Present study aims at testing LIQUIDITY pricing with an emphasis on 10 different measures and testing LIQUIDITY-based trading strategy and comparing it with value/size-based strategy. To this end, a sample including companies involved in Tehran stock exchange during 1381-1393 was investigated. Accordingly, portfolio analysis method was applied. It was found out that LIQUIDITY is not priced in Tehran stock exchange. Applying difference in mean and GRS tests, it was revealed that LIQUIDITY-based trading strategy doesn’t lead to abnormal return. The results are not sensitive to different LIQUIDITY measures. Besides, it was found that value/size-based trading strategy is statistically more effective.

Stock LIQUIDITY risk can be thought as one of the factors affecting the investors expected return. Clarifying a measure according to the specifics of the company to measure the stock LIQUIDITY could help the investors to make better decisions. In this study, we examine the relationship between assets LIQUIDITY and stock LIQUIDITY in hole of druggist firms listed in Tehran Stock Exchange during the years 1387 and 1388. We use the turnover ratio .The results show that there is a significant relationship between the assets LIQUIDITY and stock LIQUIDITY. This relationship depends on market expectations regarding the deployment of the firm's liquid assets. Thus our hypothesis links stock LIQUIDITY to managerial actions that change the LIQUIDITY of the firm's assets, such as investment financing, and payout. Consistent with my prediction, I find that after controlling for firm fixed effects, increase in asset LIQUIDITY increases stock LIQUIDITY, too. The relation is stronger when the manager is less likely to convert liquid assets into illiquid assets such as for low market to book, during economic recessions, and when expected payout is high.

Due to the complexity of the socio-economic environment, there is always doubt about those issues. In this regard, intuitionistic fuzzy sets used as a powerful tool in describing the ambiguous and imprecise information considering the membership and non-membership degrees. According the importance of intuitionistic fuzzy sets, in this study, it has been tried to determine bank LIQUIDITY supply factors in order to reduce LIQUIDITY risk and its management in the Tejatat bank. So, all factors affecting the decision of customers to deposit and receive loans are identified, and in the intuitionistic environment, the importance of each factor was extracted. The study population consisted of all managers, deputies and experts active in the management units of the Iran's Tejarat bank. to achieve study goal, first using content analysis method, the factors affecting customers ' participation in bank LIQUIDITY were identified and then the importance of each factor was extracted by using multi-attribute decision making in intuitionistic fuzzy environment. the results indicate that among the factors affecting customers, decision to deposit in the bank, Social Deposits Profit Rate, community index, customer experience, speed and accuracy in service delivery and employee engagement with customers are placed in first and fifth priorities. Also, among the factors affecting customers' decision to receive loans and facilities from the Tejarat bank, the number of bounced checks, customer income, customer experience, and customer ownership status and installment value were considered the most important factors.