درخت حوزه‌های تخصصی

This study aims to investigate the correlation between the diversification and accruals quality (AQ) in Iran’s mutual funds considering two main hypotheses and four sub-hypotheses. This research investigates the effects of cases such as beta of the company, the company's return on assets, debt ratio of company, firm's size, and accrual quality on the company's cost of capital and considers the effect of mutual funds’ diversification on decreasing information risk calculated through accruals quality in Tehran Stock Exchange (TSE) and Iran Farabourse listed companies. This research investigates 42 mutual funds from 2009 to 2013. Furthermore, the financial data of companies is considered for 20 years up to 2013 in order to calculate the accruals quality. The research results indicate that the factors such as the company's beta, the company's return on assets, and the ratio of firm's debt have direct correlation with cost of capital and this indicates that the increased risk in the form of beta and debt ratio increases the investors' expected return. However, the firm's size is inversely correlated with the cost of capital indicating that the increased firm's size provides the possibility of borrowing and bargaining at lower costs for companies. Furthermore, diversification in mutual funds results in lowering information risk caused by low accrual quality. Accordingly, the result of this research can help the mutual funds’ managers and investment companies to better manage their investments

Energy has been the main pillar of the global growth and development. Amongst various sources of energy, oil has the largest share in the global energy consumption. As these energy reserves tend to decline, few regions, most notably the Middle East which has been at the forefront with the largest reserves, can fulfill the rising global energy demand. Even then, in view of its vast energy potential, this region has attracted the attention of the growing economies of the world. This paper intends to look at one of the significant producers in the Persian Gulf energy market, Iran, and its energy relations with the Asian giant, China, from the International Relations perspective. Having a wide variety of capacities, Iran-China relations in recent years has made special dynamics, so that in different fields, this relationship has been steadily expanding and deepening. One of the most important capacity building areas in Iran-China relations is energy. The area of energy certainly has played the most important role in the dynamics of these relationships. Potential opportunities of bilateral cooperation between Iran and China in the field of energy are wide, and in case of realization it can have positive consequences of the political and security. The aim of this paper is to cover the current oil trade situation between the two countries as well as the existing problems that are limiting the growth of this relation such as international sanctions and at the end some suggestions in order to enlarge the trade between the two countries. In conclusion, we can say that a massive capacity on the basis of "energy" in relations between Iran and China have emerged that can be used to promote economic relations between the two countries in the framework of a comprehensive strategy that benefits both countries and the region. This Capacity must be accompanied with "mutual desire” to take place. Especially noteworthy is that the existing capacities should not only be considered as "energy economy" and cooperation in the field of energy, but also should be seen as the overall framework of "security" and "Asian solidarity”.  JEL Classification:  F14,  F18

The main goal of the present study is testing asymmetric risk pricing and comparing it with pricing of traditional risk measures in Tehran Stock Market. Accordingly, a sample consisting of 101 companies listed in Tehran Stock Market during 2002-2013 went under investigation. In order to test asymmetric risk pricing, regression model of panel data was applied. The results revealed a positive and significant relationship between traditional measures (Standard Deviation and Semi Standard Deviation) and asymmetric risk measures (parametric VaR, HR risk, historical VaR, and historical HR) and expected return. Therefore, in addition to the significant correlation between risk and return, pricing model based on asymmetric risk and traditional risk was approved, too. Again, it was shown that controlling the effect of variables such as financial leverage, firm size, book-to-market ratio of equity (B/M) and liquidity, momentum and inverse is not able to change the direction of the relationship. Furthermore, the explanatory power of traditional and asymmetric risk criteria are the same. JEL Classification: G10, G17

The use of technology acceptance models is a way to understand the users' attitude towards new technologies. The present study aimed to investigate drivers affecting the customers' behavioral intention to use blockchain capabilities as a financial instrument using a combination of several technology acceptance models to determine what factors encouraged users to use blockchain capabilities as a financial instrument. Therefore, determinants of the behavioral intention to use blockchain capabilities as a financial instrument were first explored by the literature review, and then the structural equation model was built according to this basis. Results of data analysis indicated that the personal propensity to trust and structural assurance beliefs directly affected the initial trust that in turn, affected the users' behavioral intention. On the other hand, task and technology characteristics directly affected the task-technology fit that in turn, affected the users' behavioral intention. Furthermore, the performance expectancy directly affected the users' behavioral intention. Results of the present research indicated that the intention to use blockchain capabilities as financial instrument came from a social need; and users were keen to use blockchain despite some limitations of this technology.