To Be Smooth of The Interest and Output of Accepted Companies Stock at Negotiable Paper Exchange of Tehran
In this research relationship between to be smooth the
interest and output of accepted companies stock at negotiable paper
exchange of Tehran is studied. Static community capacity included
363 companies member of negotiable paper exchange of Tehran that
54 companies were, by considering research limitation, selected from
2004 to 2009. Needed data for model test in librarian method was
chosen from RAH AVARDE NOVIN informative banks, TADBIR
and collecting needed data was selected from Tehran negotiable
paper exchange archive. Given results show that in spite of belief
among people based on companies have more smooth interest have
more output, but resulted outcomes of test-done reveals that there is
no relation between smooth interest and stock output.
[1] Albert, W.D. and Richardson, F.M., 1990, Income Smoothing by
Economy Sector, Journal of Business Finance and Accounting, Vol. 17,
pp. 713-730.
[2] Baltagi,B, "Eonometric Analysis of Panel Data", third Edition, Wiley&
Sons, Ltd, 2005.
[3] Bildik, R. & Gulay, G., "Profitability of Contrarian vs. Momentum
Strategies: Evidence from the Istanbul Stock Exchange", 2000,
Available at SSRN: http://
papers.ssrn.com/sol3/papers.cfm?abstract_id=315379.
[4] Chaohin Chiao, David C. Cheng, Welfeng Hung, "Overreaction after
Controlling for Size and Book-to-Market Effects and its Mimicking
Portfolio in Japan", Review of Quantitative Finance and Accounting,
VOL. 24, 2005, PP. 65-91.
[5] Fama, E. & French, K. R., "The Cross-Section of Expected Stock
Returns", Journal of Finance, VOL. 2, 1992,PP. 427-465.
[6] Fama, E. & French, K. R, "Size and Book to Market Factors in Earnings
and Returns", JOURNAL OF FINANCE, Vol 50, No 1, March 1995,
PP.131-155.
[7] Gordon, M. J., 1964, Postulates, Principles and Research in Accounting,
The Accounting Review, Vol. 39, No. 2, pp. 251-263.
[8] Jayaraman, Sudarshan, "Earnings Volatility, Cash Flow Volatility, and
Informed Trading", Journal of Accounting Research, Vol. 46 No. 4,
September 2008, PP.809-851.
[9] Jensen, G. R. and Mercer, G.R., "Monetary policy and the cross-section
of expected stock returns", Journal of Financial Research, 2002, Vol. 25
pp.125 - 139.
[10] McInnis, J., 2010, Earnings Smoothness, Average Returns, and Implied
Cost of Equity Capital, The Accounting Review, Vol. 85, pp. 315-341.
[11] Michailidis, Grigoris and Stavros Tsopoglou and Demetrios
Papanastasiou, " Is Sales Growth Associated with Market , Size and
Value Factors in Returns ? Evidence from Athen Stock Exchange
(1998-2003)", journal of Social Sciences , VOL. 3 NO.1 , June 2006.
[12] Michelson, S. E., J. Jordan-Wager, and C.W. Wooton, "The Relationship
Between the Smoothing of Reported Income and Risk-Adjusted
Returns", Journal of Economics and Finance, VOL 24 NO.2, Summer
2000, PP. 141-159.
[13] Nartea, Gilbert V. and Bert D. Ward, "Size, BM, and momentum effects
and the robustness of the Fama-French three-factor model", International
Journal of Manageria Finance, VOL. 5 No. 2, 2009, pp. 179-200.
[14] Rahnamay Roodposhti, Feraydoon & Hashem Valipoor, " Relevance of
Accounting Earning Volatility to Determine Expected Stock Return:
Empirical Evidences from Iran", International Bulletin of Business
Administration, 2010, PP 3-4.
[15] Wei, S. X., and C. Zhang, "Why did individual stocks become more
volatile?" Journal of Business, VOL. 79, 2006, PP. 259-292.
[1] Albert, W.D. and Richardson, F.M., 1990, Income Smoothing by
Economy Sector, Journal of Business Finance and Accounting, Vol. 17,
pp. 713-730.
