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mahmouzadeh--amineh
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The Impact of Privatization Policy on Firm's Productivity: Case Study of Equity Shares in Iran
, M.Sc. Thesis Sharif University of Technology ; Mahmouzadeh, Amineh (Supervisor)
Abstract
Privatization is one of the most important economic reform policies of the 1980s and 1990s, and it has been widely studied. Many researchers have studied the difference between public and private companies from the perspective of productivity and performance. Due to the different implementation methods of this policy, different consequences are expected. In this research, the causal effect of government ownership on the productivity of companies is investigated. In this regard, using the difference-in-difference method, we investigate the Equity Share policy and measure its effect on the level of productivity of companies and their growth. The results show that the implementation of the...
The Impacts of Banking on the Effects of Monetary Policy on Inequality: A Study in a HANK Framework
, M.Sc. Thesis Sharif University of Technology ; Madanizadeh, Ali (Supervisor) ; Mahmouzadeh, Amineh (Supervisor)
Abstract
This study wants to analyze the effects of the banking system on the transmission of monetary policy and its impact on wealth inequality. We use a continuous time heterogeneous framework with heterogeneity for households and capital producers. The model is an extended version of a two-asset heterogeneous agent New Keynesian model with heterogeneous capital producers and a bank with liquidity transformation. The production block consists of a final-good producer, intermediate-good producers, and capital-good producers. Capital good producers could get loans from the bank but have a borrowing constraint. We found that a) an expansionary monetary policy increases the issued loans, which leads...
The Impact of Collateral Value on Financial Constraints of Firms: A Case Study of Listed Firms in Iran
, M.Sc. Thesis Sharif University of Technology ; Mahmouzadeh, Amineh (Supervisor) ; Madanizadeh, Ali (Supervisor)
Abstract
This study examines the effect of changes in collateral value on firms' financial constraints. The data used pertain to non-financial firms listed between 2016 and 2021, focusing on three types of collateral: land and equipment, stock, and contracts. To analyze financial constraints, the study explores changes in investment sensitivity to cash flow using a difference-in-differences method between related and non-related firms, yielding various findings. The results show that firms utilizing enforceable contract collateral exhibit lower investment sensitivity to cash flow. Moreover, when such collateral is employed for the first time, investment sensitivity to cash flow decreases more...
Misallocation within and between Industries: A Firm-level Analysis of Iranian Enterprises
, M.Sc. Thesis Sharif University of Technology ; Mahmoudzadeh, Amineh (Supervisor)
Abstract
The per capita income and welfare levels of countries around the world vary significantly from each other. Identifying the factors that lead to differences in the per capita income of countries as well as their welfare levels is a major concern for economists. Studies conducted in this field indicate that one of the main sources of these differences is the significant disparity in the total factor productivity (TFP) across countries. Suboptimal resource allocation is one of the most influential factors affecting TFP in countries. The primary importance of investigating misallocation in the Iranian economy is that, in line with the decrease in economic growth, the growth rate of industrial...
The Effect of Government Ownership on Financial Structure: A Case Study of Sahamedalat in Iran
, M.Sc. Thesis Sharif University of Technology ; Mahmoodzadeh, Amineh (Supervisor)
Abstract
The distinction between SOEs and private firms in access to loans is essential from the viewpoint of policy-making. This distinction is more crucial when we know that the difference is caused by factors other than natural market forces and has emerged merely by government ownership. In this paper, we investigate a unique intervention in privatization and identify the causal effect of government ownership on access to loans. In this respect, we study Sahamedalat in Iran by using DID approach and estimate the effect of giving up the treatment firm's cashflow right on the amount and composition of the loans. The results show the intervention significantly decreases the long-term loan of the...
The Effects of a Change in a Bank’s Soundness on its Lending Power
, M.Sc. Thesis Sharif University of Technology ; Madanizadeh, Ali (Supervisor) ; Mahmoudzadeh, Amineh (Supervisor)
Abstract
The financial depth in Iran has decreased since 2008 and simultaneously the interbank rate has increased. In addition, researches show that the bank health has decreased over the same period. This research investigates to find evidence for the existence of the relationship between the bank health indicators and its lending power. In this regard, the balance sheet data and financial statement data of the Iranian banks during 2007 to 2014 have been investigated and the effect of the bank health indicators on their lending power studied at the normal conditions and sanction periods. In this research like Kashyap and Stein 2000, and Gambacorta and Marques2011, the bank lending channel consider...
Financing Through Money Creation: The Role of Central Bank Policies
, M.Sc. Thesis Sharif University of Technology ; Madanizadeh, Ali (Supervisor) ; Mahmoudzadeh, Amineh (Supervisor)
Abstract
In the banking and macro-financial literature، banks are modeled as financial intermediaries who give loans to the borrowers from their deposits. In these models، deposits are created from the accumulation of real goods. Besides this view، which is used more in the academic environment، others who are most practical، describe banks not intermediaries، but credit creator which do not need deposits to pay loans. In this research، we use credit creation concept in a Neoclassic environment that the central bank’s monetary policy is fractional reserve to answer this question that if banks could create credit for firms based on its future income، while firms have CIA constraints، how do economic...
