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Developing the effectiveness of professional audit judgment based on the mindfulness of auditors 以审计师的正念为基础,发展职业审计判断的有效性
Pub Date : 2023-01-01 DOI: 10.30699/ijf.2021.281430.1218
Alireza Kamalgharibi, M. Garkaz, A. Matoufi, Mehdi Safari Gerayli
Judgment in the auditing profession as a subjective criterion in the decisions of auditors has a significant role in improving the quality of decision support for analysts, shareholders, and investors in the capital market. Therefore, recognizing the qualitative characteristics in this area can help the theoretical development of improving the quality of auditors' professional judgments. The purpose of this study is to develop the effectiveness of auditing professional judgment based on the mindset of auditors. In this study, to identify the components (auditing professional judgment) and research propositions (themes of auditors' mindfulness), meta-synthesis analysis was used with the participation of 12 experts and experts in the field of accounting and financial management at the university level. In the quantitative part, the identified components and propositions in the form of matrix questionnaires were evaluated by interpretive analysis by 18 auditors with work experience and a level of technical and specialized knowledge. The results showed that the statement of inferential mindfulness is the most influential theme of intuitive judgment in auditing, which can cause auditors to perform more effectively in professional judgment. This result suggests that inferential mindfulness is a factor in intuition in professional judgment.
审计职业中的判断作为审计人员决策的主观标准,在提高资本市场上对分析师、股东和投资者的决策支持质量方面具有重要作用。因此,认识到这一领域的质量特征有助于提高审计人员职业判断质量的理论发展。本研究的目的是在审计师心态的基础上发展审计职业判断的有效性。在本研究中,为了确定组成部分(审计专业判断)和研究命题(审计师正念主题),在12位大学层面会计和财务管理领域的专家和专家的参与下,采用了元综合分析。在定量部分,18名具有工作经验和技术和专业知识水平的审计员通过解释性分析,以矩阵问卷的形式对确定的组成部分和主张进行评价。结果表明,推理正念陈述是审计直觉判断中最具影响力的主题,它可以使审计人员更有效地进行专业判断。这一结果表明,在职业判断中,推理正念是直觉的一个因素。
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引用次数: 0
Investigating the Effect of Environmental Uncertainty on the Relationship between Herd Behavior and Negative Price Shock in TSE 环境不确定性对东京证交所羊群行为与负价格冲击关系的影响
Pub Date : 2023-01-01 DOI: 10.30699/ijf.2022.324531.1305
Mohammad Javad Zare Bahnamiri, Hossein Michaghani
The purpose of this study was to investigate the effect of peripheral uncertainty on the relationship between the herd behavior of investors and the price of negative stock shock. Because the capital market is one of the main pillars of the country's economic growth and development, the incidence of any disturbance and deviation in prices causes problems with allocating and equipping funds. Reducing stock prices is an example of the disorders created in the capital market. On the other hand, one of the factors that lead to the fluctuations of return and instability of financial markets is the herd behavior of
摘要本研究旨在探讨外围不确定性对投资者羊群行为与负冲击股价之间关系的影响。由于资本市场是国家经济增长和发展的主要支柱之一,任何价格波动和偏差的发生都会导致资金的配置和装备问题。股价下跌是资本市场混乱的一个例子。另一方面,导致收益波动和金融市场不稳定的因素之一是投资者的羊群行为
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引用次数: 1
A Genetic algorithm for Objective formulation effect on the shortfall of retirees in developing countries: a case study in Iran 遗传算法对发展中国家退休人员短缺的客观制定效应:以伊朗为例
Pub Date : 2023-01-01 DOI: 10.30699/ijf.2022.282540.1221
E. Abbasian, M. Kamali
The certainty about retirement income is dependent on the longevity and the selected investment policy by individuals during their working years. Attention to longevity and investment risks is of high significance in making enough income for retirees. In this research, the impact of the objective formulation selection on investment decisions has been investigated. Two functions including terminal wealth objective formulation and retirement income objective formulation are applied to investigate these decisions. Based on the investment alternatives, 5 asset classes including Equity, Certificate of deposit
