one of the main functionalities of capital market is to enhance liquidity in the market. mutual funds are modern financial institutions which are designed with the aim of absorbing funds from investors and devote them to buy a variety of securities in order to reduce investment risks, exploit the economies of scale and finally make a reasonable return for investors. regarding effective role of ...

The second–generation (GSM) spectrum auction in Germany is probably the most clear cut example of a low price outcome in a simultaneous ascending–bid multi–unit auction. The present paper gives an account of the events, describes the auction rules and market conditions, and provides a game theoretic explanation of low price equilibrium in simultaneous, ascending–bid multi–unit auctions. In part...

1.1 Fundamental Value Fundamental Value (FV) is the intrinsic value of a listed security determined through fundamental analysis without reference to its market value. I assume that at any time point t, bid/ask price of the security fluctuates around its time-t fundamental value. When bid size is significantly larger, i.e., bs >> as, its FV is fairly close to the ask price, as most ask orders a...

Efficient financial markets with high degree of transparency do not substantiate the hypothesis that there are differences in the volatility of return. Generally, there are factors rejecting any perfect similarity in the volatility of return in the emerging stock markets, as previous studies in Iran have confirmed the complete difference. On the other hand, the hybrid model PANEL-GARCH has the ...

The Risk and Return Characteristics of the Buy Write Strategy on the Russell 2000 Index Using data from January 18, 1996 to November 16, 2006, we construct and evaluate returns on a buy-write strategy on the Russell 2000 index. The results demonstrate that the strategy has consistently outperformed the Russell 2000 index on a risk adjusted basis, when implemented with one month to expiration ca...

background: anxiety disorders and substance abuse are commonest comorbidities among bipolar i disorder (bid) patients. this study investigated the prevalence of anxiety disorders among bid patients based on their dependency on opioid. methods: in this cross sectional study the bid patients in iranian hospital of psychiatry were divided into two 89-patient groups; one group was considered as opi...

housing market in iran got out of recession in year 1384 and turn into abnormal growth. but following the housing price growth, which continued until 1386, it deals with the slowdown of the housing market and stable prices in the spring of 1387. afterward, decreasing trend in housing prices continued in the summer, in spite of increase in global housing prices. in this paper, it is investigated...

The present study aimed at investigating the existence of long memory properties in ten emerging stock markets across the globe. When return series exhibit long memory, it indicates that observed returns are not independent over time. If returns are not independent, past returns can help predict future returns, thereby violating the market efficiency hypothesis. It poses a serious challenge to ...