دانشگاه شهید چمران اهوازفصلنامه علمی پژوهشی اقتصاد مقداری2008-585012120150321On The Behavior of Malaysian Equities: Fractal Analysis ApproachOn The Behavior of Malaysian Equities: Fractal Analysis Approach1181187710.22055/jqe.2015.11877FAAlirezaBahiraiesemnan universityJournal Article20150629Fractal analyzing of continuous processes have recently emerged in literatures in various domains. Existence of long memory in many processes including financial time series have been evidenced via different methodologies in many literatures in past decade, which has inspired many recent literatures on quantifying the fractional Brownian motion (fBm) characteristics of financial time series. This paper questions the accuracy of commonly applied fractal analyzing methods on explaining persistent or antipersistent behavior of time series understudy. Rescaled range (R/S) and power spectrum techniques produce fractal dimensions for daily returns of twelve Malaysian stocks from the most well performed firms in Kuala Lumpur stock exchange. Zipf’s law generates linear and logarithmic power-law distribution plots to evaluate the validity of estimated fractal dimensions on prescribing persistent and antipersistent characteristics with less ambiguity. Findings of this study recommend a more thoughtful approach on classifying persistent and antipersistent behaviors of financial time series by utilizing existing fractal analyzing methods.Fractal analyzing of continuous processes have recently emerged in literatures in various domains. Existence of long memory in many processes including financial time series have been evidenced via different methodologies in many literatures in past decade, which has inspired many recent literatures on quantifying the fractional Brownian motion (fBm) characteristics of financial time series. This paper questions the accuracy of commonly applied fractal analyzing methods on explaining persistent or antipersistent behavior of time series understudy. Rescaled range (R/S) and power spectrum techniques produce fractal dimensions for daily returns of twelve Malaysian stocks from the most well performed firms in Kuala Lumpur stock exchange. Zipf’s law generates linear and logarithmic power-law distribution plots to evaluate the validity of estimated fractal dimensions on prescribing persistent and antipersistent characteristics with less ambiguity. Findings of this study recommend a more thoughtful approach on classifying persistent and antipersistent behaviors of financial time series by utilizing existing fractal analyzing methods.دانشگاه شهید چمران اهوازفصلنامه علمی پژوهشی اقتصاد مقداری2008-585012120150321Economic and Social Duality in Iran (Using Fuzzy Topsis Decision-making)(Economic and Social Duality in Iran (Using Fuzzy Topsis Decision-making19371143910.22055/jqe.2015.11439FAJalilKhodaparasat Shiraziهیئت علمی دانشگاه آزاد اسلامی شیراز0000-0002-9147-4441Journal Article20150706One of the planners and policy-makers’ aims on the one hand is optimum allocating and distributing of credits and facilities among regions and on the other hand is providing and compiling a suitable model aiming at achieving economic and social equity as well as creating reasonable and real economic growth. Paying attention to the balanced regional development, decreasing regional and district duality and inequities, regional policy-making and planning for achieving objectives, which change according to structural characteristics, facilities and limitations of each region require studying and identifying of each region according to its position in the whole province. In this study, economic and social duality means differences among provinces of Iran in relation to each other that are determined with four indices of per capita income, export’s relation to production, unemployment rate and Gini coefficient. Fuzzy method for the year 2013 has been used owing to the existing complexities in the development indices.One of the planners and policy-makers’ aims on the one hand is optimum allocating and distributing of credits and facilities among regions and on the other hand is providing and compiling a suitable model aiming at achieving economic and social equity as well as creating reasonable and real economic growth. Paying attention to the balanced regional development, decreasing regional and district duality and inequities, regional policy-making and planning for achieving objectives, which change according to structural characteristics, facilities and limitations of each region require studying and identifying of each region according to its position in the whole province. In this study, economic and social duality means differences among provinces of Iran in relation to each other that are determined with four indices of per capita income, export’s relation to production, unemployment rate and Gini coefficient. Fuzzy method for the year 2013 has been used owing to the existing complexities in the development indices.دانشگاه شهید چمران اهوازفصلنامه علمی پژوهشی اقتصاد مقداری2008-585012120150321The effect of behavioral factors, the kind of information and transparency of information on investor's behavior in Ahvaz stock exchange
The effect of behavioral factors, the kind of information and transparency of information on investor's behavior in Ahvaz stock exchange