退休收入的确定性取决于个人在工作年限内的寿命和所选择的投资政策。关注寿命和投资风险对退休人员赚取足够的收入具有重要意义。在本研究中,研究了客观配方选择对投资决策的影响。运用最终财富目标公式和退休收入目标公式两个函数来考察这些决策。根据投资选择,有股票、定期存单等5个资产类别
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引用次数: 0
Management Ability Effects on Information Environment Quality 管理能力对信息环境质量的影响
Pub Date : 2023-01-01 DOI: 10.30699/ijf.2022.271509.1198
M. Marfou, R. Seddighi, Mojtaba Alifamian
The purpose of this paper is to investigate the role of managerial ability in information environment quality in the listed companies on the Tehran Stock Exchange (TSE). This research has focused on the quality of the information environment and has attempted to investigate the impact of management ability
本文的目的是探讨管理能力在信息环境质量中的作用在德黑兰证券交易所上市公司(TSE)。本研究的重点是信息环境的质量,并试图调查管理能力的影响
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引用次数: 0
Forecasting Financial Time Series Using Deep Learning Networks: Evidence from Long-Short Term Memory and Gated Recurrent Unit 使用深度学习网络预测金融时间序列:来自长短期记忆和门控循环单元的证据
Pub Date : 2022-10-01 DOI: 10.30699/ijf.2022.313164.1286
Mohammadreza Ghadimpour, S. B. Ebrahimi
The ability to predict the stock market and analyze market trends is invaluable to researchers and anyone interested in investing. However, this task is a challenging problem due to a large number of parameters and unpredictable noise that may affect the stock price. To overcome this issue, researchers have employed numerous approaches such as Moving Average (MA), Support Vector Machine (SVM), and Neural Networks. With technological advances, deep learning methods have become popular in processing time-series data. In this paper, we compare two recently introduced deep learning models, namely a Long Short-Term Memory (LSTM) and Gated Recurrent Unit (GRU), in forecasting daily movements of the Standard & Poor (S&P 500) index using the daily closing price of this index from 14/5/1991 to 14/5/2021. Results show that both models are effective and accurate in stock market prediction. In this case study, the mean squared error (MSE) and mean absolute error (MAE) for the GRU model are slightly lower than the LSTM model; hence, GRU outperformed the LSTM model despite its simpler structure. The results of this study are applicable in various instances where it is challenging to identify patterns among large volumes of unstructured data, such as medical data analysis, text mining, and financial time series modeling.
预测股票市场和分析市场趋势的能力对研究人员和任何对投资感兴趣的人来说都是无价的。然而,由于大量的参数和不可预测的噪声可能影响股票价格,这项任务是一个具有挑战性的问题。为了克服这个问题,研究人员采用了许多方法,如移动平均线(MA)、支持向量机(SVM)和神经网络。随着技术的进步,深度学习方法在处理时间序列数据方面变得越来越流行。在本文中,我们比较了最近引入的两种深度学习模型,即长短期记忆(LSTM)和门控制循环单元(GRU),它们使用1991年5月14日至2021年5月14日标准普尔(S&P 500)指数的每日收盘价来预测该指数的每日走势。结果表明,这两种模型在股票市场预测中都是有效和准确的。在本案例研究中,GRU模型的均方误差(MSE)和平均绝对误差(MAE)略低于LSTM模型;因此,尽管GRU结构更简单,但其性能优于LSTM模型。本研究的结果适用于在大量非结构化数据中识别模式具有挑战性的各种情况,例如医疗数据分析、文本挖掘和金融时间序列建模。
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引用次数: 0
Analyze the Behavioral Foundation of Stylized Facts Using Agent-Based Simulation and STGP Algorithm 基于agent仿真和STGP算法分析程式化事实的行为基础
Pub Date : 2022-10-01 DOI: 10.30699/ijf.2022.268577.1191
Saeid Sarkamaryan, A. Jafari, Abbasali Pooraghajan
