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Showing 5 results for Rezaei

Dr Ebrahim Rezaei,
Volume 2, Issue 6 (12-2011)

    The number of factors affecting total factor productivity has been increasing far from those which considered in growth models. So, institutional factors have been attracting strong attention of researchers. This paper aims at investigating the effects of these institutional factors together with traditional factors on TFP growth during 1971-2007.

  For this purpose, we present a State-Space model. Using this approach, TFP has been regarded as a latent variable and in the state equation, we introduced some exogenous variables. Some endogenous variables which were mainly measures of institutional factors have been specified as proxies. Our result show that the introduced measures of institutions such as governance(political stability and accountability) institutions and degree of government intervention together with an older and known institutional factors, such as macroeconomic instability, have significant effects on TFP growth. In addition, the residuals from state-space model (either deterministic or stochastic) were different from the residuals of other models.

Mehdi Pedram, Shamsollah Shirinbakhsh Masulle, Bahare Rezaei Abyaneh,
Volume 3, Issue 9 (10-2012)

A standard assumption in the empirical literature is that exchange rate pass-through is both linear and symmetric. This implies that size (large-versus-small exchange rate changes) and direction (currency appreciations-versus-depreciations) have similar effects. In this paper these assumptions have investigated for Iran's export prices. So, this paper examines the asymmetric exchange rate pass-through to the monthly import price index in Iran during 1997:1–2010:9. Therefore positive and negative exchange rate shocks have been separated using Mork Criteria and large and small exchange rate changes by determining a threshold. The results show that the response of export prices to currency appreciation and depreciation is asymmetric. So, the negative exchange rate shocks have a greater effect on the export prices than the positive exchange rate shocks. According to our estimation results, there is a threshold at 1.3% of monthly changes in exchange rate of Iran and also export prices react asymmetrically to exchange rate at around this threshold. If both direction and size effects are considered, we find that export prices respond asymmetrically to large and small appreciations and depreciations.

Kiumars Shahbazi, Jalil Badpeyma, Ebrahim Rezaei,
Volume 6, Issue 19 (3-2015)

Compared to private firms, public companies generally have excess labor force. During the privatization process and conversion of a public enterpriseto a private enterprise, new employers tend to adjust their labor force in order to reduce ongoing costsand improve the company's economic goals.In order to persuade the employees to accept voluntary retirement and leave the firm, these firmsmay offer a reward to the employees that are eligible for optional retirement but are not eligible to mandatory retirement. Employees tend to receive the highest possible premium and in contrast the firm is willing to pay employees the minimum possible premium. In this paper, we consider the options facing employer and employee through dynamic games with complete information. Games between employee and employer was shown in the form of an extensive game.Minimum premium required to accept the optional retirement was calculated using subgame perfect equilibrium (SPE) and the effect of ceiling premium has been studied on minimum premium. The calculations show that the reductions in mandatory retirement age, the retirement benefits from social security organizations, expected interest rate and the maximum years of service and an increase in employee's age and her years of service lead to a reduction in the minimum premium required to accept the optional retirement. Moreover, due to lower mandatory retirement age for women than men in many countries, women accept optional retirement with lower premium. The proposed ceiling premium will also cause to refuseoptional retirement from the part of the workers with high salary, young and lownumber of years of service.

Qholamreza Rezaei, Hamid Shahrestani, Kambiz Hozhabre Kiani, Mohsen Mehrara,
Volume 10, Issue 36 (6-2019)

After the recent financial crisis, especially the financial crisis 2008, This raises the important question of what is the role of monetary policy in occurrence and  prevention of the financial  instability? so, this paper investigate the dynamics impact of monetary policy on the stock market returns and instability using Structural Vector Autoregression (SVARs) model During the period  1992:q2 to 2017:q1. In this study, the effect of monetary policies via the various monetary tools used by the Central Bank on the stock market is studied. to illustrate the performance of monetary policies, the four variables of weighted interest rate, monetary base growth rate, bank reserve ratio, and growth of commercial banks' debt to the central bank have been used as monetary policy tools.  The results of the impulse response function(IRF) show that monetary policy tools do not affect the stock market returns and instability. The results of the Forecast Error Variance Decomposition (FEVD) also show that the share of monetary tools in explaining the changes in stock market returns and instability is insignificant and less than ten percent each. Although, the monetary base share is higher than the others, so the central bank's policy tools do not has a particular impact on the behavior and instability of the stock market.

Sadeq Rezaei, Professor Mohsen Mehara, Ali Souri,
Volume 11, Issue 40 (6-2020)

In financial markets, the symmetry of information and the homogeneous interpretation of information among traders is one of the main conditions for market efficiency, but these conditions are in fact violated. In this paper first; we accurately estimated the dynamic measures of trades stemming from information asymmetry and diverse opinions among investors indices by a hidden Markov model. Thereafter, we consider an event window of 21 days to investigate impact of information disclosure on that indices. For this purpose, we estimated the daily measures of probability of informed trading (PIN) and symmetric-order flow shock (PSOS) 32 Tehran Stock Exchange (TSE) stocks belonging to 11 industries of TSE during the period from 2015 to 2018. PIN is an indicator of asymmetric information risk and PSOS indicating diverse opinions among investors whose variations and intensity play an important role in price formation and stock liquidity. These results show that in most stocks that have higher market value experience less risks of asymmetric information and diverse opinions shocks than other stocks. Entirely, it appears that the average and the maximum of information risk and diverse opinions shocks at TSE are higher than in developed markets. Also, information disclosure decreases PIN for three days and increases PSOS for 10 days, significantly, but its impact on PIN is weaker than PSOS. Actually, in TSE, information advantage of some informed traders are independent of announcements as well as announcements causes opinion diversities to rise and stand up.

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