Bank-firm Ownership Association Impact on Loan Provision in Iran
, M.Sc. Thesis Sharif University of Technology ; Madanizadeh, Ali (Supervisor) ; Mahmoudzadeh, Amineh (Co-Supervisor)
Abstract
Related Lending is defined as banks making loans to firms with which they have some kind of ownership association. On one hand, this practice can help diminish asymmetric information between bank and firm which results in a more efficient allocation of bank’s resources. On the other hand, it may lead to the banks’ transferring resources to their related firms inefficiently, without meticulously assessing the risks involved. This paper is focused on the effect of the relationship between bank and firm in their ownership structure, on the loan provision. I have gathered a unique dataset of private and privatized banks and also private firms active in Iran’s stock market, which covers the...
Study of the Necessity and Feasibility of ASR Method of Artificial Recharge Projects in Hamoon-Jazmoorian Basin (in IRAN)
, M.Sc. Thesis Sharif University of Technology ; Hashemian, Jamaloddin (Supervisor)
Abstract
Artificial recharge is an effective method of enhancing groundwater resources. Different methods are being used for aquifer recharge, including direct surface and subsurface method, Combined and indirect methods. Among these, direct surface methods such as flood spreading and ditch and furrow techniques are most commonly used methods. They are frequently used in Iran too, but what is disregarded herein, is the application of modern methods of artificial recharge such as ASR and ASTR. ASR and ASTR are methods of artificial recharge through injection wells/borings, in order to recharge deep-seated or those aquifers which are separated by impermeable stratum from the surface. These methods,...
Estimation of Bank Loan Interest Rate and Determining its Correlated Factors: A Case Study of Listed Companies in Iran
, M.Sc. Thesis Sharif University of Technology ; Madanizadeh, Ali (Supervisor) ; Mahmoodzadeh, Amineh (Supervisor)
Abstract
Bank loans are one of the main sources of financing for enterprises and the most important source of financing for large enterprises in Iran. Uncertainty about future conditions and asymmetric information between the bank and the firm puts the provision of loans at risk. According to the principle of proportionality of risk and return, the interest rate of bank facilities should be proportional to the risk that the bank incurs in return for granting the loan. In general, the interest rate of bank loans can be affected by three types of risks: the credit risk of the applicant firm, the risk of the lender bank and the macroeconomic environment risk. In this study, we try to estimate the...
Banks Nonperforming Loans and Financial Accelerator
, M.Sc. Thesis Sharif University of Technology ; Madanizadeh, Ali (Supervisor) ; Mahmoudzadeh, Amineh (Co-Advisor)
Abstract
This study examines the real consequences of credit market frictions in quantitative and qualitative terms in the framework of a dynamic general equilibrium model. In the form of a macrofinance model in which the asymmetric information between the bank and the firm and the weakness in the implementation of the contracts forms the relationship between the lender and the borrower, and the firm is able to strategically decide on default, we have analyzed the market equilibrium and the effect of credit market conditions on different markets. The findings of this study indicate that in such an economy, the decision of borrowers to voluntary default will reduce public welfare, cause a poor...
Integrating spatial multi criteria decision making (smcdm) with geographic information systems (gis) for delineation of the most suitable areas for aquifer storage and recovery (asr)
, Article Journal of Hydrology ; Volume 551 , 2017 , Pages 577-595 ; 00221694 (ISSN) ; Hashemian, S. J. A.D ; Magholi, A ; Sharif University of Technology
Elsevier B.V
2017
Abstract
Hamoon-Jazmoorian plain is located in southeast of Iran. Overexploitation of groundwater in this plain has led to water level decline and caused serious problems such as land subsidence, aquifer destruction and water quality degradation. The increasing population and agricultural development along with drought and climate change, have further increased the pressure on water resources in this region over the last years. In order to overcome such crisis, introduction of surface water into an aquifer at particular locations can be a suitable solution. A wide variety of methods have been developed to recharge groundwater, one of which is aquifer storage and recovery (ASR). One of the fundamental...
Credit Creation and Fractional Reserve Constraint
, M.Sc. Thesis Sharif University of Technology ; Madanizadeh, Ali (Supervisor) ; Mahmoudzadeh, Amineh (Co-Advisor)
Abstract
In the banking and macro-financial literature، banks are modeled as financial intermediaries who give loans to the borrowers from their deposits. In these models، deposits are created from the accumulation of real goods. Besides this view، which is used more in the academic environment، others who are most practical، describe banks not intermediaries، but credit creator which do not need deposits to pay loans. In this research، we use credit creation concept in a Neoclassic environment that the central bank’s monetary policy is fractional reserve to answer this question that if banks could create credit for firms based on its future income، while firms have CIA constraints، how do economic...
The Real Effect of Banks’ Money Creation Ability in a New Keynesian Framework
, M.Sc. Thesis Sharif University of Technology ; Madanizadeh, Ali (Supervisor) ; Mahmoodzadeh, Amineh (Supervisor)
Abstract
In much of the financial economics literature, banks are modeled as financial intermediaries that transfer household deposits to loan applicants. In these models, deposits are obtained from the accumulation of real amounts (household savings). In addition to this, another approach describes banks not as intermediaries of loanable funds, but as money-creators who do not need to accumulate deposit resources to lend. In this study, by modeling the money-creation behavior of the banking network, we try to answer the question that if the bank can create credit and purchasing power for the firm based on its future income, how will the general variables of the economy, including consumption and...
