning and Price Momentum Strategy in Tehran Stock Exchange (TSE)
FA
Hasan
Ghalibf-Asl
استادیار دانشکده علوم اجتماعی و اقتصاد دانشگاه الزهرا(س)، ایران
ghalibf-asl@initor.com
Shahabeddin
Shams
استادیار دانشکده مدیریت دانشگاه مازندران، ایران
shamsshahabeddin@yahoo.com
Mohammadjavad
Sadehvand
کارشناس ارشد مدیریت مالی دانشکده علوم اقتصادی
m.j.sadehvand@gmail.com
One of the capital market anomalies and exceptions in finance are momentum. Momentum strategies are applied to use serial correlation available in market and securities returns. In these strategies investors can earn excess return as follow: buying winner stocks in the past and selling loser stocks in the past. In this study, we are going to explore the profitability of price and earning momentum strategies in Tehran Stock Exchange. Also, the impact of factors such as abnormal return, standardized unexpected earnings, price to earnings per share ratio, book value to market value ratio and company’s size on return of these strategies are investigated 1383 to 1387. This research based on four hypothesizes which most important of these hypothesizes is: by using price and earning momentum strategies in Tehran Stock Exchange, an investor can earn excess return. Results indicate that price momentum strategy in 3-month, 6-month and one-year time periods in Tehran stock exchange is profitable. However, earnings momentum strategy only in 3-month and 6-month time horizons is profitable. Testing third hypothesis show that in 3-month and 6-month time horizons, the model’s independent variables justify the excess return of price momentum strategy but in one-year time period, except for independent variables, other factors affect the excess return. In forth hypothesis, significant relationship between price and earnings momentum strategies in 3-month and 6-month time horizons is accepted but in one-year period, there is no significant relation between them.
anomaly,Earning Momentum,Loser Stock,Price Momentum,Winner Stock
https://acctgrev.ut.ac.ir/article_21688.html
https://acctgrev.ut.ac.ir/article_21688_ba522074c9c8f47ef83c06cad7f662f6.pdf