Although theoretical and empirical literature regarding the stylized facts shows evidence of their correlations to herding behavior in financial markets, the causes of such phenomena are still unknown. Using an agent-based model strengthened by the competition co-evolution algorithm (STGP) technique, this study provides laboratory evidence on capital market dynamics and analyses the behavioral foundations of stylized facts such as fat tails, leverage effects, and volatility clustering. The simulated stock markets consist of two groups; the “Best agents”, which are a small portion of artificial agents, and the “Residual agents”, which are the main group of artificial agents. The best performance in terms of breeding fitness returns is the main feature of the “Best agents”. More, the size of the “Best Agents” group is specified as 2.5%, 5%, 10% &20% of the total population size. An agent-based model consists of two portions, a two thousand population of trader agents that each has its decision-making strategy, and a virtual market that creates the trading strategies. Then the model evolved step by step using a feed with real quotes of the financial instruments by Adaptive Modeler. A training period is considered 2500 bars (started in November 2003), and the test period started in December 2013. The observation shows that the herding behavior in the price series created by the “Residual agents” is less than the “Best agents” series. Therefore, the greater diversity of trade strategies as the genetic differences of artificial agents leads to less herding. The observations exhibit that the volatility clustering, leverage effects, and nonlinear dependence are more likely to experience in the price series generated by “Best gents”. Furthermore, observations indicate that if the population is well diversified in terms of trading strategies, the efficiency of the market increases.
尽管关于风格化事实的理论和实证文献显示了它们与金融市场羊群行为相关的证据,但这种现象的原因仍然未知。利用竞争协同进化算法(STGP)技术强化的基于主体的模型,本研究提供了资本市场动态的实验室证据,并分析了诸如肥尾、杠杆效应和波动性聚类等风格化事实的行为基础。模拟的股票市场由两组组成;“最佳代理”是人工代理的一小部分,“剩余代理”是人工代理的主要群体。在育种适应度回报方面的最佳表现是“最佳代理”的主要特征。此外,“最佳代理人”群体的规模被指定为总人口的2.5%、5%、10%和20%。一个基于agent的模型由两部分组成,一个是2000个拥有自己决策策略的交易agent,另一个是创建交易策略的虚拟市场。然后,使用Adaptive Modeler提供的金融工具的真实报价,模型逐步发展。训练期为2500杠(从2003年11月开始),测试期从2013年12月开始。观察发现,“剩余代理人”所产生的价格序列中的羊群行为小于“最佳代理人”系列。因此,由于人工主体的遗传差异,贸易策略的更大多样性导致较少的羊群效应。观察结果表明,波动性聚类、杠杆效应和非线性依赖在“最佳代理”产生的价格序列中更有可能出现。此外,观察表明,如果人口在交易策略方面多样化,市场的效率就会提高。
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引用次数: 0
Drivers Affecting Bitcoin Adoption as a Payment Mechanism in the Tourism Industry 影响旅游业采用比特币作为支付机制的因素
Pub Date : 2022-10-01 DOI: 10.30699/ijf.2022.313006.1285
Mehdi Daryaei, R. Radfar, J. Jassbi, A. Khamseh
While travelers' desire to visit the world's most remote places has grown, the inefficiency of global payments indicates a significant barrier to tourism growth. As an emerging, decentralized, and borderless digital innovation, Bitcoin technology seems to have the ability to serve as a payment alternative and address such fundamental inefficiencies. On the other hand, bitcoin adoption can only happen when tourists and business owners choose to operate bitcoin simultaneously. The study has developed a novel Bitcoin Collaborative Network and Tourism Collaborative Network model to examine Bitcoin adoption factors. Then a fuzzy DEMATEL method was applied to the factors influencing the adoption domain, as identified based on an extensive literature review, in-depth interviews, and an international Delphi process. The study offered a model for the heterogeneous collaborative network of Bitcoin and Tourism (BCN and TCN), revealing that Perceived Usefulness is the most influencing criterion and the most prominent variable in Bitcoin Adoption. Bitcoin Technological Complexity, Government Regulatory, and Bitcoin Awareness are the factors that give the highest impacts. Also, Bitcoin's Technological Complexity is the most significant factor in bitcoin adoption. The findings might assist businesses in adopting a new market expansion strategy and benefiting from technological spillover, while government officials can explore new supporting legislation.
