@article{ author = {}, title = {Effect of Monetary and Foreign Exchange Policies on Foreign Trade in Iran}, abstract ={Emphasized the importance of international trade in different economic schools and numerous empirical studies on the impact of trade on macroeconomic variables and factors affecting the volume of trade has taken place. In this context, this study aims to Iran in the period 1360-1394 using data, the impact of monetary policy and foreign exchange trading volume in Iran, due to the lack of static variables in level, Johansen Co-integration test Juselius co-integration vectors are obtained and used. The results show that monetary and foreign exchange policies, both on the volume of trade in Iran and have a significant impact expected. As of period exchange rates had a positive impact on the volume of Iran's non-oil exports and the impact of inflation and liquidity, the volume of non-oil exports has been negative in the country. In the period 1360-1394, the volume of money in Iran have a positive impact on imports and an increase in the exchange rate by increasing the price of imported goods has a negative impact on imports.}, Keywords = {Monetary policy and foreign exchange trading volume, Juselius co-integration Johansson. }, volume = {5}, Number = {17}, pages = {7-25}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-688-en.html}, eprint = {http://qjfep.ir/article-1-688-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {Cointegration, Causality and Augmented Wagner\'s law: New Evidence for the Iranian Economy}, abstract ={Wagner law is the first model of government expenditures in the public finance literature. In addition to testing the traditional version of Wagner's law, also the augmented version of this law, which is introduced by Murthy (1994) is examined in order to find a long-term relationship between government spending and economic development in Iran. The main objective of this study is to evaluate a short-term and long-term relationship between government expenditures (per capita) and GDP (per capita) using annual data for the Iranian economy during the period 1392-1357. Therefore, in this article, the validity of this relationship is checked by six different formulations of the Wagner Law (the desire to increase government spending by economic growth), and the causality between variables are considered with using boundary F-test and error correction model (ECM). Among the studied models, the Wagner law is executable in terms of income elasticity only in Peacock and Musgrave version and in generalized version. The results of the Bound Test indicate that long-term relationship between the variables exists in three versions of Wagner’s law. In addition, causality test with using an error correction model represents a one-way path from the income on government spending for short periods in five models. Overall, the results show that the Wagner law is confirmed in the third group of models for short-run in the Iranian economy.}, Keywords = {Wagner's Law, Co-integration, Error correction, Causality, Iran}, volume = {5}, Number = {17}, pages = {27-49}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-689-en.html}, eprint = {http://qjfep.ir/article-1-689-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {Capital Structure and Financial Crisis Relationship}, abstract ={The aim of this study is to investigate the relationship between capital structure and financial crisis in the listed companies in Tehran Stock Exchange during the period of 2009 to 2014. The library research method is used to collect the theoretical background in the study. Data in this study is extracted from financial statements and the corresponding notes. This research in terms of the objective is a practical research and is correlational research in terms of context. The results of data analysis show that financial crisis has a positive significant effect on companies’ capital structure}, Keywords = {Capital Structure, Financial Crisis, Asset Growth, Tangible Assets. }, volume = {5}, Number = {17}, pages = {51-72}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-690-en.html}, eprint = {http://qjfep.ir/article-1-690-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {Role of Public Sector Accounting In Realization of Resistance Economy}, abstract ={  The reinforcement of Iran’s financial system is a provision of Resistance Economy General Policies. Since the accounting is one key component of the financial system, this study aims at providing a justification for the role of accounting and the accrual basis in achieving Resistance Economy goals. This study is a qualitative research, and its theoretical basis is collected by the library method. Then, this research is an archive research. The findings exhibit that using accrual accounting fortifies Iran’s financial system (Resistance Economy General Policies: No. 9) and can prepare the promotion requirements of productivity, saving public expenditures and the economic transparency (Resistance Economy General Policies: No.3, No.16 & No.19). In other words, implementation of accrual accounting in public sector has a great effect on realizing some aspect of the Resistance Economy. Furthermore, the accounting is a middle link in the chain of the financial system, and its output is used by other two elements of the financial system (budgeting and auditing), then we can conclude that change in public sector accounting basis is the first step to strengthen Iran’s financial system.  }, Keywords = {Resistance Economy, Public Sector Accounting, Accrual Basis, Financial System.   }, volume = {5}, Number = {17}, pages = {73-96}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-691-en.html}, eprint = {http://qjfep.ir/article-1-691-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {Assessment of Stock Price Predictions Using Artificial Neural Network (ANN)}, abstract ={The stock market agents should increase their prediction accuracy to maximize their returns, and it needs some advanced tools. In this article stock price of 50 companies in the Tehran Stock Exchange have been modeled using feedforward artificial neural networks. In this way, the daily stock prices are used from December 1384 to December 1394. The predictions accuracy are evaluated with four statistical indicators. The results show that accuracy of ANN predictions is very high. In some cases, although the prediction accuracy is higher, the correctness is lower. Therefore, in the assessment of the prediction, evaluation of the correctness has a significant contribution}, Keywords = {Neural Networks, Prediction, Stock Return, Tehran Stock Exchange }, volume = {5}, Number = {17}, pages = {97-115}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-692-en.html}, eprint = {http://qjfep.ir/article-1-692-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {Stock Market Reactions to the Continuation and Improvement of Auditor’s Opinion}, abstract ={One way to predict the market reactions is the auditor's opinion. This study investigates the reactions of the stock market to the continuation and improvement of the independent auditor's opinion on the financial statements. We test the importance of this phenomenon by linear regression analysis with using a sample of 121 listed companies in the Tehran Stock Exchange during the periods 2007 to 2014. The dependent variable of this study is the reactions of the stock market capitalization, and the independent variable is the improvement in the auditor’s opinion and continuity in the qualified opinion. If the auditor’s opinion changes from a qualified to unqualified, the opinion has been improved and if the auditor in two consecutive periods gives an unqualified opinion, it is considered as a situation of continuity in the unqualified opinion. The study is quasi-experimental and correlational descriptive. The results of the study show that companies that have experienced an improvement in the auditor's opinion, had been facing a positive response of the market. Also, if a company experiences continuity in the unqualified opinions, will have a positive response in the stock market.  }, Keywords = {Stockmarket reactions, The auditor's opinion, Improvement in the auditor's opinion, Continuity in unqualified opinion.}, volume = {5}, Number = {17}, pages = {117-144}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-693-en.html}, eprint = {http://qjfep.ir/article-1-693-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {Political Stability and Control of Corruption on Foreign Direct Investment: A Case Study on MENA Countries}, abstract ={Political stability and control of corruption have an important effect on the economic performance of countries. The aim of this study is to investigate influential factors of foreign direct investment. The most important factors that are considered in this context are the political stability, control of corruption, inflation rate, exchange rate and freedom of trade. For estimation of relationships, the Panel Data method is used with applying data for 18 countries in MENA region over the period of 1996-2014. The results show the GDP, and Exchange rate have a positive effect on FDI. Moreover, political stability and control of corruption (two dimensions of good governance) have a positive effect on FDI. The effects of economic trade and inflation rate on FDI do not confirm by this data.  }, Keywords = {Foreign direct investment, Political stability, Control of corruption, Data of panel }, volume = {5}, Number = {17}, pages = {145-168}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-694-en.html}, eprint = {http://qjfep.ir/article-1-694-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {The Effect of Corporate Governance Mechanism on Timeliness of Interim Financial Reporting (Case Study: Tehran Stock Exchange)}, abstract ={The objective of this research is to evaluate the effect of corporate governance on delays in midterm financial reporting through conducting case study research in Tehran stock exchange. This paper examines the impact of corporate governance on timeliness of interim financial reporting through developing research hypotheses from the literature, and examining them using the statistical tests. The data gathering from listed companies in Tehran stock exchange is limited to the time-period between 2008 to 2012. The criteria considered in evaluating the corporate governance include ownership concentration, institutional shareholders ownership, size of board of directors, duality task of chief executive officer and the independency of the board of directors. The results of this research reveals that the effect of corporate governance mechanism on delays in midterm financial reporting is non-significant. The only variable that negatively affects the delays in interim financial reporting is the control variable 'the firm size. This paper provides empirical evidence on the effects of corporate governance mechanism on delays in midterm financial reporting by hypothesis testing. It paves the way for other researchers in identifying the effective factors in midterm financial reporting. Regarding the lack of research, this paper reframes the debate on the effects of corporate governance from a new outlook.  }, Keywords = {Corporate governance, Financial reporting, Interim financial statements}, volume = {5}, Number = {17}, pages = {169-194}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-695-en.html}, eprint = {http://qjfep.ir/article-1-695-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {01 Estimation of Social Discount Rate in Iran with Using Social Time Preference Approach}, abstract ={  Since to calculate a public fund‘s opportunity cost and also to do a feasibility study in government projects, we need social discount rate, this paper estimates the social discount rate for Iran based on the social time preference rate approach. Although, the social discount rate for urban areas has been estimated by Abdoli (2009) but since recent stagflation in Iran dramatically changed social consumption structure that can change the rate, and accuracy of approximation of this rate is very important in government resource allocation process, in this paper, we estimate this rate with using updated data. Furthermore, we use different theoretical approach rather that Abdoli (2009) to address this issue. The elements of the social discount rate are the growth rate of per-capita consumption, the elasticity of marginal utility of consumption and discount rate (based on mortality rate). We use data for the period 1361-1390 and obtain the social discount rate 5.12% with using time series technique. This estimation is reliable and can be used in the country’s cost-benefit analyses.  }, Keywords = {Since to calculate a public fund‘s opportunity cost and also to do a feasibility study in government projects, we need social discount rate, this paper estimates the social discount rate for Iran based on the social time preference rate approach. Alth}, volume = {5}, Number = {18}, pages = {7-24}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-271-en.html}, eprint = {http://qjfep.ir/article-1-271-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {karampoor, fatemeh and dehghani, ali and zayandehroody, mohse}, title = {The Effect of Private Ownership on the Export Intensity in the Manufacturing of Motor Vehicles and Transport Equipment in Iran}, abstract ={This study is designed to evaluate the effect of private ownership on the export intensity in the manufacturing of vehicles and transport equipment in Iran. Moreover, we examine the effect of competitiveness, firm size and R & D costs variables on exports in these industries. In this regard, GMM method is selected as an estimation method. In this paper, we use the manufacturing of motor vehicles and transport equipment data in Iran for the period of 2004-2012, which is classified at the 4-digit level of the International Standard of Industrial Classification (ISIC). The results show that private ownership in the industry has a positive and significant effect on its export intensity. Our findings indicate that the productivity of the labor force has a positive impact on exports in these industries. According to the results, paying attention to the problems of the export-oriented firms in the industry can be the industry's policy priority. Also easing entry condition for private firms that are planning to exports can improve production and foreign trade.    }, Keywords = {Export intensive, Private ownership, Productivity, Dynamic panel data.   }, volume = {5}, Number = {18}, pages = {25-43}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-502-en.html}, eprint = {http://qjfep.ir/article-1-502-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {Impact of Underground Economy on CO2 Emission in Iran 1987-2012}, abstract ={The underground economy is a global phenomenon in all the countries in the world and the researchers, and the governments have attracted to this issue in the past four decades. The conventional economic literature and official statistics do not indicate the situation of the shadow economy’s activities. However, the considerable parts of economic activities are placed in the informal, shadow, hidden, or underground economy. This paper examines the effects of the underground economy’s activities on the environment and its performance. This study analyzes these relationships with using ARDL econometric model for the period of 1978-2001. So in this study, we address to the relationship between the underground economy and environmental pollution (air pollution). The results indicate that air pollution is positively correlated with the underground economy and per capita national income. Moreover, the air pollution by economic openness negatively}, Keywords = {Keywords: environmental pollution, underground economy, openness economic, , ARDL}, volume = {5}, Number = {18}, pages = {45-76}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-584-en.html}, eprint = {http://qjfep.ir/article-1-584-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {Hashemi, Seyed Abbas and KeshavarzMehr, Davoud and Shahriyari, Mojtab}, title = {Capital Structure Adjustment: Generalized Methods of Moments}, abstract ={Considering that the capital structure adjustment is costly, firms only adjust their capital structure when the benefits of adjustment exceed its costs. On the other hand, it can be argued that firms faced the different adjustment costs due to their specific characteristics, so they move toward their target leverage with different speeds. Hence, this paper reviews several features that affect the capital structure adjustment speed such as size, tangible assets, profitability, and deviations from target leverage. By considering the objectives of this study, a sample consists of 115 firms, which listed in Tehran Stock Exchange are selected for the periods of 2003-2016. To estimate adjustment speed, we use partial adjustment model and Generalized Method of Moments (GMM) as an estimation method. The results show that small firms and firms with low profitability and high deviations from the target leverage move much more rapidly toward their target leverage.  }, Keywords = {Capital Structure, Target Leverage, Speed of Adjustment, Dynamic Trade-off Theory, Partial Adjustment Model. }, volume = {5}, Number = {18}, pages = {77-102}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-240-en.html}, eprint = {http://qjfep.ir/article-1-240-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {Rajaee, HossinAli and Piraee, Khossrow}, title = {THE CAUSAL RELATIONSHIP BETWEEN UNEMPLOYMENT RATE AND UNDERGROUND ECONOMY IN IRAN}, abstract ={In this study investigated relationship between IRAN underground economy and unemployment rate for annual data during the period 1973-2015. therefore first , estimated underground economy white using multiple indicator-multiple causes(MIMIC) and next, investigated relationship between underground economy and the unemployment rate. in this paper Furthermore, co-integration relationship between the underground economy and unemployment rate tested causality relationship between underground economy and the unemployment rate with Toda- Yamamoto approach. resulte indicated The underground economy has been rising during study priod Although shown fluctuation in the first half of the period. So that has been increased from 7% in 1973 to 36/5% in 2015. Johansson co-integration test point out the existence of a long-run relationship between the underground economy and unemployment rate and also causality test indicated unidirectionalcausation that runs from unemployment rate to underground economy.}, Keywords = {Capital Structure, Target Leverage, Speed of Adjustment, Dynamic Trade-off Theory, Partial Adjustment Model. }, volume = {5}, Number = {18}, pages = {103-129}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-328-en.html}, eprint = {http://qjfep.ir/article-1-328-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {Torabi, Rezvan and Movahedianattar, Monir and Fouladi, Alirez}, title = {The Impact of the Subsidy Reform Plan on Consumer Demand for Gasoline in Isfahan}, abstract ={  Iran is not only a major energy leading oil producer, but also is a large consumer of energy. High population, land area and industrial and urban development are all important factors in the consumer market in the country, and it is natural that a vast country like Iran has the energy demand for a variety of purposes. This is the reason that the level of energy consumption in Iran is very high and for various, reasons should be concerned about the current situation. Before the targeted subsidy plan, Iran's approach in the energy subsidies was very unsuitable and harmful. It seems necessary to evaluate the effect of the plan on the consumer demand for energy across the country. In this study, we examine this relationship in Isfahan. This paper uses a model which introduced by Sitra and et al (2012). The demand elasticity is calculated with using the SUR method and AIDS. In this regard, we use data of Isfahan’s consumers for the period of 1384 to September 1393. The estimation results of gasoline demand equation show that the effect of commodity prices on demand is negative, which indicates the law of demand works here. The estimated coefficient of commodity price is negative and smaller than one that shows gasoline is an essential commodity. In accordance with the results, the coefficient of real value added is estimated positive, which indicate the gasoline is a normal good. The results also show that the dummy variable for the targeted subsidy plan has a negative and significant effect on the commodity demands which can indicate that the plan and prices lead to lower fuel demand in the city.    }, Keywords = {: Targeted energy subsidies, Demand for gasoline, Rationing, Isfahan city. }, volume = {5}, Number = {18}, pages = {131-144}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-353-en.html}, eprint = {http://qjfep.ir/article-1-353-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {Mehrbani, Vahi}, title = {Begging in District 12 of Tehran and the Grand Bazaar}, abstract ={  The begging is one of the social maladies. Special features of District 12 of Tehran municipality—particularly the concentration of traditional businesses in that area and also being a crowded area—lead us to choose this area for studying such a phenomenon. In this paper, the begging is studied by using the constructivist epistemology. The data is collected by questionnaire and evidence is analyzed by frequency percentage interpretation. The evidence of this study shows that women have a considerable proportion of the beggars in our sample (50.49%). This difference is larger in young beggars’ categories, and most of the young beggars are women. It is also shown that as education, level increases the percentage of beggars' number decreases. Exploring the causes of begging shows that poverty, morbidity, and unemployment are respectively the most important cause of the begging. While the results of the study imply that most of the beggars tend to work with income equivalence of the begging, the monthly average of beggars' income is close to the minimum wage proposed by the government. Accordingly, the creation of employment is the key solution for disappearance of the begging.  }, Keywords = {Begging, Region 12, Tehran's market, Poverty, Education.   }, volume = {5}, Number = {18}, pages = {145-170}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-64-en.html}, eprint = {http://qjfep.ir/article-1-64-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {PaytakhtiOskooe, Seyyed Ali and TabaghchiAkbari, Laleh}, title = {The impact of the Components of Business Environment on Private Sector Investment: the Case of Selected Developing Countries}, abstract ={Since the business environment has an undeniable role in increasing investment incentives and creation of productive economic activities, this paper examines the impact of some of the components of the business climate index (the number of tax payments, the overall tax rate, the number of documents required for export, the time required for export, import and the number of documents required for imports) on private-sector investment in seven selected developing countries (includes Iran) during the period 2006 to 2013. The estimation results of the panel Cointegration method with Dynamic Ordinary Least Squares (DOLS) technique shows that whereas, all business climate variables, and the real interest rate have significant negative impacts on private investment, the impact of economic growth is positive.    }, Keywords = {Business environment, Private investment, Panel cointegration, Developing countries.}, volume = {5}, Number = {18}, pages = {171-185}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-291-en.html}, eprint = {http://qjfep.ir/article-1-291-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {Sarzaeem, Ali}, title = {Typology of Financial Crisis with a Focus on Banking Crises}, abstract ={Financial Crisis in general and banking crises, in particular, are an ever-present phenomenon across the globe, including developed and developing economies. This paper presents a typology of the financial crisis, which includes debt crisis, terms of trade crisis, exchange rate crisis and finally banking crisis. It provides different criteria to measure unusual volatilities from the crisis for all types of crisis. Specifically, a definition of the banking crisis is mentioned. Based on these definitions the interrelation between various crisis is investigated. In particular, based on empirical data, this paper reports prevalence of banking crisis in different countries at a different time span. Then consequences of the banking crisis are argued and different estimation of the cost of the banking crisis in terms of output loss, fiscal cost and public debt in different countries is reviewed. The database used for this analysis is provided by IMF, which contains a history of the financial crisis for 164 countries from 1970 up to 2012. Then, a mechanism of transmission of a financial crisis from the banking sector to the real sector is explained. At the end, policy recommendation to reduce the probability of banking crisis is provided.  }, Keywords = {Banking Crises, Financial Crises, Macroeconomic Policy, Crises Costs }, volume = {5}, Number = {18}, pages = {187-208}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-235-en.html}, eprint = {http://qjfep.ir/article-1-235-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {The Impact of Sanctions on Force Majeure as a Bank Guarantee}, abstract ={The bank guarantee is independent of the basic contract between the parties and only when the bank receives all the contract required documents, pay liabilities of the debtor. The bank responsibility to cover the debtor's failure (after receiving the required documents) is not cancelable, and this irreversible commitment of the bank reduces the risk of the transaction for the buyer and the seller. However, sometime this commitment can be canceled by the force majeure events. Among the force majeure cases, economic sanctions are more important because they are widely applied in the world. Sometimes the issuing bank inserts a sanction clause in the Bank guarantee contracts. In this situation, if the sanctions imposed, It may happen that the bank does not fulfill its commitment according to the bank guarantees. In this paper, the impact of the force majeure and the economic sanctions on the commitment of issuing bank is analyzed in the bank guarantee contracts.    }, Keywords = {Bank guarantees, issuing bank of Bank guarantees, force majeure, sanction, banking sanction}, volume = {5}, Number = {18}, pages = {209-230}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-489-en.html}, eprint = {http://qjfep.ir/article-1-489-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {11 Convergence of Returns on Exchange Rate Markets in Iran}, abstract ={Due to the nature of the assets in Iran, markets such as exchange rate markets are options facing investors as asset portfolio, with different returns. Usually, investors are looking for higher returns. By accumulation of investors on markets with higher returns, it is expected that the long-run returns of such markets be decreased, which leads to the induction of difference between these markets’ returns with other markets. This can be named as returns convergence of different asset markets. This study aims to also examine the returns convergence of exchange rate markets in Iran over the period 1999:05- 2016:02, using Nahar and Inder method. This method examines the returns convergence of each of these markets to the average returns of them. Based on the results, the returns convergence of Pounds, Yen, Australian Dollar and the Crone has converged to the average returns. But the dollar America, Euro, Real, scrambled, Canadian dollar and Swiss franc`s returns has not converged to the average returns. All coefficients are statistically significant at a confidence level of one percent.