Exchange rate pass-through to the price of traded goods is one of the important issues in economy of developing countries such as Iran and affects the efficiency of the exchange rate policies to improve the trade balance. The main aim of this paper is to empirically analyze exchange rate pass-through to Iran's saffron export price using panel data for twenty destination markets during 2000–2011...

The concept of efficient market hypothesis has prevailed the financial markets for a long time which says that the prices of the securities reflect all available information. This approach was mainly followed by the rational investors but with the passage of time, the concept of behavioral finance emerged due to some of the major global financial crashes. This concept states that there are inve...

We study the role of reciprocity in markets where expert-sellers have more information about severity a problem faced by consumer. employ standard experimental credence goods market to introduce possibility for consumers gift expert-seller before diagnostic, is either transferred unconditionally or conditionally on solving problem. find that both types gifts increase frequency consumer-friendly...

this paper tries to evaluate the nature of open market operation in the conventional banking system and to compare the usage of government securities and central bank securities for conducting this operation. in addition, the experience of the iranian central bank in using central bank musharakah certificates is reviewed. the main results of the paper, derived from an analytical- descriptive ap...

to achieve the optimal model for capital asset pricing has always been a central issue in studies of the financial field. in this study we consider fama and french three-factor model augmented by the pastor and stambaugh (2003) liquidity risk factor. unlike most previous studies in this model, stock level beta is allowed to vary with firm-level size and book-to-market value. to verify the above...

F years ago, the worst one could be called was a communist. Today, it likely is not flattering to be so referred to, but worse yet to be called a regulator. Regulators are found at all levels of government; one of the missions of government is, after all, to regulate for the greater good. But because opinions vary widely on just what is the “good” that is to be served, there is the Newtonian ef...

Physical interactions between particles are the result of the exchange of gauge bosons. Human interactions are mediated by the exchange of messages, goods, money, promises, hostilities, etc. While in the physical world interactions and their associated forces have immediate dynamical consequences (Newton's laws) the situation is not clear for human interactions. Here we quantify the relative ac...

An individual’s contribution to a public good may be seen by others as a signal of attributes such as generosity or wealth. An individual may, therefore, choose their contribution so as to send an appropriate signal to others. In this paper we question how the inferences made by others will influence the amount contributed to the public good. Evidence suggests that individuals are naive and bia...

We examine the impact of outside purchase contracts on firm risk and firm capital structure. We find that firms with more outside purchase contracts have less risky cash flows. Despite these less risky cash flows, firms with these contracts also have less financial leverage especially when they operate in high value-added industries. Examining firm financing decisions, we document that firms wi...