The Effect of Donald Trump on Tehran Stock Exchange Market: Evaluating Tehran Stock Exchange Firms Using TOPSIS and Shannon Entropy Before and After Sanctions (original) (raw)
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iranian economic review, 2020
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Kuwait Chapter of Arabian Journal of Business and Management Review, 2014
Finding a proper method for selecting the best stock or portfolio among the mass of stock on the market is one of the major concerns to investors. Therefore, it is important for the investors what kind of stock to invest in, to obtain desirable Returns. In this study, which encompasses a time span from 2007 to 2011 (twenty three-months periods), 120 companies were selected as sample. Then, based on Hagen's six-factor model together with P/E criterion, and using Shannon's entropy and TOPSIS technique, the samples were weighted and ranked and finally, growth stocks were distinguished from value stocks. Consequently, every three months, a pair of growth and value portfolio was constructed and in the next three-month span, their returns were computed and their average returns were compared. The results regarding the weight of each one of the seven criteria indicated that in 2007 (4 initial periods), the price to book value index, and price to sales index had the utmost importance among all indexes. In other periods, price to sales index won the highest importance, which indicates the importance of this index among others. Finally, through the test of comparison of means (t-test), it was concluded that, during 20 periods of experiment, the average returns of growth portfolios was higher than that of value portfolios.
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The Dow Jones Industrial Average (DJIA) index for the 125-year-old (since 1896) history has experienced many crises of different nature and, reflecting the dynamics of the world stock market, is an ideal model object for the study of quantitative indicators and precursors of crisis phenomena. In this paper, the classification and periodization of crisis events for the DJIA index have been carried out; crashes and critical events have been highlighted. Based on the modern paradigm of the theory of complexity, a spectrum of entropy indicators and precursors of crisis phenomena have been proposed. The entropy of a complex system is not only a measure of uncertainty (like Shannon's entropy) but also a measure of complexity (like the permutation and Tsallis entropy). The complexity of the system in a crisis changes significantly. This fact can be used as an indicator, and in the case of a proactive change as a precursor of a crisis. Complex systems also have the property of scale inv...
International Journal of Economics and Finance, 2013
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International Journal of Business and Development Studies, 2015
Ranking of companies listed on the exchange represent their status and considered a criterion for investment. Also, it increases market's competition, development and efficiency. In this study, the fifty superior companies listed in Tehran Stock Exchange were ranked based on financial ratios (liquidity, operational, leverage and profitability) using FAHP-FTOPSIS hybrid approach during the years 2013. Initially, capital markets authorities and universities' financial masters perspectives about effect of ratios were collected by questionnaire and weighting with FAHP technique and then companies were ranked based on ratios using the FTOPSIS technique. The results indicate that there is a weak correlation between two groups of ranking. In fact, results show that the stock exchange's selected top companies necessarily do not have higher rankings in terms of financial ratios and the firms' financial Statements are weak approximation for firms' superiority likelihood in the stock exchange.