University of IsfahanJournal of Asset Management and Financing2383-11894320160922Identification of the Causes of Timely Availability of Working Capital Problem for Small and Medium Size Enterprises in IranIdentification of the Causes of Timely Availability of Working Capital Problem for Small and Medium Size Enterprises in Iran1162064410.22108/amf.2016.20644FARoohallahNoorikharazmi university0000-0009-0009-0009SaeedFathiEsfahan universityLeilaYeganehKharazmi UniversityJournal Article20161121Small and medium size enterprises play and important role in the economic development of Iran. However, they face difficulties such as timely availability of working capital problem. As a result, the main purpose of this study is to investigate causes of this problem as one of the most challenging problems of such enterprises. This applied and descriptive study uses a qualitative data collection method and a sample of selected managers in small and medium size enterprises located in the provinces of Tehran, Qazvin, Alborz and Mazandaran. To test our hypotheses, we first study characteristics of small and medium size enterprises as well as the principles and theoretical concepts of their working capital. Second, causes of timely availability of working capital problem in small and medium size enterprises are determined. Finally, based on semi-structured interviews, the opinion of selected company's managers regarding the timely availability of working capital problem is recognized. According to the Top ten method, the results of this study indicate that the roots and causes of timely availability of working capital problem in small and medium size enterprises can be investigated in two internal and external aspects i.e. the supply and the demand sides.Small and medium size enterprises play and important role in the economic development of Iran. However, they face difficulties such as timely availability of working capital problem. As a result, the main purpose of this study is to investigate causes of this problem as one of the most challenging problems of such enterprises. This applied and descriptive study uses a qualitative data collection method and a sample of selected managers in small and medium size enterprises located in the provinces of Tehran, Qazvin, Alborz and Mazandaran. To test our hypotheses, we first study characteristics of small and medium size enterprises as well as the principles and theoretical concepts of their working capital. Second, causes of timely availability of working capital problem in small and medium size enterprises are determined. Finally, based on semi-structured interviews, the opinion of selected company's managers regarding the timely availability of working capital problem is recognized. According to the Top ten method, the results of this study indicate that the roots and causes of timely availability of working capital problem in small and medium size enterprises can be investigated in two internal and external aspects i.e. the supply and the demand sides.https://amf.ui.ac.ir/article_20644_1623d45a0186ca557705c319ddb1daa2.pdfUniversity of IsfahanJournal of Asset Management and Financing2383-11894320160922The Relation between Working Capital Management and Investment InefficiencyThe Relation between Working Capital Management and Investment Inefficiency17382064510.22108/amf.2016.20645FAYounesBadavar NahandiTabriz Azad UniversityVahidTaghizadeh KhanqahTabriz, Azad UniversityJournal Article20161121Working capital management refers to the management of current assets, and current liabilities to create a balance between current assets and current liabilities. By effective management of working capital, shareholders can earn the maximum return for investment in assets. Hence, the present study investigates the relation between working capital management and investment inefficiency at listed forms in the Tehran Stock Exchange for the period of 2005-2012. The results show that receivables collection period, debt payment period and cash conversion cycle efficiency are negatively related to the investment inefficiency, while there is no relation between inventory turnover period and inefficient investment. Also evidences indicate that cash conversion cycle, cash holdings and the current ratio are positively related to the investment inefficiency. Overall, in can be stated that the efficient management of working capital reduces the deviation from optimal investment.Working capital management refers to the management of current assets, and current liabilities to create a balance between current assets and current liabilities. By effective management of working capital, shareholders can earn the maximum return for investment in assets. Hence, the present study investigates the relation between working capital management and investment inefficiency at listed forms in the Tehran Stock Exchange for the period of 2005-2012. The results show that receivables collection period, debt payment period and cash conversion cycle efficiency are negatively related to the investment inefficiency, while there is no relation between inventory turnover period and inefficient investment. Also evidences indicate that cash conversion cycle, cash holdings and the current ratio are positively related to the investment inefficiency. Overall, in can be stated that the efficient management of working capital reduces the deviation from optimal investment.https://amf.ui.ac.ir/article_20645_26433f036d30e7ac50fb6813c186f0af.pdfUniversity of IsfahanJournal of Asset Management and Financing2383-11894320160922The Impact of Information Asymmetry on the Future Stock Price Crash Risk of Listed Companies in the Tehran Stock ExchangeThe Impact of Information Asymmetry on the Future Stock Price Crash Risk of Listed Companies in the Tehran Stock Exchange39582064610.22108/amf.2016.20646FABehroozKhodarahmiTarbiat Modaress