尽管旅行者对世界上最偏远地区的渴望日益增长,但全球支付的低效率表明,这是旅游业增长的一个重大障碍。作为一种新兴的、去中心化的、无国界的数字创新,比特币技术似乎有能力作为一种支付替代方案,解决这种根本的低效率问题。另一方面,只有当游客和企业主选择同时操作比特币时,比特币的采用才会发生。该研究开发了一种新的比特币协作网络和旅游协作网络模型来研究比特币的采用因素。然后应用模糊DEMATEL方法对影响收养领域的因素进行分析,这些因素是基于广泛的文献综述、深度访谈和国际德尔菲过程确定的。本研究建立了比特币与旅游异质协同网络(BCN和TCN)模型,发现感知有用性是影响比特币采用率的最大标准和最突出的变量。比特币技术复杂性、政府监管和比特币意识是影响最大的因素。此外,比特币的技术复杂性是比特币被采用的最重要因素。研究结果可能有助于企业采取新的市场扩张战略,并从技术溢出中受益,而政府官员可以探索新的配套立法。
{"title":"Drivers Affecting Bitcoin Adoption as a Payment Mechanism in the Tourism Industry","authors":"Mehdi Daryaei, R. Radfar, J. Jassbi, A. Khamseh","doi":"10.30699/ijf.2022.313006.1285","DOIUrl":"https://doi.org/10.30699/ijf.2022.313006.1285","url":null,"abstract":"While travelers' desire to visit the world's most remote places has grown, the inefficiency of global payments indicates a significant barrier to tourism growth. As an emerging, decentralized, and borderless digital innovation, Bitcoin technology seems to have the ability to serve as a payment alternative and address such fundamental inefficiencies. On the other hand, bitcoin adoption can only happen when tourists and business owners choose to operate bitcoin simultaneously. The study has developed a novel Bitcoin Collaborative Network and Tourism Collaborative Network model to examine Bitcoin adoption factors. Then a fuzzy DEMATEL method was applied to the factors influencing the adoption domain, as identified based on an extensive literature review, in-depth interviews, and an international Delphi process. The study offered a model for the heterogeneous collaborative network of Bitcoin and Tourism (BCN and TCN), revealing that Perceived Usefulness is the most influencing criterion and the most prominent variable in Bitcoin Adoption. Bitcoin Technological Complexity, Government Regulatory, and Bitcoin Awareness are the factors that give the highest impacts. Also, Bitcoin's Technological Complexity is the most significant factor in bitcoin adoption. The findings might assist businesses in adopting a new market expansion strategy and benefiting from technological spillover, while government officials can explore new supporting legislation.","PeriodicalId":273008,"journal":{"name":"Iranian Journal of Finance","volume":"43 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132801270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
A Comparative Approach to Financial Clustering Models: (A Study of the Companies Listed on Tehran Stock Exchange) 金融集群模型的比较研究——以德黑兰证券交易所上市公司为例
Pub Date : 2022-10-01 DOI: 10.30699/ijf.2022.303980.1267
Marziyeh Nourahmadi, Fatemeh Rasti, H. Sadeqi
Data mining is known as one of the powerful tools in generating information and knowledge from raw data, and Clustering as one of the standard methods in data mining is a suitable method for grouping data in different clusters that helps to understand and analyze relationships. It is one of the essential issues in the field of investment, so by using stock market clustering, helpful information can be obtained to predict changes in stock prices of different companies and then on how to decide the correct number and shares in the portfolio to private investors and financial professionals' help. The purpose of this study is to cluster the companies listed on the Tehran stock exchange using three methods of K-means Clustering, Hierarchical clustering, and Affinity propagation clustering and compare these three methods with each other. To conduct this research, the adjusted price of 50 listed companies for the period 2019-07-01 to 2020-09-29 has been used. The evaluation results show that the obtained silhouette coefficient for K-means Clustering is higher and, therefore, better than other methods for stock exchange data. In the continuation of the research, calculating the co-integration of stock pairs that have the same co-movement with each other were identified, and finally, clusters were compiled using the t-SNE method.