Excess Sensitivity and Financial Development: A Case Study of Households in Iran
, M.Sc. Thesis Sharif University of Technology ; Mahmoudzadeh, Amineh (Supervisor) ; Einian, Majid (Supervisor)
Abstract
Aim and introduction The conventional notion of the permanent income hypothesis is that individuals aim to smooth their consumption over time, demonstrating resistance to fluctuations in income. This foundational concept assumes that individuals utilize savings or credit when faced with expected income changes or temporary income shocks, preserving their ultimate well-being. However, empirical evidence challenges this hypothesis, revealing that consumers often exhibit responsiveness to income changes, both expected and temporary. This phenomenon is called "excess sensitivity of consumption". Various factors underpin this apparent excess sensitivity of consumption, encompassing demographic...
A framework for optimal water allocation considering water value, strategic management and conflict resolution
, Article Environment, Development and Sustainability ; Volume 25, Issue 2 , 2023 , Pages 1582-1613 ; 1387585X (ISSN) ; Ahani Amineh, Z. B ; Niksokhan, M. H ; Zanjanian, H ; Sharif University of Technology
Springer Science and Business Media B.V
2023
Abstract
This paper proposes a new framework to optimize the allocation of water resources considering two perspectives of water value and strategic management which is one of the novelties of this study. After identifying agricultural, industrial, and domestic water demands, a water allocation model is developed to maximize the net benefit of water delivered to each sector. Based on the characteristics of the study area which is the Namak Lake basin, water transfer from Dez tributaries can be considered as an uncertainty depending on the climate and political issues. So, the model is initially performed without considering water transfer and then water transfer is considered to enhance the...
The Impact of Group Structure on Connected Lending And its’ Consequences on Firms Investment
, M.Sc. Thesis Sharif University of Technology ; Madanizadeh, Ali (Supervisor) ; Mahmoudzadeh, Amineh (Supervisor)
Abstract
By Exploiting financial statements, ownership structure, and loan data for nonfinancial Iranian listed firms from 2007 to 2018, we investigate the impact of group structure on connected lending and its’ consequences on the firm investment. The group structure is formed, when a bank directly or indirectly owns one or multiple firms. Fist, our findings show that the vertical bank-firm connection, on average increases the probability and the amount of the loan supply by 2.53% and 78%, respectively. In return, the horizontal connection just increases the probability of the loan supply by 1.55%, and we find no evidence on its’ impact on the amount of the loan supply. Then, we investigate the...
The Effect of Credit Constraints on Real Economy in Iran
, M.Sc. Thesis Sharif University of Technology ; Madanizadeh, Ali (Supervisor) ; Mahmoudzadeh, Amineh (Supervisor)
Abstract
In this paper we empirically explore the bank lending channel and firm borrowing channel in Iran. Using the Embezzlement Scandal of 2011 as an instrumental variable for change in banks’ lending behavior, we identify the effect of credit constraints on borrowers’ performance. We use the firm-bank level data of short term loans from 2007- 2014 to maintain the goal. Results show that the banks’ lending behavior changes as a result of embezzlement shock and the borrowers’ performance get affected respectively. We show that the troubled banks reduce their lending by about 2.35 percent as compared to non-troubled ones. The results suggest that 10 percent decrease in loan supply, reduces the firms’...
Determinants of Capital Misallocation: Evidence from Iranian Industrial Establishments
, M.Sc. Thesis Sharif University of Technology ; Mahmoudzadeh, Amineh (Supervisor) ; Madanizadeh, Ali (Supervisor)
Abstract
This study aims to investigate how different factors contribute to misallocation of physical capital in the Iranian economy. This is achieved by using a general equilibrium model with adjustment costs, uncertainty, and heterogeneity in firms' market power and technologies. In order to calculate the role of each factor in the observed misallocation, we need to estimate the parameters of this model using the Generalized Method of Moments. The data comes from the Annual Survey of Manufacturing Establishments from 2003 to 2013. According to the results, adjustment costs, heterogeneity in production functions, and heterogeneity in market power can explain about 80% of capital misallocation in...
Banks Money Creation and the Transmission Mechanism of Shocks
, M.Sc. Thesis Sharif University of Technology ; Madanizadeh, Ali (Supervisor) ; Mahmoodzadeh, Amineh (Supervisor)
Abstract
Banks are not only money brokers but also money creators. The ability of a bank to create money is due to its unique feature in issuing debts (deposits) that are accepted as a medium of exchange by economic agents. Although this bank function has been discussed under the "liquidity transformation" heading under the micro-banking literature, it has been less discussed in macro literature. In this study, we want to examine the consequences of the bank's liquidity transformation function by developing a New-Keynesian model in which banks can finance the economy by voluntarily expanding their balance sheet. To identify the mechanisms that the money creator bank creates in the model, we have...