Iranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-43792820180101Applying change management models to the revalidation of an undergraduate Accounting & Finance programme – a study in the UK higher education1711796ENFaisalSheikh (FCCA)Salford University, Salford Business School, UK (Corresponding author)BrianLeighSalford University, Salford Business School, UKHassanYazdifarSalford University, Salford Business School, UKJournal Article20171004Obtaining exemptions from professional bodies’ examinations has become important for institutions in the higher education sector and there is a growing attention to provide such exemptions to graduating students. However, incorporating necessary changes to the teaching syllabus and meeting the required changes in assessments and other areas of teaching and the related syllabus, can be difficult, hence learning from cases will add to the body of knowledge. This paper uses several change management (CM) models to analyse the context and then highlights the CM problem, which was ‘resistance’ to a major curriculum change programme experienced in a higher education institution in the UK. Key stakeholders were identified in this process together with potential outcomes and salient conclusions. Despite resistance and refocusing, the eventual outcome was a new accounting programme which simultaneously satisfied. Faculty requirements and offered future students potentially nine professional exemptions (the maximum exemptions available) from the Association of Chartered Certified Accountants (ACCA) UK and the opportunity to pursue conceptual accounting studies, which would improve their skills and employability.http://www.ijfma.ir/article_11796_a98bf9c158d51c9757bd04eb9d2e16f7.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-43792820180101Improvement of Users' Perception of Corporate Social Responsibility: Visualization of Financial Statements91811797ENNassimShahmoradiPhD Candidate, Department of Accounting, Islamic Azad University, Science and Research Branch, Tehran, IranHashemNikooMaramProfessor, Department of Accounting, Islamic Azad University, Science and Research Branch, Tehran, Iran
(Corresponding author)BahmanBanimahdAssociate Professor, Department of Accounting, Islamic Azad University, Karaj Branch, Karaj, Iran0000-0001-9554-4091FraydoonRahnamay RoodposhtiProfessor, Department of Accounting, Islamic Azad University, Science and Research Branch, Tehran, IranJournal Article20170707Nowadays a major portion of our information about various subjects is obtained through images .This study tries to look at corporates' financial reports with a new perspective. Using images together with numbers and figures, the study used a new way to present concepts related to CSR[i] along with financial information. To this aim, CSR was experimentally examined through four hypotheses among accounting MA students .Using Confirmatory factor analysis and two independent sample t-tests, the results confirmed the use of the approaches in accounting based on Davison's viewpoint, lead to the improvement of the users' perception of all aspects of CSR.
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[i] Corporate Social Responsibilityhttp://www.ijfma.ir/article_11797_eb530d951695112cf80ff651371ceb38.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-43792820180101Fads Models with Markov Switching Hetroskedasticity: decomposing Tehran Stock Exchange return into Permanent and Transitory Components192811798ENTeymoorMohammadiAssociate Professor, Faculty of Economics, Allameh Tabataba'i University, Tehran, IranAbdosadeNeisiAssociate Professor, Faculty of Economics, Allameh Tabataba'i University, Tehran, Iran
(Corresponding author)MehnooshAbdollahmilaniAssociate Professor, Faculty of Economics, Allameh Tabataba'i University, Tehran, IranSaharHavajPh.D. Candidate in Financial Economics, Faculty of Economics, Allameh Tabataba'i University, IranJournal Article20170930Stochastic behavior of stock returns is very important for investors and policy makers in the stock market. In this paper, the stochastic behavior of the return index of Tehran Stock Exchange (TEDPIX) is examined using unobserved component Markov switching model (UC-MS) for the 3/27/2010 until 8/3/2015 period. In this model, stock returns are decomposed into two components; a permanent component and a transitory component. This approach allows analyzing the impact of shocks of permanent and transitory components. The transitory component has a three-state Markov switching heteroscedasticity (low, medium, and high variances). Results show that the unobserved component Markov switching model is appropriate for this data. Low value of RCM criteria implies that the model can successfully distinguish among regimes. The aggregate autoregressive coefficients in the temporary component are about 0.4. The duration of high-variance regime for the transitory component is short-lived and reverts to normal levels quickly. The implied result of the research is that the presidential election may have a significant effect on being in the third regime.http://www.ijfma.ir/article_11798_1f1a330a04265fcc56b37df4f9bc529c.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-43792820180101Detecting Corporate Financial Fraud using Beneish M-Score Model293411799ENNasrinLotfiDepartment of Accounting, Islamic Azad University, Najafabad Branch, Najafabad, IranArezooAghaei ChadeganiDepartment of Accounting, Islamic Azad University, Najafabad Branch, Najafabad, Iran
(Corresponding author)Journal Article20170807Detecting financial fraud is an important issue and ignoring this issue may cause financial and non-financial losses to individuals and organizations. The aim of this study is to test the ability of Beneish M-Score Model for detecting financial fraud among companies listed on Tehran stock exchange. The research sample consists of 137 companies listed on Tehran Stock Exchange for a period of 11 years (2005-2015). Logistic regression analysis is used to test the research hypothesis at the level of 5% error. The results show that the accuracy of Beneish M-score model for detecting fraudulent financial reporting is 66/03 percent. In general, based on the logistic regression analysis, despite the existence of valid theoretical foundations, it seems that it is not possible to detect financial fraud of companies listed on Tehran stock exchange using Beneish M-score model. In other words, based on financial information of companies listed on Tehran Stock Exchange, Beniesh model is not a suitable model for detecting fraud and we need to develop a new model to detect fraud in financial reports