数据挖掘是从原始数据中生成信息和知识的强大工具之一,聚类作为数据挖掘中的标准方法之一,是将数据分组在不同的集群中的一种合适的方法,有助于理解和分析关系。股票市场聚类是投资领域的核心问题之一,因此利用股票市场聚类可以获得有用的信息来预测不同公司的股价变化,进而决定投资组合中正确的数量和份额,从而为私人投资者和金融专业人士提供帮助。本研究的目的是利用k -均值聚类、层次聚类和亲和传播聚类三种方法对德黑兰证券交易所上市公司进行聚类,并对这三种方法进行比较。为了进行本研究,我们使用了50家上市公司在2019-07-01 - 2020-09-29期间的调整价格。评价结果表明,K-means聚类获得的轮廓系数较高,因此优于其他方法对证券交易所数据的处理。在后续研究中,对具有相同共动性的股票对进行协整计算,最后利用t-SNE方法进行聚类。
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引用次数: 1
Presenting a Behavioral Alienation Role Model in Career Path Development of Stock Exchange Organization Certified Auditors 证券交易所注册审计师职业道路发展中的行为异化角色模型
Pub Date : 2022-10-01 DOI: 10.30699/ijf.2022.276553.1204
Mohsen Arabyarmohamadi, Mohammadreza Abdoli, Asghar Karami, M. Shahri
Presenting an audit report is the basis for developing competitive strategies that, in the form of operational transparency, are able to guide stakeholders in financial decisions and inform them of operational information and facts. Because auditors have a crucial role to play in reporting these reports, they need to be more balanced, both professionally and on the basis of psychological functions, in finding performance gaps with the functional realities of companies. Therefore, knowing the individual characteristics in this area can help to develop the functions of the audit report. This is because auditors, like any person in charge of a profession, may face disruptions and negative performance characteristics that make it difficult for them to disclose corporate performance facts. Hence this study was to analyze the causes of alienation of conduct in a professional career path for a more comprehensive understanding of the auditor's job is frustration. This research is a mix of methods because through the analysis of grounded theory and with the participation of 17 auditing experts, it seeks to identify the components and statements related to the causes of behavioral alienation in the professional career path of trusted auditors of the Stock Exchange Organization. Then, through the link analysis method and with the participation of trusted auditors of the stock exchange organization, it tries to examine the stimuli and consequences of behavioral alienation in the professional career path of auditors in the form of a systematic representation model. The results obtained from the qualitative part of the existence of three cultural; Social and structural dimensions in the form of 7 categories. The results in the quantitative part also showed that the lack of symbols of professional behavior in the auditors of the stock exchange organization under the component of cultural dimension is the most important functional stimulus in auditors' professional frustrations as causes of professional behavior alienation that can result from this cultural disorder. Cause social conflicts in the professional work of certified auditors of the stock exchange organization.
