Hedging is one of the most important topics in investment field, which could be noticed from different points of view. We evaluate the role of gold relative to different indices in Tehran Security Exchange (TSE) as a representative of Iran Capital market. In this topic gold charecterristics of “ save haven” and “ hedge” versus TSE are studided. Daily Price Returns of 21 TSE stock indices and daily price returns of world gold (ons) are used as research data. Utilizing these data and GARCH model, two charecteristics of “ safe haven” and “ hedge” related to long position and short position of world gold for each stock indice is determined. This way it provide us with deciding on proper position in world gold, whether long or short position, to hedge downfall of a certain stock. In accordance with outcomes, we find long position in gold is not a strong hedge for non of the studied groups except for transportation indice. In addition, short position in gold is a weak hedge for two groups of non-metalic minerals and metals. Regarding safe haven, long position of gold played as a strong safe haven role for all groups in 10% quantile but not in non of 5% & 1% quantiles. Long position of gold is a safe haven for most of indices. However, there are little groups for which short position of gold is a safe haven.

Capital market as the base of financial interactions is needful to have a perfect supervision. Because defects in basic factors like efficiency, regulation and investors learning, cause Capital market to wander and emerging the phenomenal in the name of bubble. Bubble is the proximate and intensive growth in prices that is result of optimistic expectations. Demand is increasing by following the optimistic expectations and it is the cause of increasing price. At the end, by reverse expectations, we have decreasing price and crisis. This research has first some introduction about bubble and its inducements, by following the regime switching model, representation by Brooks and Katsaris (2005), then we recognize Speculative Bubble in the Tehran stock exchange Index and 5 Industrial Index (Felezate asasi, Siman, kani felezi, khodro, kok va tasfieh Faraverde nafti) in the term of 1383–1387. The main variables in this model are relative size of bubble and abnormal volume.

The political uncertainty caused by the instability of management and the political hypothesis leads to a market failure. In high-risk information environments where accounting information is less predictable, political uncertainty exacerbates market behavior. The purpose of this study is to investigate the political uncertainty caused by the volatility of management and size of the company under the influence of the Capital market information environment against the rules of voluntary accruals and the Capital cost of ordinary shares of companies. For this purpose, the data of 100 companies listed in Tehran Stock Exchange during the period 1387-1396 were examined and tested using combined data. The results show that the political uncertainty caused by management instability under the influence of the Capital market information environment is negatively and significantly correlated with the cost of ordinary equity Capital. Also, there is a positive and significant relationship between the political uncertainty associated with the size of the company affected by the Capital market information environment and the cost of ordinary equity Capital.

in accounting researches, serious effort is focused on improving decision-making process. In knowledge-based economy, intellectual Capital is the essential issue in order to achieve competitiveness since the competitive advantage is considered as an important issue in decision-making. Meanwhile, intellectual Capitals are used to create and increase the firm value. The success of enterprise managers depends on deploying scarce resources effectively. Economic value added and market value added are two determinant factors for firm value and performance. This research investigates the effect of intellectual Capital on some companies' key performance measures in Tehran Stock Exchange market within 2003–2007. To test the hypotheses, after processing data by Excel and SPSS software; Pearson correlation coefficient and regression analysis were run. Some companies were omitted systematically and finally 166 companies were considered, then by Cochran sampling, 63 companies were selected as the final sample. The results indicate significant relationships between intellectual Capital and economic, market value added. On the other hand, the increasing firm intellectual Capital increases economic (market) value added. The effect of intellectual Capital in firm market value added is more than their economic value added.

Emerging Capital markets have limiting regulation such as price range in order to control dark impacts of market excitement and prevent extreme price volatility & market collapse. However, price range due to impose price limitation on timely reflection of information can make serial correlation and false rejection of Capital market efficiency. The purpose of this paper is to evaluate weak-form Capital market efficiency in Iran considering price range regulation through static & dynamic (time varying) models. Using TEPIX index time series data from 2006 to 2018 in some longer time frames (i.e. returns computed daily, weekly, and in 10-days’ time) we investigated the significance of ARMA-GARCH coefficients. The results of state space models & timeline figures of the coefficients could document Capital market efficiency after eliminating (or diminishing) the impact of price limit in wide window returns. The results also explain some improvement in weak-form efficiency since 2006 along with market development degree.

Capital market participants rely merely on audited financial information for their decision-making. Auditing is a helpful solution for agency problems among managers and shareholders. Regarding the trust gained by audit quality on financial information, it is expected that the Capital market has a positive reaction toward hiring highly qualified auditors. This study is aimed to investigate the reaction of Capital market to the expertise of auditors. The sample consists of 120 firms listed in Tehran Stock Exchange from 2016 to 2020. Findings resulted from regression models show that in firms with highly qualified auditors, the firm income have a more significant impact on stock prices. High expertise of auditors, which reduces information asymmetry and agency problems, may help govern and control a firm in the best way. The results show that the market reaction to selection of a more specialized auditor is positive. Iranian Capital market believes that exploiting highly specialized auditors may result in increase of information relevance, decrease of abnormal returns, positive effects on a firm creditors’,viewpoint toward lending, attracting investor confidence, and low assessment of financing risk.