}, Keywords = {Convergence, Returns, Exchange Rate Markets, Nahar and Inder Method, Iran }, volume = {5}, Number = {18}, pages = {231-245}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-726-en.html}, eprint = {http://qjfep.ir/article-1-726-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {chehrazimadreseh, sorour and nejati, mahdi}, title = {The Effect of Public Debt and Productivity on Economic Growth in Iran}, abstract ={The continuous increase in government spending leads to widen the fiscal deficit gaps and that force government to borrow from internal and external resources. Due to various problems faced by the economy over recent years in Iran, It is usual that a part of government incomes and expenditures covers by the budget deficit. The main economic consequence of the high level of budget deficits is heavy public debt, which often would affect on economic growth. This study examines the impact of public debt on economic growth in the period 1980-2012. In this regard, by using the vector autoregressive model, we investigate long-run equilibrium relationship between public debts and economic growth. The results of the error correction model indicate that export and total factor productivity in short-term have a positive and significant effect on economic growth. However, domestic debt in short-term and long-term has a negative effect and external debt in long-term has a positive effect on economic growth.  }, Keywords = { Public debt, Productivity, Economic growth, Autoregressive distributed lag pattern, Error correction model. }, volume = {5}, Number = {19}, pages = {7-28}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-542-en.html}, eprint = {http://qjfep.ir/article-1-542-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {Mozayani, Amir H. and Hozuri, Ali}, title = {Assessing E-Banking Deployment Impact on Operational Cost Reduction in Banking System (The Case of Private & Public Banks of Iran)}, abstract ={Achieving competitive advantage is a basic component for banking system survival. Electronic banking is one of the key factors in this manner. Electronic banking can reduce costs of banks through mitigating: establishing expenditure of new branches, labor payments, printing and transportation of cash and notes and etc. So the important question which is raised is: whether electronic banking development in Iran has led to cost reduction or not? And is there any difference between private and public banks?This study investigates the effect of electronic banking development on eliminating of costs in public and private banks during 2006-2013. The results imply that electronic banking application could affect banking system costs significantly and this effect in private, banks have been much greater. Meanwhile, the branch size in public-owned banks has had a more considerable impact on cost volume.    }, Keywords = {Electronic Banking, Bank Costs, Panel Data, Private and Public Banks.   }, volume = {5}, Number = {19}, pages = {29-54}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-537-en.html}, eprint = {http://qjfep.ir/article-1-537-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {The Investigation of the Impact of Hidden Economy on Tax Revenues and Economic Growth (MIMIC Approach)}, abstract ={The impact of the Hidden economy on economic indicators such as consumption, production and etc, will necessitate the study of factors affecting this phenomenon to identify and adopt practical solutions to prevent its spread. Studies show that the Hidden economy has been high and factors such as taxes, the size and quality of formal laws and regulations and formal economic performance are the most important factors affecting it.. The main purpose of this paper is to estimate the size of the Hidden economy in the period 1976 to 2010 by the method of MIMIC and its effect on tax revenues. The results show that the Hidden economy allocated a high volume of the country's economy to itself and shows a growing trend in the time period of study. In addition, both size of government and revenue have a significant and positive relationship with the size of the Hidden economy. In addition, the Hidden economy in the long run has a negative and significant impact on tax revenues.    }, Keywords = {Economy, The Hidden economy, MIMIC, Iran, ARDL.}, volume = {5}, Number = {19}, pages = {55-80}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-569-en.html}, eprint = {http://qjfep.ir/article-1-569-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {farzam, vahid and ansari-samani, habib and mahmoodi, zahr}, title = {Short-term and Long-term Effects of exchange Rate on Bilateral Trade between Iran and the European and Asian partners (Using the Approach Panel Fmols)}, abstract ={With a view to efforts of some countries for the devaluation of the national currency, one of the most important questions in the field of International economics is "whether this devaluation, leads to current account improvement or not? In order to study this important question, this paper is aimed to study the short-run and long-run Effects of the Exchange rate on the trade balance between Iran and selected set trade partner countries in Europe, Asian and the rest of the world. The results of applying Error correction of the Panel data method via FMOLS Estimators demonstrate that real exchange rate variable is negative and insignificant in long-run for the European partners. But this is positive and significant for Asian and whole the world's partners. These results show that while the real exchange rate coefficient in short-run is significant and positive for European, Asian and the world's economic partners, the exchange rate in long-run is ineffective on Iran's balance trade. So these results show that exchange rate enhancement (devaluation) causes an Improvement in the trade balance in the short run. However, these effects disappear in the long run. So the findings show the disapproval of J-Curve for all the partners. Moreover, change in GDP of partners and Iran have significant effects, and their estimated signs are positive and negative respectively.  }, Keywords = {Trade balance, Real Exchange Rate, J Curve, FMOLS}, volume = {5}, Number = {19}, pages = {81-103}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-531-en.html}, eprint = {http://qjfep.ir/article-1-531-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {tabib, manijeh}, title = {Determining of the Priorities of Government Intervention in the Health System in Iran Based on Survey of Experts (AHP Method)}, abstract ={Health policy as an aspect of socio-economic policies is one of the important government duties. The range of the government intervention in the health sector is very broad and even involves buying the services or delivering the services. In this regard, one of the fundamental questions is that the degree of government intervention in the health sector always improves the quality of the health services. Accordingly, health care costs are one of the public policy aspects. In this study, we investigate how government should intervene in the system and based on a survey of experts’ opinion what is the prioritization of government spending on the health market?The results of the survey show that priority of government spending on the system is the health costs with the prevention approach which is including environmental health and Monitoring of food pharmaceutical and medical goods safety, R&D, outpatient care, medical education, health care, long-term nursing care, and the construction of the facility.