financial markets
Abdonaser Derakhsan; Alireza َAbroud; Farshid Ahmadi Farsani
Abstract
The link between stock returns and macroeconomic indicators has been a debatable phenomenon at all times. industry index reflects performance of stock market and state of industry and production of each country. Potential macroeconomic factors may have significant long-term effects on industry index. ...
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The link between stock returns and macroeconomic indicators has been a debatable phenomenon at all times. industry index reflects performance of stock market and state of industry and production of each country. Potential macroeconomic factors may have significant long-term effects on industry index. Therefore, this paper empirically examines dynamics of industrial production and inflation on industry index and total index of Iranian stock market using ARDL model with monthly data during period from 2015 to 2023. empirical results showed that logarithm of consumer price index has a positive and significant long-term effect on industry index and total index. In addition, results indicate a positive and significant long-term relationship between industrial production and industry index. In addition, there is a positive and significant relationship between industrial production and total market index. The results of this study highlight complexity of stock market dynamics influenced by inflation and industrial production. findings of this study can be valuable for investors and policymakers in identifying the response of Iranian stock market to production and inflation.
financial markets
Ali Talib Ahmed Aljhayyish; Mohammad Javad Saei; Mohammad Ali Bagherpour Velashani
Abstract
The development of companies leads to the creation of wealth only when there is a rational cost-benefit relationship between the cost of capital and the efficiency of the projects. The cost of capital is influenced by the method of financing, and its yield is reflected in the accounting profit and finally ...
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The development of companies leads to the creation of wealth only when there is a rational cost-benefit relationship between the cost of capital and the efficiency of the projects. The cost of capital is influenced by the method of financing, and its yield is reflected in the accounting profit and finally in the stock yield. This research has investigated this issue using the differential method and on 182 companies admitted to the Tehran Stock Exchange in the years 2016 to 2016. The role of the financing method on the profitability of the stock market and the financial efficiency of companies with capital projects has also been investigated. The results show that in emerging economies like Iran, the performance of financial efficiency and the profitability of the stock market of companies with capital projects are not affected by their financing methods. Also, the performance trend of financial efficiency and profitability of the stock market in this research sample follows similar patterns. These findings provide new evidence regarding competing theories of corporate financing.
financial markets
Alireza Haghshenas; Mohammad Solgi; Hossein Shirmardi AhmadAbad
Abstract
The interaction between the money and capital markets is a crucial topic within Iran's financial system. Despite numerous studies in financial markets, the pathology of this interaction remains largely unexplored. This research aims to identify and systematically analyze the impediments to the interaction ...
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The interaction between the money and capital markets is a crucial topic within Iran's financial system. Despite numerous studies in financial markets, the pathology of this interaction remains largely unexplored. This research aims to identify and systematically analyze the impediments to the interaction between these two markets.Given the highly specialized nature of the research topic and the limited scholarly attention it has received, the study's population is restricted to experts and academics in the field. These individuals possess both accessibility and a deep understanding of the interaction between money and capital markets and its related pathologies in Iran.This research employs a mixed-methods approach. After a systematic literature review and interviews with eight experts, 75 impediments (25 from literature and 50 from interviews) were identified and coded using thematic analysis. Subsequently, these impediments were assessed using a fuzzy Delphi questionnaire distributed among 12 experts, leading to the confirmation of 65 impediments. These were categorized into five dimensions: policymaking, financial institutions, laws and regulations, financial instruments, and structural factors.Finally, an ISM (Interpretive Structural Modeling) questionnaire was distributed to 12 experts. Using the Group ISM method in MATLAB R2021a software, the internal relationships among these impediments were analyzed. The results revealed that policymaking is the most significant hindering factor to market interaction in Iran, followed by financial institutions, laws and regulations, financial instruments, and structural factors, in order of importance. Furthermore, policymaking and laws and regulations were identified as the most influential criteria, while financial institutions, financial instruments, and structural factors were deemed the most dependent criteria. This analysis was also performed at the component level within each dimension.
