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Showing 3 results for Mohseni
Investigation of housing market in Iran through using monetary transition mechanism
Dr Mohammad Bager Beheshti, Fakhri Sadat Mohseni Zonuzi,
Volume 1, Issue 1 (10-2010)
Abstract
In the late 1990s and early 21 century there has been a very big rise in the price of housing in most countries including the United States and Japan. The same trend occurred in Iran in the years after the Iran-Iraq war and has continued up to the present. Housing in Iran has always had a mutual relationship with economic fluctuations including monetary policies. Thus the impact of housing on Iran’s economy is significant. In this applied- analytical research, the aim is to investigate the monetary transmission mechanism in the housing market in Iran during the years 1988-2006 by using a SVAR eight- variable model and seasonal data. The research found that the expansionary-monetary shock policy, which is the result of liquidity shock, has had a significant impact on housing prices lasting for 3 years at a time. Meanwhile, the price of housing explains about 20 per cent of the GDP changes in the study period.
Determining the Relationship between Market Structure and Capital Structure in Tehran Stock Exchange
Dr Mehdi Sadeghi Shahdani, Dr Kazem Chavoshi, Hossein Mohseni,
Volume 3, Issue 9 (10-2012)
Abstract

  In recent years, financial economists have increasingly recognized the interaction between market structure and capital structure or financial decisions of the firms.

  This research analyzes the relationship between market structure (power) and the capital structure (leverage ratio) of listed companies in Tehran Stock Exchange (TSE) based on static and dynamic approach. In this research we study a balanced panel dataset of 101 firm-year observations from 2006 to2010 and test significant relationship for testing hypothesis.

  First we use pooled regression to determinant the relationship between capital structure, market structure (Tobin's Q) and five control variables including profitability, size, collateral value of assets, growth rate of assets and uniqueness of assets. After employing chow and hausman test, we selected fixed effect panel data model. Also we employed GMM method to have more efficient result and also to cope with the unobservable firm-specific characteristics and endogeneity problems.

  Our results suggest that the relationship between leverage and market structure is non-linear (cubic) due to the complex interaction of market conditions, agency problems and bankruptcy costs. The study finds a negative relationship between capital structure and profitability and also positive relation between capital structure and the size. So, profitable companies tend to use internal financing such as retained earnings and issuing new shares instead of debt financing. Also big companies prefer to use more leverage due to desirable conditions for getting loans. Our evidence shows that Iranian listed companies are generally more subject to agency cost theory (limited liability effect) and tax shield theory. Finally, the system-GMM results reveal that managers of Iranian firms tend to adjust dynamically their leverage ratios over time.

 


Comparative Study of Institutional and Income Convergence of Developing Countries
Zahra Zarouni, Samad Hekmati Farid, Seyed Jamaluddin Mohseni Zanouzi, Ali Fiqh Majidi,
Volume 13, Issue 47 (5-2022)
Abstract
Why are some countries rich and others poor? And do poor countries converge toward rich countries in terms of economic performance? There are questions that have occupied the minds of economists for a long time, and the answers to these questions are the basis of the formation of economic growth patterns. During the development of developing countries, it is discussed whether institutional and structural homogeneity is a prerequisite for income convergence and performance of developing countries. Our research deals with institutional analysis in developing countries. Therefore, in this research, the formation of institutional and income convergence clusters in developing countries during the period of 2002-2020 has been investigated using the log t test of Phillips and Soule (2007, 2009). The results show that the convergence of institutional indicators among developing countries is rejected. However, the results of the cluster method provide strong evidence of the existence of converging clusters among developing countries. Also, in this study, the clustering of the per capita income of the studied countries has been done, which shows similar results to institutional clustering. which indicates that institutional clusters may be effective in forming income clusters.

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