}, Keywords = {Health spending, Structure, Scope, and Performance of Government, Government Expenditures and Health, AHP method.}, volume = {5}, Number = {19}, pages = {105-138}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-596-en.html}, eprint = {http://qjfep.ir/article-1-596-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {rafat, monireh}, title = {The Spillover Effects of Free Movement of Capital on Human Development Sub-index}, abstract ={Since the Free movement of capital has disparate effects on the different countries’ Economy(according to their degree of development), main purpose of this study is to answer the question, whether the increased free movement of capital  is an effective tool to improve social welfare in the selection of the OIC member states or not. For this purpose, the Human Development Index is used as a measure of social welfare. Data have been obtained from 17 countries of the OIC in the period 2014-2000. The results for the total sample indicated that the effect of Free movement of capital on human development, and its components are statistically significant. The impact of foreign aids on human development and education are statistically insignificant, and the effects on life expectancy and quality of life are significantly negative. Gross domestic savings effect is positive in all the models. The effect of governance on human development, living standards, and life expectancy has been positive and the training has been positive and statistically insignificant.  The net effect of the logarithm of initial GDP (as a measure of economic growth over time) on human development and life expectancy is negative, and the other two are not statistically significant.  }, Keywords = {Free movement of capital , Human Development sub-Index, OIC member}, volume = {5}, Number = {19}, pages = {139-163}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-588-en.html}, eprint = {http://qjfep.ir/article-1-588-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {golkhandan, abolghasem}, title = {Effect of Globalization on Life Eexpectancy in Iran}, abstract ={The main purpose of this paper is to investigate the non-linear impact of globalization on life expectancy in Iran during 1979-2014. For this purpose, I use the smooth transition regression (STR), model. The estimated Smooth Transition Regression (STR) model supports a nonlinear threshold behavior in the relationship between globalization and life expectancy in the country in a two-regime structure with a positive effect and a threshold level of about 38.26%. So with crossing over the threshold level and entering the second regime the intensity of this positive impact would be increased. Accordingly, it can be said that the globalization plays an important role in increasing life expectancy in Iran.    }, Keywords = {Globalization, Life Expectancy, Iran, Smooth Transition Regression (STR) model.   }, volume = {5}, Number = {19}, pages = {165-190}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-539-en.html}, eprint = {http://qjfep.ir/article-1-539-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {Salatin, Parvanh and Zahedi, Mojtab}, title = {The Impact of the Economic Liberalization on the Performance of Banks in the Selected Countries}, abstract ={  The main objective of this paper is analyzing the effect of the economic liberalization on the banks’ functioning in the selected countries in the middle-income category. We use Fixed Effect estimation method and a dataset for the selected countries during the period of 2002-2014. The results show that the economic liberalization has a positive and significant effect on the bank’s performance in the selected countries. The economic liberalization can create the appropriate regulations and eliminate the restrictions and in this way plays a critical role in providing the prerequisite for the efficient performance of institutions, markets, and banks. The economic liberalization is an important factor in increasing the bank's participation in the economic activities, increasing the quality of their performance by offering effective services via improving the competitive environment and creating a safe market for business. In addition, the results show that information & Communication Technology, and human capital have a positive and significant effect, and inflation has a negative and significant effect on the bank’s performance in the selected countries. The application of the information and communication technology into the banking system has brought many advantages, including lower costs, increasing customer numbers, and easier banking operations. Training has always been considered as a reliable tool to improve the performance quality of individual, organization, and help to solve the managing problems. An increase in the inflation also reduces the real rate of return for money. The implicit reduction in the real rate of return amplifies the credit quotation. As a result, the resources would be distributed with less efficiency.  }, Keywords = {Freedom Economic, Bank, Panel Data}, volume = {5}, Number = {19}, pages = {191-212}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-605-en.html}, eprint = {http://qjfep.ir/article-1-605-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {EBRAHIMI, MOHSEN and babaey, majid and kafili, vahi}, title = {The Role of Money Market Development in the Environmental Pollution: Comparison between High and Lower Middle Income Countries Among OECD Member}, abstract ={During the recent decades, the environment has been damaging by many massive factors. Due to the increase of demand for clean environment and international organizations and countries’ attempts to control the environmental damages, it is more important to consider of factors that affected in environmental degradation. In the meantime, despite the importance of the relationship between carbon dioxide emissions and money market (financial development), this issue has been neglected in the literature. In this study, we investigate the role of money market development in carbon dioxide (co2) emissions. To this purpose, we gather data from some countries among OECD members over the period 2011 -2001, and the results are compared countries with high and lower-middle per capita income. The results show that Money market development and increase in per-capita GDP lead to increase emissions of carbon dioxide in the lower-middle-income countries and  reduce the emissions  in the countries with high per capita income.  }, Keywords = {Money market, GDP per Capita, Environmental the pollution, panel data }, volume = {5}, Number = {19}, pages = {213-236}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-586-en.html}, eprint = {http://qjfep.ir/article-1-586-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {The Impact of the Government Size on Economic Growth in the Selected OPEC Countries: A Threshold Analysis}, abstract ={This paper examines the relationship between the government size and economic growth and determines the optimal level of government size in OPEC countries over 1960-2015. In this regards, we use a large dataset in a non-linear panel Generalized Method of Moments framework. We show that this relationship is statistically significant above and below the optimal level. In this study, the government expenditure (percentage of GDP) is defined as an index for the government size. According to the findings, the threshold level of optimal government size is 19 percent for the countries. The results show that the government size has a positive impact on economic growth in the first regime, while in the second regime, this is negative. In other words, the results confirm the Army curve hypothesis. On the other hand, the average size of government among all the countries is 24.7 percent, which represents government spending is putting on the slopes of diminishing returns. Therefore, the government size should be reduced to achieve their optimal amount.  }, Keywords = {Government size, Economic growth, Dynamic threshold estimation, Army curve, Selected OPEC Members Countries }, volume = {5}, Number = {19}, pages = {237-261}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-611-en.html}, eprint = {http://qjfep.ir/article-1-611-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2017} } @article{ author = {}, title = {Identifying the causes of firm’s liquidity shortage in Iran’s Economy}, abstract ={Always, the problem of liquidity shortage recognized as an impeding factor for economic development in Iran’s economy. In most of the monitoring reports of business environment, the lack of access to the finance and high rate of borrowed resources is the top problem for firms. On the one hand, the firms demand to facilitate access to bank loan finance and lower interest cost. On the other hand, the evidence of past decades implies that this policy is a temporary remedy and can’t settle the problem of liquidity shortage for firms. This subject has been one of the most important challenges in Iran’s economic policy-making area. This research seeks to recognize the main causes of the tough financial situation in Iran’ economy. The most important causes of the tough financial situation from supply side of the credit market include the low share of non-government sector debt in the total asset of the banking system, the high non-performing loan ratio, the concentrated and disproportionate allocation of loans. In addition, the crucial causes of the tough financial situation from the demand side of the credit market are the dependence of capital structure on external funds and the firm’s high need for the working capital loan}, Keywords = {Financial sector, liquidity, banking }, volume = {5}, Number = {20}, pages = {7-32}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-629-en.html}, eprint = {http://qjfep.ir/article-1-629-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2018} } @article{ author = {amirhosseini, zahra and bigdeli, ne}, title = {Investigating Asymmetric Effects and Fluctuations in Stock market, Inflation Shock, Inventory Shock and Unemployment in Iran’s Economy}, abstract ={The global financial crisis of 2007-2012 has led to more studies investigate the relationship between financial markets and the real economy. This has brought more transparency to the economy, prepared a more suitable environment for investment and starting up a business. This study examines the effects of the inflation shock, change in inventory and change in the index of Tehran Stock Exchange on the unemployment rate in the period 2001-2015. This study is an applied research and is descriptive and correlation research in terms of methods. For data analysis, we use econometric models based on the differentially generalized asymmetric ARCH and TARCH. The results show that the response of unemployment rate to positive and negative shocks of the stock market index is symmetric. Moreover, the findings indicate that the response of unemployment rate to a change in inventory is not significant while the unemployment rate response to inflation shocks is positive and significant}, Keywords = {Unemployment Rate, Stock Index, Inflation Shock, Unsymmetrical, Inventory Shock}, volume = {5}, Number = {20}, pages = {33-53}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-635-en.html}, eprint = {http://qjfep.ir/article-1-635-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2018} } @article{ author = {baraty, javad and rasoulzadeh, maryam}, title = {A Survey of Market Access Level: An Application of Economic Gravity Index}, abstract ={During to the past three decades, Demand-Driven factors, including the market access, demographic factors, and the market potential have placed in a special position. The limitations on market access lead regional underdevelopment, especially in smaller regions. Therefore, evaluating the potential level of market access and comparing it to the current realized situation of the regional market are very important in every province. In order to determine market access potential in each province, in this study, we use the economic gravity index introduced by Tsiapa (2008). In addition, we have done a comparative study with demographic factors such as the population concentration and the migration. It has been studied in all provinces of Iran in 2013. The results show that Tehran, Isfahan, Khorasan Razavi, Khuzestan and Fars provinces have the highest level of market access, due to the geographical location and population. In contrast, Ilam, South-Khorasan, North Khorasan and Kohgiluyeh-Boyerahmad have the lowest level of market access.  A higher level of market access lead to economies of scale and externalities and therefore, it has a critical role in improving the regional development level. Despite the role of the factors and product market through the establishment of population and activity and therefore, its role in the gravity index changes, it can be concluded that Demand-Driven policies have the greatest impact on the level of market access.  }, Keywords = {market access, gravity index, provinces of Iran, population density   }, volume = {5}, Number = {20}, pages = {55-76}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-547-en.html}, eprint = {http://qjfep.ir/article-1-547-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2018} } @article{ author = {Zare, Ebrahim and Zare, Hashem}, title = {Non-linear relationship between poverty and the size of the government in the Iranian economy: using a threshold regression method}, abstract ={Since government duties and goals have been tended toward welfare and supportive duties over the time, the poverty and role of the government in the reduction it has been the attractive research issue for specialists and policy-makers in developed and developing societies. In this line, we hypothesized that there is a nonlinear relationship between poverty and the size of the government in Iran. The influential factors on extreme poverty are determined by using the threshold regression method. The results show that the size of the government has a threshold effect on extreme poverty. The estimated threshold is about 5.21 percent. In other words, if the size of the government is smaller than the threshold, the size has a negative and insignificant effect on the extreme poverty. In another side, the size of the government has a positive and significant effect on extreme poverty if the size of government is larger than the threshold}, Keywords = {government size, Absolute poverty, threshold regression}, volume = {5}, Number = {20}, pages = {77-95}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-670-en.html}, eprint = {http://qjfep.ir/article-1-670-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2018} } @article{ author = {}, title = {Government size and corruption perception: some lessons for Iran from worldwide experiences}, abstract ={Policies of resistance economy focus on rationalizing the government size, and also preventing activities and fields, which lead to corruption in different economic sectors. This paper is aimed to study the global experiences about the size of the government and corruption. In order to measure the government size, two criteria are considered: government expenditure to gross domestic production and the number of employees in public section. Furthermore, the degree of corruption is calculated by corruption perception index. These indexes are collected for the periods of 2002-2012 and 2009-2013 from international transparency organization, the World Bank, and international labor organization. The results of panel data regressions show that the effect of government size on the corruption index depends on the development degree of the countries. In another word, an increase in the government size in the developing countries prepares the ground of corruption. In the view of policymaking and subject to the level of development in Iran, reducing the size of government will provide the conditions for reduction of corruption}, Keywords = { : government size, international transparency, corruption perception index   }, volume = {5}, Number = {20}, pages = {97-128}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-538-en.html}, eprint = {http://qjfep.ir/article-1-538-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2018} } @article{ author = {}, title = {Relationship between Monetary Policy and Conservatism of the listed Companies in Tehran Stock Exchange}, abstract ={The main purpose of this research is to investigate the relationship between monetary policy and conservatism in the listed companies in Tehran Stock Exchange. This research has a practical goal and its statistical population includes all companies listed in Tehran Stock Exchange. This paper considers the period of 2012- 2016 and its sample contains 123 firms. We use OLS regression to examine the research hypotheses. The findings show that there is a positive and significant relationship between conservative legal reserve and exchange rate. Also, the relationship between interest rate and conservatism is significant with a negative sign. Therefore, given the importance of the relationship between monetary policy and conservatism in the companies, paying more attention to this issue is necessary. .}, Keywords = {monetary policy, exchange rate, interest rate, legal reserve, conservatism }, volume = {5}, Number = {20}, pages = {129-147}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-657-en.html}, eprint = {http://qjfep.ir/article-1-657-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2018} } @article{ author = {Abbaszadeh, Nosratollah}, title = {Response of Stock Returns to Earnings Management in the Listed Companies in Tehran Stock Exchange}, abstract ={Company's managers tend to manipulate their earnings statistics or manage earnings to avoid reporting the realized losses or to gain their investors’ trust. There are three managing options to achieve the expected level of profits: the real benefit management (RM) false accounting, and accrual-based earnings management (AM).The purpose of this study is to investigate the relationship between real earnings management and future stock returns in 100 listed companies in Tehran Stock Exchange for the period of 2003-2015. In this study, we consider the effects of operating cash flow, production costs and discretionary spending in this relationship. The results of this study indicate that the manipulation of real activities via abnormal operating cash flow and abnormal discretionary costs increases the stock returns in the current year, and have a significant relationship with the stock returns in the next year. Abnormal production cost in the current period which is resulting from an increase in production is not related to stock returns in the next year. It means that the price of the share can reflect the full impact of excess production on the future operational performance of the company. .}, Keywords = {real activities manipulation, accrual-based earnings management, future stock return }, volume = {5}, Number = {20}, pages = {149-172}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-667-en.html}, eprint = {http://qjfep.ir/article-1-667-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2018} } @article{ author = {Mirlohi, Seyyed Mojtaba and Tehrani, Mostafa and LotfiSiahkalroodi, Amir and GhostinRoodi, Masoomeh}, title = {Investigating the Capital Structure and its impact on stock returns of listed companies in Tehran Stock Exchange}, abstract ={Nowadays, the credit rating of companies depends largely on the structure of their capital. The capital structure is a combination of debt and equity of shareholders which thereby the company finances long-term assets. Return on equity is the rate of return on investment in the purchase of the shares and the portion of earning that will be distributed to the shareholders (dividend yields). The purpose of this study is to examine the relationship between debt in the capital structure and the stock returns. For this purpose, the research library process is used and required data to test the hypothesis is collected from the reports published by the Tehran Stock Exchange. With regard to the presented issue and with using panel data for 42 non-financial listed firms in Tehran Stock Exchange in the period 2007-2012, we address the relationship between the stock return and capital structure. The results state that financial leverage has a significant positive correlation with stock returns. Moreover, operating leverage has not any significant relation with stock return. Furthermore, the findings confirm significant relationships between debt ratio and stock return and also equity ratio and stock return.  }, Keywords = {Return on equity, capital structure, financial leverage, operating leverage ratio, equity, debt ratio   }, volume = {5}, Number = {20}, pages = {173-196}, publisher = {Deputy of Economic Affairs Minstry of Economic Affairs and finance,tehran,iran}, url = {http://qjfep.ir/article-1-334-en.html}, eprint = {http://qjfep.ir/article-1-334-en.pdf}, journal = {Quarterly Journal of Fiscal and Economic Policies}, issn = {2345-3435}, eissn = {2345-3435}, year = {2018} }