The effect of behavioral factors, the kind of information and transparency of information on investor's behavior in Ahvaz stock exchangeThe Effect of Behavioral Factors, the Kind of Information and Transparency of Information on Investor's Behavior in Ahvaz Stock Exchange39541187810.22055/jqe.2015.11878FAJeiranMohammadiعضو هیات علمی دانشگاه شهید چمران اهوازHasanaliSinaeiعضو هیات علمی دانشگاه شهید چمران اهوازMarziyehGoldoostدانشجوی کارشناسی ارشد دانشگاه شهید چمرانJournal Article20150724ABSTRACT—Today, given the atmosphere of the Iran & world's capital markets, analyzing behavioral factors that influence on the decisions of investors, is very important. This applied study, to evaluate the effect of behavioral factors (biorhythm mode, self-esteem, prestige & rational behavior) and so the kind of information (public & financial) and transparency of information on the investor's behavior, on a random sample of 292 shareholders & investors in the Ahvaz stock exchange. Collecting data is through the questionnaires and method of data analysis, modeling structural equation using by SPSS & SMART PLS software. The results show that the kind of information and behavioral factors, influence on the behavior of individuals to invest in the stock market significantly. But, significant relationship between transparency of information and investor's behavior was not confirmed.ABSTRACT—Today, given the atmosphere of the Iran & world's capital markets, analyzing behavioral factors that influence on the decisions of investors, is very important. This applied study, to evaluate the effect of behavioral factors (biorhythm mode, self-esteem, prestige & rational behavior) and so the kind of information (public & financial) and transparency of information on the investor's behavior, on a random sample of 292 shareholders & investors in the Ahvaz stock exchange. Collecting data is through the questionnaires and method of data analysis, modeling structural equation using by SPSS & SMART PLS software. The results show that the kind of information and behavioral factors, influence on the behavior of individuals to invest in the stock market significantly. But, significant relationship between transparency of information and investor's behavior was not confirmed.دانشگاه شهید چمران اهوازفصلنامه علمی پژوهشی اقتصاد مقداری2008-585012120150321Economic Valuation of the Shadegan WetlandEconomic Valuation of the Shadegan Wetland55771187910.22055/jqe.2015.11879FAAmirhoseinMonetazerhojatدانشگاه شهید چمران0000-0002-2300-8190 BehzadMansouriدانشگاه شهید چمرانMojtabaGhorbannezhadدانشگاه شهید چمران اهوازJournal Article20150813The Shadegan Wetland is located in the southwest of Iran. It is one of the wetlands internationally registered in the Ramsar Convention. Thanks to its variety of functionalities this wetlands has provided the local people with lots of job opportunities. Nowadays, as a result of located in the oil fields, this wetland is threatened by many of the projects run in its vicinity, like oil exploration, without prior economic-environmental valuations. Lack of data about the economic value of the wetlands has prevented such valuations. The objective of this study is to estimate the total economic value of the Shadegan Wetland staking into account its use and non-use values. To achieve this goal, the direct use value was first calculated using the market-based method. Subsequently, the indirect use value, option value, non-use value (existence value) were estimated suing the method of choice experiment. Based on the results of this study the annual direct use, indirect use, option, and non-use values of this wetland were estimated to be 187104167494, 58568264206752217 and 387974436448 US Dollars respectively. Also, based on the calculations performed, over 50 thousand jobs has been created by the Shadegan Wetland and the total value of it accounts for 7.1 percent of GDP of Khuzestan province.The Shadegan Wetland is located in the southwest of Iran. It is one of the wetlands internationally registered in the Ramsar Convention. Thanks to its variety of functionalities this wetlands has provided the local people with lots of job opportunities. Nowadays, as a result of located in the oil fields, this wetland is threatened by many of the projects run in its vicinity, like oil exploration, without prior economic-environmental valuations. Lack of data about the economic value of the wetlands has prevented such valuations. The objective of this study is to estimate the total economic value of the Shadegan Wetland staking into account its use and non-use values. To achieve this goal, the direct use value was first calculated using the market-based method. Subsequently, the indirect use value, option value, non-use value (existence value) were estimated suing the method of choice experiment. Based on the results of this study the annual direct use, indirect use, option, and non-use values of this wetland were estimated to be 187104167494, 58568264206752217 and 387974436448 US Dollars respectively. Also, based on the calculations performed, over 50 thousand jobs has been created by the Shadegan Wetland and the total value of it accounts for 7.1 percent of GDP of Khuzestan province.