Earnings-based anomaly, known as post-earnings announcement drift, could be regarded as delayed price response to earnings information that results in earning abnormal returns. The accrual anomaly refers to the fact that the current level of accruals is negatively related to abnormal returns over the following year, which may result in earning abnormal returns. These two anomalies appear to be related closely in the sense that accruals could be regarded as the primary component contributing to earnings. The aim of this study is to examine these two anomalies in the Iranian capital market, and to explain the relationship between them.In this study a sample of 560 firm-years from the Tehran Stock Exchange in the period of 1388-1391 has been considered. The results show that earnings-based anomaly is different from accrual anomaly. Also, a hedge portfolio trading strategy that takes both forms of market mispricing, generates abnormal returns higher than those based on only unexpected earnings or accruals information.

This research examines "accrual anomaly", "capital investment anomaly" and enhancing of performance of portfolio with exploiting both anomalies at the same time in Iran capital market. This topic is tested with examining performance portfolios based on capital investment and accrual anomaly, using three measures of returns. Based on a sample 480 company-years observations within firms listed in Tehran Stock Exchange (TSE) during the period of 1380-1386. Results show that "capital anomaly" and "accrual anomaly" exist in Iran capital market and they are distinct, even these two anomalies may be related in a certain way. The result also indicate that, after adjustment for the Fama-French three risk factors, investors earn higher returns by using a strategy that exploits both anomalies at the same time than by exploiting either anomaly alone.

This study has attempted to calculate the optimal hedge ratio for investment in the stock market by investing in the gold market, with VAR-DCC-GARCH approach. To calculate this ratio, we used the daily price of gold coins and the price index of Tehran stock market during the period of April 2, 2009 to March 18, 2017 in Iran. The results obtained from the optimal dynamics hedge ratio showed that this ratio has increased during the period from 2009 to 2013, and decreased during the period from 2013 to 2016, and a change in the regime has observed during the whole period. Optimality, dictates that investors should invest in gold market and consider gold as an item together with stock assets in their portfolio in order to cover the risk of investing in the stock market.

Use of the essential oils of Salvia genus in medical, culinary, food and cosmopolitic products and their biological activities depends on the chemical constitutes, therefore based on the importance of these essential oils, for determination the quantity and quality of the essential oil of Salvia lachnocalyx Hedge, we collected the aerial parts of plant in May from Fars province. Then the essential oil was isolated by water distillation and analyzed by GC and GC/MS. The thirty-four compounds were identified in the essential oil concluded 99.7% of the total oil. The major components were bicyclogermacrene (31.3%), a-pinene (13.2%), sabinene (11.7%) and b-pinene (10.3%). Other constitutes were a-terpinyl acetate (7.0%), b-caryophyllene (7.4%), limonene (2.8%) and 1,8-cineole (2.3%).

Background & Aims: Aplasia Cutis Congenital (ACC) is the most common benign isolated defect but it can be associated with other physical anomalies or malformation and syndromes. No unifying theory can account for all lesions of ACC. Because this condition is the phenotypic result of more than one disease process; it is likely that more than one mechanism is involved. Mechanisms include genetic factors, teratogens, compromised vasculature to the skin, and trauma. Frieden created a classification system for ACC consisting of 9 groups based on number and location of acc and the presence or absence of associated malformations.Materials & Methods: In this observational cross-sectional study, a census method for gathering information was used. The obtained data were analyzed descriptively via EP16 software. we have studied 20 newborns, 9 males, and 11 females with skin defects, from September 1997 to September 2005 in Akbarabadi hospital.Results: In this study, the skin lesions of 85% were single, 65% on the scalp, 50% on the vertex, 5% on parietal, 15% on parietoocciputal, 15% on lumbosacral, 20% on extremities, and 15% with trisomy13. Mothers of two newborns had the history of drug use and abuse during pregnancy. Extensive skin lesions during neonatal period have high mortality rate, in our study also the rate of mortality with extensive lesions were 55%.Conclusion: According to this study isolated skin defect was observed in most of the cases (85%), and the most signifant cause of newborns’ mortality with skin defect was sepsis.