http://www.ijfma.ir/article_11799_ceb9f6b8ffa77c49b6b4570ea19c76bf.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-43792820180101Finding Default Barrier and Optimal Cutoff Rate in KMV Structural Model based on the best Ranking of Companies354511800ENMeysamHasanzadehMSc in Financial Engineering , Faculty of Financial Engineering, Kharazmi University, Tehran, IranAhmad RezaYazdanianAssistant professor, Faculty of Mathematics, Statistics and Computer Science, Semnan University, Semnan, Iran
(Corresponding author)Journal Article20170801According to the adverse consequences that are brought by financial distress for companies, economy and financial –monetary institutions, the use of methods that can predict the occurrence of financial failure and prevent the loss of wealth is of great importance. The major models of credit risk assessment are based on retrospective information and using the methods which use the updated market data for prediction of the probability of default can lead to the increase of the reliability of results. The purpose of this study is to obtain optimal default barrier in KMV model by using an approach based on genetic algorithm and compare the performance of the proposed model to KMV model. Research data included all data of listed companies in the Tehran stock exchange that were bankrupted from 2009 to 2014 according to the article 141 of the commercial code. In total, 25 companies were considered as distressed companies and 50 non-bankrupted companies were also selected as the control group and then results of the two models were compared. The study results showed that the performance of the presented model in prediction of bankruptcy and separating distressed from non-distressed companies is better than KMV model. At the end, the optimal cut off rate was calculated to determine whether a specific company will be bankrupt or healthy according to its probability of default. The results showed that the calculated optimal value led to 80% correct prediction in 2015.http://www.ijfma.ir/article_11800_0db32de7aed05af092becfc3789e7700.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-43792820180101Time-Varying Modeling of Systematic Risk: using High-Frequency Characterization of Tehran Stock Exchange476111801ENAliAskarinejad AmiriPhD Candidate in Finance, Shahid Beheshti University, Tehran, Iran
(Corresponding author)MohammadE. FadaeiNejadAssociate Professor of Finance, Shahid Beheshti University, Tehran, IranJournal Article20170507We decompose time-varying beta for stock into beta for continuous systematic risk and beta for discontinuous systematic risk. Brownian motion is assumed as nature of price movements in our modeling. Our empirical research is based on high-frequency data for stocks from Tehran Stock Exchange. Our market portfolio experiences 136 days out of 243 trading days with jumps which is a considerable ratio. Using 1200 monthly (5200 weekly) estimations, 100 stocks for 12 months (52 weeks), 2400 (10400) betas are calculated. No general trend or constancy has been seen in continuous or discrete betas, and no general correlation between them. Existence and importance of both continuous and discrete betas are demonstrated by related tests. Comparing continuous and discrete beta, show that, in addition to greater significance of discrete beta, the estimated jump beta is higher than the continuous beta almost 87% of the time; and on average jump betas are 180% higher than continuous betas. Both greater significance and greater values are resulted for discrete risk premium.
http://www.ijfma.ir/article_11801_fec3392b0dc073244d38eba1feb8e6b7.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-43792820180101Internal Audit, Board of Directors and Financial Reporting Quality637511802ENSaharSepasiAssistant Professor of Accounting, Faculty of Management & Economics, Tarbiat Modares University, Tehran, Iran
(Corresponding author)ZahraDianati DeilamiAssociate Professor of Accounting, Faculty of Financial Sciences, Kharazmi University, Tehran, IranSalmanManzari TavakoliMSc Accounting, Kharazmi University, Tehran, IranJournal Article20170507High-quality internal audit is expected to lead to high-quality financial reporting. High-quality financial reporting expresses itself in earning quality. Earning quality has been playing a key role in capital market for a long time. Finance users pay special attention to earning quality because they make their decision based on it. On the other hand, the market economy will experience awful, irrecoverable losses if organization’s performance isn’t reflected in its earnings. Thus this research aims at investigating the relationship between internal audit quality, board of director quality and financial reporting. Research data, obtained from Tehran stock exchange’s official website, showed that 223 firms had internal audit department. Only 130 firms met involvement criteria, to which research questionnaires were sent. Finally 59 questionnaires were approved as acceptable, and were taken as research sample. Findings showed that high-quality internal audit will lead to high-quality financial reporting. Also, strong board of directors will reinforce this relation.<br /> http://www.ijfma.ir/article_11802_153e7487e891837a34233c390e64c710.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-43792820180101Identification of Risk Factors by Using Macroeconomic and Firm-Specific Variables Simultaneously in Tehran Stock Exchange by Applying Canonical Correlation Analysis778811803ENPooyaSabetfarAssistant Professor, Department of Management, Faculty of Management and Accounting, Islamic Azad University,Qazvin Branch, Qazvin, Iran.Journal Article20170717The main objective of this study is to give the insight of describing mixing accounting ratios and macroeconomic variables as the risk factors in Iran. The results indicate a significant relationship between book to market ratio, financial leverage, size factors and expected stock returns in the Iranian market. In consistent with the other studies, we came to the conclusion that the term structure of interest rate is the only macroeconomic variable that has been significant in the model, if size and book to market ratio is also existed in the model.Maximum %28 of variance explained by canonical variate.http://www.ijfma.ir/article_11803_6275d7071d005260ab9d0766d6df1145.pdf