Sharif Digital Repository

Using the data of the Tehran Stock Exchange, we analyze the characteristics and explanatory factors of major intra-group and out-of-group transactions and test the tunneling hypothesis in intra-group transactions. We find that out-of-group transactions can be largely explained by changes in control or management, firm size, and the type of the firm. However, intra-group transaction properties mostly depend on the difference between the parent company's cash flow rights in the buyer and seller companies. Also, in the final analysis, we conclude that many intra-group transactions are made to change the structure of the business groups, especially when investment companies buy shares of listed... 

Electric industry has experienced a great revolution in the last two decades, which is known as restructuring and deregulation. Based on these fundamental changes, new commodities and concepts such as ancillary services have been introduced.Operating reserve is one of the most important types of ancillary services, which has great impact on the reliability of power systems. Determining the amount of required reserve, allocation between generating units and its cost allocation are the important topics that have been considered in many papers and with this important is considered in this thesis. According to the economic principles, invisible hand of market can facilitate global optimum, just...