提交审计报告是制定竞争战略的基础,以运营透明度的形式,能够指导利益相关者进行财务决策,并告知他们运营信息和事实。由于审计员在报告这些报告方面发挥着至关重要的作用,他们需要在专业和心理功能的基础上更加平衡,以发现业绩与公司职能现实之间的差距。因此,了解这一领域的个人特征有助于开发审计报告的功能。这是因为审计师,像任何负责一个职业的人一样,可能面临干扰和负面的业绩特征,使他们难以披露公司的业绩事实。因此,本研究旨在分析职业生涯路径中疏离行为的原因,以便更全面地了解审计师的工作挫折感。这项研究是多种方法的结合,因为通过对扎根理论的分析,并有17名审计专家的参与,它试图确定与证券交易所组织受信任的审计人员职业生涯路径中行为异化原因相关的组成部分和陈述。然后,通过链接分析方法,并在证券交易所信任审计师的参与下,试图以系统表征模型的形式检验审计师职业生涯路径中行为异化的刺激和后果。所得结果从定性部分得到了三种文化的存在;社会和结构维度的形式分为7类。定量部分的结果还表明,在文化维度的成分下,证券交易所组织审计师职业行为符号的缺失是审计师职业挫折最重要的功能刺激因素,是导致这种文化障碍导致的职业行为异化的原因。在证券交易机构注册审计师的专业工作中引发社会冲突。
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引用次数: 0
Conservatism and Initial Public Offerings (IPOs) Underpricing: An Audit Quality Perspective 保守主义与首次公开募股(ipo)定价过低:审计质量视角
Pub Date : 2022-10-01 DOI: 10.30699/ijf.2022.284931.1230
A. Daryaei, P. Azizi, Yasin Fattahi
The purpose of this paper is to focus on examining the impact of conservatism on IPOs underpricing and then examine the role of audit quality as a moderating variable in the relationship between conservatism and IPOs. Based on financial-behavioral theories, analyses are conducted of data from a sample of Tehran Stock Exchange (TSE) listed companies for the fiscal years 2008– 2017 (i.e. 230 firm-year observations). Correlation and regression analyses are performed to evaluate possible associations between conservatism and initial public offerings (IPOs) underpricing with regard to audit quality. There is a negative significant relationship between conservatism and IPOs underpricing, i.e., it reduces IPOs underpricing. Also, the research results indicated that the auditing quality cannot moderate the relationship between conservatism and IPOs underpricing in Iran’s stock market. This conclusion may be explained under the winner’s curse theory. Accordingly, informed investors do not request to purchase unattractive stocks, and uninformed investors demand and obtain all the unattractive stocks since there is no competition between informed and uninformed investors. A limitation of this paper is the number of firms, which for future studies needs to be considered. This research is expected to contribute comprehensively to expanding the theoretical foundations and increase audience knowledge of the underpricing of initial public offerings (IPOs). It is also expected that the results of the study will: 1. determine the underpricing of IPOs in Iran during the research period; 2. document the role of conservatism in reducing underpricing of IPOs; 3. potentially prevent inappropriate pricing of new stocks. Furthermore, the findings of this study suggest that the application of financial-behavioral theories calls for more inquiry.
本文的目的是研究稳健性对ipo抑价的影响,然后研究审计质量在稳健性与ipo之间的关系中作为调节变量的作用。基于金融行为理论,对德黑兰证券交易所(TSE)上市公司2008 - 2017财年的样本数据进行了分析(即230个公司年度观察)。进行相关性和回归分析,以评估保守性与首次公开发行(ipo)低定价之间关于审计质量的可能关联。保守性与ipo抑价之间存在显著负相关关系,即保守性降低ipo抑价。研究结果还表明,审计质量不能调节稳健性与伊朗股票市场ipo抑价之间的关系。这个结论可以用胜利者的诅咒理论来解释。因此,知情的投资者不要求购买没有吸引力的股票,而不知情的投资者则要求并获得所有没有吸引力的股票,因为知情的投资者和不知情的投资者之间没有竞争。本文的一个局限性是企业数量,这需要在未来的研究中加以考虑。本研究可望全面拓展首次公开发行(ipo)定价过低的理论基础,并增进读者对ipo定价过低的认识。预计研究结果将:1。确定研究期间伊朗ipo的定价过低;2. 记录保守主义在减少ipo定价过低方面的作用;3.可能会防止新股定价不当。此外,本研究的发现表明,金融行为理论的应用需要更多的探究。
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引用次数: 0
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Iranian Journal of Finance
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