عنوان مقاله [English]
The main purpose of this article is to use Shannon’s information theory in order to introduce a new measure for risk determination in the stock market. in approaching this purpose, first the theoretical model between the “Anthropy” of the financial statement’s items and the systematic risk were presented. Then in order to test the concept of anthropy and risk in practice, information about the active firms in Tehran’s stock market for a yearlong period, was collected. Using the statistical method called “panel data” and “time series data”, the whole companies and different industries were tested. The results indicate that there exist a significant relationship between the anthropy of the balance sheet items and the income statement items.
in addition, there exists a significant relationship between the anthropy of the balance sheet items, income statement items, and the systematic risk. The latter result indicates that by utilizing the content of the financial statements, the systematic risk can be estimated. Thus, this study introduces a new approach to estimate the systematic risk.