[2] Baltagi,B, "Eonometric Analysis of Panel Data", third Edition, Wiley&
Sons, Ltd, 2005.
[3] Bildik, R. & Gulay, G., "Profitability of Contrarian vs. Momentum
Strategies: Evidence from the Istanbul Stock Exchange", 2000,
Available at SSRN: http://
papers.ssrn.com/sol3/papers.cfm?abstract_id=315379.
[4] Chaohin Chiao, David C. Cheng, Welfeng Hung, "Overreaction after
Controlling for Size and Book-to-Market Effects and its Mimicking
Portfolio in Japan", Review of Quantitative Finance and Accounting,
VOL. 24, 2005, PP. 65-91.
[5] Fama, E. & French, K. R., "The Cross-Section of Expected Stock
Returns", Journal of Finance, VOL. 2, 1992,PP. 427-465.
[6] Fama, E. & French, K. R, "Size and Book to Market Factors in Earnings
and Returns", JOURNAL OF FINANCE, Vol 50, No 1, March 1995,
PP.131-155.
[7] Gordon, M. J., 1964, Postulates, Principles and Research in Accounting,
The Accounting Review, Vol. 39, No. 2, pp. 251-263.
[8] Jayaraman, Sudarshan, "Earnings Volatility, Cash Flow Volatility, and
Informed Trading", Journal of Accounting Research, Vol. 46 No. 4,
September 2008, PP.809-851.
[9] Jensen, G. R. and Mercer, G.R., "Monetary policy and the cross-section
of expected stock returns", Journal of Financial Research, 2002, Vol. 25
pp.125 - 139.
[10] McInnis, J., 2010, Earnings Smoothness, Average Returns, and Implied
Cost of Equity Capital, The Accounting Review, Vol. 85, pp. 315-341.
[11] Michailidis, Grigoris and Stavros Tsopoglou and Demetrios
Papanastasiou, " Is Sales Growth Associated with Market , Size and
Value Factors in Returns ? Evidence from Athen Stock Exchange
(1998-2003)", journal of Social Sciences , VOL. 3 NO.1 , June 2006.
[12] Michelson, S. E., J. Jordan-Wager, and C.W. Wooton, "The Relationship
Between the Smoothing of Reported Income and Risk-Adjusted
Returns", Journal of Economics and Finance, VOL 24 NO.2, Summer
2000, PP. 141-159.
[13] Nartea, Gilbert V. and Bert D. Ward, "Size, BM, and momentum effects
and the robustness of the Fama-French three-factor model", International
Journal of Manageria Finance, VOL. 5 No. 2, 2009, pp. 179-200.
[14] Rahnamay Roodposhti, Feraydoon & Hashem Valipoor, " Relevance of
Accounting Earning Volatility to Determine Expected Stock Return:
Empirical Evidences from Iran", International Bulletin of Business
Administration, 2010, PP 3-4.
[15] Wei, S. X., and C. Zhang, "Why did individual stocks become more
volatile?" Journal of Business, VOL. 79, 2006, PP. 259-292.
@article{"International Journal of Business, Human and Social Sciences:50257", author = "Mohammad Hadi Zohdi and Mohamad Reza Dalvand and Maryam Zohdi", title = "To Be Smooth of The Interest and Output of Accepted Companies Stock at Negotiable Paper Exchange of Tehran", abstract = "In this research relationship between to be smooth the
interest and output of accepted companies stock at negotiable paper
exchange of Tehran is studied. Static community capacity included
363 companies member of negotiable paper exchange of Tehran that
54 companies were, by considering research limitation, selected from
2004 to 2009. Needed data for model test in librarian method was
chosen from RAH AVARDE NOVIN informative banks, TADBIR
and collecting needed data was selected from Tehran negotiable
paper exchange archive. Given results show that in spite of belief
among people based on companies have more smooth interest have
more output, but resulted outcomes of test-done reveals that there is
no relation between smooth interest and stock output.", keywords = "Smooth interest, interest fluctuation, interest level,
output average, cost capital", volume = "5", number = "5", pages = "417-4", }