The purpose of this study is to investigate the effect of conservatism on stock abnormal returns at the portfolio level. Earnings that often consist of accruals do not persist in future periods, knowing that investors not paying attention to less persistence of accruals, which causes a negative relationship between accruals and future abnormal returns. On the other hand, conservatism is the asymmetrical verification requirements for gains and losses. Greater degree of verification required for gains versus losses. Hence expected increase in conservatism led to increase earnings persistence and reduce abnormal returns. To examine the issue, hedge portfolios formed by assigning stocks into quartiles by using a dual sorting based on their magnitude of annual deflated accruals then degrees of conservatism quartiles within each accrual quartile. For 208 companies (4*4 portfolios per year) during the years 2011-2018 the abnormal returns of the portfolios were calculated and compared using spss. 26 software. The results showed that the return of a hedge portfolio that is long in low accrual quartile and short in high accrual quartile firms that also have a lower overall degree of conservatism is greater than the returns of a similar hedge portfolio that invests in higher overall degree of conservatism.

The purpose of this paper is to provide an overview of research on hedge fund performance. In the first step, we review recent studies and put them into a joint evaluation of hedge fund performance. Stressful market conditions have a negative impact on HF performance in terms of alphas as the majority of HF strategies do not provide significant excess returns. In addition, fund managers are concerned more about risk at times when it is diffi, cult to find opportunities and deliver high returns. There are some strategies such as Long Short that even see statistically significant reversals of their exposures to some factors, to protect themselves from risk. Furthermore, we conclude that performance stability is related to the type of strategy. This study examines the performance of hedging funds that are active in the world and evaluates the feasibility of its creation in Iran. To conduct this study and evaluate the performance of hedging funds, for the first time, the international data of hedging funds from Barclay hedge, Eurkhedge, and Credit Suisse databases during the last 20 years were examined. The statistical population of the present study was international hedging funds from the years 2000 to 2020. The sample size according to the screening method and after removing the pert observations is equal to 150 international hedging funds. In this study, Spss, Amoz, and Lisrel software were used. Has been. The results of hedge fund data analysis using multivariate regression at a 90% confidence level show that there is a significant and positive relationship between institutional investor strategy and fund returns. Other research results also show that cost stickiness has a positive effect on the efficiency of hedging funds. Also, according to the results of this research, in the short-term return, the performance of the hedging fund is better than the long-term time horizon. This study reviewed the laws of hedge funds in various countries, including the United States, Germany, the United Arab Emirates, and other countries. We concluded that First, short-term persistence for horizons of up to six months is reported by nearly all authors. Second, investment strategies have a correlation with the return of hedge funds.

Background and objectives: It is necessary to determine the growth boundary of endemic plants in biodiversity studies and to prevent their destruction, as well as to preserve and reproduce these valuable species. The purpose of this research is to determine the paleolimit, the exclusive and medicinal species of Diplotaenia damavandica Mozaffarian, Hedge & Lamond due to the limitations created in the water resources of the habitat. This plant has been reported only in a limited area in the southeast of Damavand and is of interest due to the presence of special compounds that have therapeutic effects in some skin complications. Methodology: In order to study the quantitative status of the water feeding the Kezel pasture plant, the hydrograph of Garmsar, Firouzkoh, Damavand and Hamand-Absard aquifers was drawn for a period of 19 years using data from observation wells. The study of hydrological droughts in the region was calculated by the GRI drought index. The ancient boundary of the habitat and the ecological nest of this plant was investigated by collecting plant macrofossils from different geological layers of Madadi shales in three areas around the habitat and identifying and comparing them with the samples of the present age. The separation of palynomorphs from the surrounding sediments was done using the usual methods in palynology, and after preparing the required slides, they were studied with a Leitz light microscope (model SM-LUX-POL) and magnifications of 40 and 100. Palynomorphs were photographed using a 100 objective lens and using immersion oil by a Canon Power Shot A1100 digital camera. Results: The findings of the present study showed that the water resources in the studied area have faced a sharp drop in the underground water level of -72.09 meters in recent years, as well as a decrease in the volume of aquifers of -1096.2 million cubic meters. The drought condition of the springs shows a severe trend. On the other hand, paleontological studies showed that in none of the studied palynological slides, D. damavandica pollen or samples similar to said pollen were found. Conclusion: Despite recent declines in water availability, paleoecological evidence suggests that D. damavandica's distribution has remained relatively stable since the Tertiary geological period (third and fourth geological periods). This indicates that factors other than contemporary water scarcity may be limiting its distribution. Further studies using geological, hydrogeochemical, and geothermal approaches are recommended to definitively identify the primary factors controlling the plant's distribution within its current boundaries.