درخت حوزه‌های تخصصی

This paper examines the credit risk in the Iranian banks during 2008 to 2018 through the Z-score (Accounting based data) and the KMV-Merton (Market based information) models. In the Merton model, equity is equal to call option on underlying value of the bank’s asset. The market value of assets is estimated by share price. The value of assets is then compared to the value of liabilities. Therefore, default when occurs that the market value of assets is less than the book value of debts. so, value of equity becomes negative. In the Z-score model, Return on Assets and Equity to Assets as the numerator and standard deviation of ROA as the denominator are applied. If the mentioned ratios of numerator increase and the denominator decrease, the probability of default decline. As well as, Independent variables are divided into five groups: leverage, management efficiency, profitability quality, financial health, and liquidity. As a result, capital adequacy and profitability have a greater impact on both models. Also, the ANOVA table proves the validity of two models. The value of ROC test in both models is above average (0.5) which are efficient and their efficiency is 99.48% and 92.68%, respectively. Also, in terms of Voung’s test, the KMV is more efficient than the Z-score.

Prediction of stock returns is always one of the most important discussions of financial markets, which has led to introducing of various models to pricing financial assets, one of the most important of these models is to measure the surplus returns by Fama &  French model was introduced in the form of a 5-factor model which, in spite of its satisfaction with the model, is still in conflict with many anomalies in the market, which the model can not explain, in the same way The purpose of this paper is to examine the strength of Five Factor Model of Fama & French (2015) for explaining volatility as a market anomaly.The sample consists of 168 companies listed in Tehran Stock Exchange. Portfolio Analysis is the approach of this paper for testing explanatory power of the Five Factor Model. Results show that profitability and investment factors couldn’t explain excess returns. This conclusion contradicts the model of Fama and French (2016).

Competitive advantages play a unique role in organizations' successes or failures because of customers' very speedy accessibility to suppliers and manufacturers. Indeed, this is competitive advantages which can make firms and organizations survive and grow in today's increasing competitive field attaining by creating and or improving their capabilities. The main goal of the study is to design a grounded theory model extracted from the transnational capabilities, but this required to explore the transnational capabilities aiming for the international markets entry. The statistical population of this qualitative research included experts and managers working in the steel pipe manufacturing companies of Iranian gas and oil industry. The data collected via interviews. The validity assured by counseling with the elites and university professors and the reliability verified by the Delphi technique. The findings revealed 496 open, 44 axial and 9 selective codes including: 1) Marketing, 2) Managerial, 3) Human Resources, 4) Financial, 5) Manufacturing, 6) Quality & Standards, 7) Research & Development 8) Logistics and 9) Interactions and counseling with the government. Finally, a new model extracted and represented from analysis of the axial coding process of the grounded theory. The model precisely clarified relationships among the components including casual conditions, context, actions/interactions (strategies), intervening conditions and consequences. Recognition of the relationships of the components will help better understanding of the capabilities. This will lead to attain the competitive advantages needed for successful entry into the international markets.