UniversityHeidarForoughnejadUniversityMohammad JavadSharifiImam Khomeini International University(IKIU)AlirezaTalebiShahid Beheshti UniversityJournal Article20161121Managers as those responsible for providing financial statements may try to provide a good picture of their firm’s conditions. Therefore, they tend to delay the disclosure of bad news and release the good news as soon as possible. Managers’ tendency toward hiding bad news increases the stock price risk. With the increase of information asymmetry between a firm and the market, managers have more abilities and opportunities to withhold bad news and accelerating the release of good news. As a result, it is expected that the information asymmetry between managers and investors increases future stock price crash risk. The purpose of this study is to investigate the relation between information asymmetry and the future stock price crash risk. In so doing, we identify one main hypothesis and three subsidiary ones. To test our hypotheses, we select a sample of listed companies in the Tehran stock exchange during 1380-1392 (2001-2013). Moreover, the panel data and logistic regression methods are used. Results show that there is a positive relation between information asymmetry and future stock price crash risk.Managers as those responsible for providing financial statements may try to provide a good picture of their firm’s conditions. Therefore, they tend to delay the disclosure of bad news and release the good news as soon as possible. Managers’ tendency toward hiding bad news increases the stock price risk. With the increase of information asymmetry between a firm and the market, managers have more abilities and opportunities to withhold bad news and accelerating the release of good news. As a result, it is expected that the information asymmetry between managers and investors increases future stock price crash risk. The purpose of this study is to investigate the relation between information asymmetry and the future stock price crash risk. In so doing, we identify one main hypothesis and three subsidiary ones. To test our hypotheses, we select a sample of listed companies in the Tehran stock exchange during 1380-1392 (2001-2013). Moreover, the panel data and logistic regression methods are used. Results show that there is a positive relation between information asymmetry and future stock price crash risk.https://amf.ui.ac.ir/article_20646_769d443eac3ffd4c236b54767284267c.pdfUniversity of IsfahanJournal of Asset Management and Financing2383-11894320160922The Effect of External Corporate Governance Mechanisms of Agency Costs on Listed Companies of the Tehran Stock ExchangeThe Effect of External Corporate Governance Mechanisms of Agency Costs on Listed Companies of the Tehran Stock Exchange59762064710.22108/amf.2016.20647FADarushDamooriYazd UniversityMinooIzadiYazd UniversityJournal Article20161121The goal of this study is to investigate the simultaneous effects of dividend policy, leverage, institutional ownership, and product market competition as external supervision and control mechanisms of corporate Governance on agency cost. In order to achieve this goal, we study 85 manufacturing companies among listed firms in the Tehran Stock Exchange during 1386-1391. To test the Hypothesis, panel data and Tobit regression model method is used. The results indicated that the product market competition and debt ratio negatively affect the agency cost while institutional ownership positively affects agency cost. However, dividend yield as a measure of dividend policy has no significant impact on agency cost.The goal of this study is to investigate the simultaneous effects of dividend policy, leverage, institutional ownership, and product market competition as external supervision and control mechanisms of corporate Governance on agency cost. In order to achieve this goal, we study 85 manufacturing companies among listed firms in the Tehran Stock Exchange during 1386-1391. To test the Hypothesis, panel data and Tobit regression model method is used. The results indicated that the product market competition and debt ratio negatively affect the agency cost while institutional ownership positively affects agency cost. However, dividend yield as a measure of dividend policy has no significant impact on agency cost.https://amf.ui.ac.ir/article_20647_75c81f47d4aa684b6b5cdcc311d25732.pdfUniversity of IsfahanJournal of Asset Management and Financing2383-11894320160922The Relation of Risk-Adjusted Excess Return with Liquidity and Liquidity Risk (Companies Listed in Tehran Stock Exchange)The Relation of Risk-Adjusted Excess Return with Liquidity and Liquidity Risk (Companies Listed in Tehran Stock Exchange)77902064810.22108/amf.2016.20648FAAhmadAhmadpourUniversity of MazandaranFereshteMarviUniversity of MazandaranJournal Article20161121Risk aversion and return orientation are two important principles in every investment decision, and risk averse investors avoid investing in risky opportunities without receiving their expected return. In other words, given that most of the investment opportunities impose some level of high or low risk, investors expect premium reward depending on the level of risk they take. In this paper, we investigate the relation between liquidity and liquidity risk as two proxies of investment risk and risk-adjusted excess return. Our sample includes 40 companies listed in the Tehran Stock Exchange for the period of 2006-2012. We use multivariate regression and supplementing tests for data analysis and testing the hypothesis about the relation between risk and excess return. The results show that excess return has a significantly negative relation with stock liquidity. However, no significant relation is recognized between excess return and market liquidity, stock liquidity risk and market liquidity.Risk aversion and return orientation are two important principles in every