دانشگاه شهید چمران اهوازفصلنامه علمی پژوهشی اقتصاد مقداری2008-585012120150321Monetary and fiscal policies and the Growth Laffer Curve: panel data evidencesMonetary and Fiscal Policies and the Growth Laffer Curve: Panel Data Evidences79911188010.22055/jqe.2015.11880FARoohollahZareدانشگاه آزاد اسلامی، واحد بیضا، گروه اقتصاد، فارس، ایران0000-0002-2744-5240Seyed AzizArmanدانشگاه شهید چمران اهواز، گروه اقتصاد، اهواز، ایرانJournal Article20150824The present paper examines the mitigating effect of monetary and fiscal policies on the “Growth Laffer curve” (GLC) using a panel data of 38 high income countries over the period 2003-2012. Adopting generalised method of moments (GMM) estimators, the paper finds evidence substantiating the presence of an inverted-U GLC. Moreover, the evidence suggests that the GLC shifts downward by employing expansionary monetary and fiscal policies and that the tax rate turning point beyond which economic growth decline is higher in countries with higher level of debt-to-GDP ratio and money supply. These results are robust to addition of alternative controlled variables in the GLC specification. Our results strengthen the case for heterogeneous GLC across countries. As an implication, a government may enhance the efficiency within the “fiscal space” by either raising the productivity of public spending or cutting fiscal debt. Moreover, using money as a financing instrument should be carefully supervised due to its impact in generating large inflation rates and distorting capital accumulation and economic growth.The present paper examines the mitigating effect of monetary and fiscal policies on the “Growth Laffer curve” (GLC) using a panel data of 38 high income countries over the period 2003-2012. Adopting generalised method of moments (GMM) estimators, the paper finds evidence substantiating the presence of an inverted-U GLC. Moreover, the evidence suggests that the GLC shifts downward by employing expansionary monetary and fiscal policies and that the tax rate turning point beyond which economic growth decline is higher in countries with higher level of debt-to-GDP ratio and money supply. These results are robust to addition of alternative controlled variables in the GLC specification. Our results strengthen the case for heterogeneous GLC across countries. As an implication, a government may enhance the efficiency within the “fiscal space” by either raising the productivity of public spending or cutting fiscal debt. Moreover, using money as a financing instrument should be carefully supervised due to its impact in generating large inflation rates and distorting capital accumulation and economic growth.دانشگاه شهید چمران اهوازفصلنامه علمی پژوهشی اقتصاد مقداری2008-585012120150321Measuring System Entropy Generation in a Complex Economic Network (The Case of Iran)(Measuring System Entropy Generation in a Complex Economic Network (The Case of Iran931261188110.22055/jqe.2015.11881FABehrouzSadeghi AmroabadiPhd candidate in University of IsfahanBrianD. FathProfessor, Biology Department, Towson UniversityMohsenRenaniProfessor, Economic Department, University of IsfahanJournal Article20151217An economic system is comprised of different primary flows that can be captured in macroeconomic models with complex network relations. Theoretically and empirically in this system, weak substitution or complementarity of environmental materials, like energy and other production factors such as capital, is undeniable. This is an effective critique on neoclassical economics. In this paper, we view the economy as a complex thermodynamic system in order to calculate the entropy generation, specifically the trend in entropy production in Iran over time. Entropy can be measured as the amount of waste and pollution produced by a system based on Georgescu-Rogen’s view. Using a conceptual model, we show the basic flows in a macroeconomic network (government, households, firms and financial sector), by focusing on the amount of wastes and other entropy generators and show how to calculate the overall entropy for an economic system. Furthermore, we demonstrate this approach using a mathematical model and literature from ecology and macroeconomics with the Iranian economy as a case study. Finally, by using statistical data from the World Bank, we show the three important indices of a system, growth, development and entropy values that increased in Iran during 1970–2014. As it is shown in results, the economic entropy of Iran is increasing.An economic system is comprised of different primary flows that can be captured in macroeconomic models with complex network relations. Theoretically and empirically in this system, weak substitution or complementarity of environmental materials, like energy and other production factors such as capital, is undeniable. This is an effective critique on neoclassical economics. In this paper, we view the economy as a complex thermodynamic system in order to calculate the entropy generation, specifically the trend in entropy production in Iran over time. Entropy can be measured as the amount of waste and pollution produced by a system based on Georgescu-Rogen’s view. Using a conceptual model, we show the basic flows in a macroeconomic network (government, households, firms and financial sector), by focusing on the amount of wastes and other entropy generators and show how to calculate the overall entropy for an economic system. Furthermore, we demonstrate this approach using a mathematical model and literature from ecology and macroeconomics with the Iranian economy as a case study. Finally, by using statistical data from the World Bank, we show the three important indices of a system, growth, development and entropy values that increased in Iran during 1970–2014. As it is shown in results, the economic entropy of Iran is increasing.