investment decision, and risk averse investors avoid investing in risky opportunities without receiving their expected return. In other words, given that most of the investment opportunities impose some level of high or low risk, investors expect premium reward depending on the level of risk they take. In this paper, we investigate the relation between liquidity and liquidity risk as two proxies of investment risk and risk-adjusted excess return. Our sample includes 40 companies listed in the Tehran Stock Exchange for the period of 2006-2012. We use multivariate regression and supplementing tests for data analysis and testing the hypothesis about the relation between risk and excess return. The results show that excess return has a significantly negative relation with stock liquidity. However, no significant relation is recognized between excess return and market liquidity, stock liquidity risk and market liquidity.https://amf.ui.ac.ir/article_20648_6f3f2b11ad43b8eede00666905016dc8.pdfUniversity of IsfahanJournal of Asset Management and Financing2383-11894320160922Modeling Banking Crisis with the Dynamic Stochastic General Equilibrium ModelModeling Banking Crisis with the Dynamic Stochastic General Equilibrium Model911082064910.22108/amf.2016.20649FAAzamAhmadyanMonetary and Banking Research AcademyJournal Article20161121Banking industry, as one of the important financial intermediation industries in Iran’s economy, faces the critical challenge of delayed loans. The existence of delayed loans decreases banks liquidity resources and their lending power. As a result, in recent years, Iranian banks have tired to change their asset portfolio from business loans to interbank loans to confront with their credit risk. Because of the strong relation between banking industry and other economic sectors in Iran, I try to analyze the reaction of macroeconomic variables (such as production and inflation) and banking variables to the shocks of delayed loans. To do so, I use annual statistics of the economic variables between 1981 to 2013 as well as calibration and Bayesian model to extract the value of dynamic stochastic general equilibrium (DSGE) parameters. Results show that the theoretic model is compatible with the economic realities. In the other, words investment and production decrease and inflation increases as delayed loans increase. Alternatively, investment and production increase and inflation decreases by increasing interbank loans.Banking industry, as one of the important financial intermediation industries in Iran’s economy, faces the critical challenge of delayed loans. The existence of delayed loans decreases banks liquidity resources and their lending power. As a result, in recent years, Iranian banks have tired to change their asset portfolio from business loans to interbank loans to confront with their credit risk. Because of the strong relation between banking industry and other economic sectors in Iran, I try to analyze the reaction of macroeconomic variables (such as production and inflation) and banking variables to the shocks of delayed loans. To do so, I use annual statistics of the economic variables between 1981 to 2013 as well as calibration and Bayesian model to extract the value of dynamic stochastic general equilibrium (DSGE) parameters. Results show that the theoretic model is compatible with the economic realities. In the other, words investment and production decrease and inflation increases as delayed loans increase. Alternatively, investment and production increase and inflation decreases by increasing interbank loans.https://amf.ui.ac.ir/article_20649_608da3c487a6945626403ce44e285e56.pdfUniversity of IsfahanJournal of Asset Management and Financing2383-11894320160922Investigating the Effect of Financial Reporting Quality on the Relation among Collateral Assets, Financing and InvestmentInvestigating the Effect of Financial Reporting Quality on the Relation among Collateral Assets, Financing and Investment1091242065010.22108/amf.2016.20650FAAbbasAflatooniBu-Ali Sina University of HamedanJournal Article20161121This research investigates the relation between collateral assets and the firms' financing and investments in 247 firms listed in the Tehran Stock Exchange from 2003 to 2013 and examines the effect of financial reporting quality on this relation. Moreover, the impact of collateral assets on the financial reporting quality is taken into consideration. The results indicate that increase in collateral assets increases the amount of financing via debts and as a result increases firms' investments. Also, the increase in financial reporting quality undermines the relation between collateral assets and the amount of firms' financing and investments. Finally, with the increase in collateral assets, firms reduce their financial reporting quality. Results are compatible with the theoretical models based on the notions of adverse selection and moral hazard. <br /> <br /> This research investigates the relation between collateral assets and the firms' financing and investments in 247 firms listed in the Tehran Stock Exchange from 2003 to 2013 and examines the effect of financial reporting quality on this relation. Moreover, the impact of collateral assets on the financial reporting quality is taken into consideration. The results indicate that increase in collateral assets increases the amount of financing via debts and as a result increases firms' investments. Also, the increase in financial reporting quality undermines the relation between collateral assets and the amount of firms' financing and investments. Finally, with the increase in collateral assets, firms reduce their financial reporting quality. Results are compatible with the theoretical models based on the notions of adverse selection and moral hazard. <br /> <br /> https://amf.ui.ac.ir/article_20650_782eb46aa168bab8ff596fb8dfcde793.pdf