Sharif Digital Repository

Guilt aversion, the process of avoiding guilt, when guilt indicates the human sense which is present when they let down other's expectations. As the definition suggests, guilt is related to what one thinks of the others’ thoughts; i.e. the second-order beliefs. Incomplete information models of guilt aversion are the most reliable ones in the literature due to economic experiments. Based on these models, the dictator game and the trust game are applied to measure the degree of guilt aversion. In both the above psychological games, there are two players where Player A has the power to decide about the split of the money. We use the amount of transferred money to Player B is as a sign of guilt... 

Unequal distribution of profit and income in different sectors of industries creates a challenge for investors and their managers to determine the level of concentration and investment in each industry sector. The energy industry, as one of the most important ones in the country, will not be an exception to this rule. Iran, as a country with a competitive advantage in the world in this industry, can take the path of development if this industry is used correctly and to the maximum. Also, owners, regulators and investors of this industry must constantly monitor it so that they can determine its growth. This research aims to closely monitor this industry to create guidelines for all the people... 

The value added service industry as in emergent and profitable industry has gained mane attentions by corporate owners especially in the segment of telecommunication and information technology. For launching value added services, communication infrastructure must combined with attractive and high quality contents. For this purpose, mobile network operators have collaborated with content providers to launch services, cooperative advertisements and shared the earned revenue. Interaction between operators and content providers has many complex stages that starts before contract assignment and ends at the revenue sharing stage. For analysis this problem, first, we investigated this interactions... 

With the rise of the sharing economy, customers’ motivations to participate has become a controversial phenomenon. The sharing economy has different industries that might itself be a reason for the emergence of different incentives in customers. Moreover, these industries can affect motivation by controlling various touchpoints Two dimensions, quantity and quality illustrate the impact of touchpoints The encounter of touchpoints with both of the provider and consumer side might confuse companies to choose the best composition of has been conducted to identify the importance of motives to use different industries of the sharing economy and examine the impact of the brands’ touchpoints . In... 

Bali, Cakici, and Whitelaw (2011) have shown that U.S. stocks with extreme positive daily returns in a month will underperform in the next month. Following Bali et al. (2011), a number of researchers have tried to explain the main causes of this anomaly, also referred to as the “MAX Effect”. The MAX effect is often believed to be the result of investor sentiment and overreaction in financial markets. Bali et al. (2011) argue that the classical asset pricing models are unable to explain the cause of MAX effect. Studies have shown that the MAX effect is also prevalent in other stock markets around the world. Some researchers have performed similar analysis to Bali et al.’s (2011) and have... 

Nowadays, social media and messenger applications have found widespread usage in peoples’ lives, making them spend numerous hours on these services. As a consequence, it’s imperative for businesses to maintain presence and carry out advertising campaigns in these social networks. Telegram, which started out as a messaging application, has now grown into a prevalent social media platform in many countries. As a result, Telegram channels demonstrate high potential in publishing advertisements, furthering the promotion of products, and even asserting influence on political, societal, and economic situations. The cost of advertising on channels depends on the number the channel’s subscribers... 

Portfolio-based investment strategies in the currency market, unlike the stock market, have not been well-investigated as the scientific papers mostly focus on more popular investment strategies like carry trade, momentum, and technical analysis. Our main aim is to evaluate the performance of two well-known portfolio selection techniques, i.e. equally-weighted and minimum variance portfolios, in the currency market and to improve the performance, based on the characteristics of the return time series of each method. To improve the performance of the portfolios, we check for the presence of momentum in the return time series. Our findings show both portfolios do not yield abnormal returns... 

Decision about insurance is affected by how customers evaluate possible future scenarios. Our purpose is to find out whether providing statistical information about probabilities affect the customers’ willing to take life insurance or not. In other words, we want to know if people are ambiguity averse in the context of insurance. Means that if they are more willing to take insurance when the loss probability is vague or when it is known. We will separate the respondents into two groups and will provide half of them with information about the death probability in their age zone, and will not inform the other half about this probability. Then ask both groups their willingness to take a life... 

This thesis’s problem is how a manufacturer should select distribution channels and how to interact with the selected ones. The acquired model, analyzes strategies of the manufacturer regarding selecting distribution channels and coordinating contracts for a triple-channel supply chain environment. The aforementioned channels are physical, electronical, and direct. It is assumed that manufacturer is the Stackelberg leader and the physical channel is the electronical’s follower. Four scenarios are introduced to analyze players’ interactions through contracts. Horizontal competition with Stackelberg game is present in first three scenarios. The forth scenario obtains the maximum total profit... 

Regarding to the technology development during recent years, many businesses have lost their traditional style and lots of web-based services have emerged. Also, nowadays one of the most attractive business model is platform-based services. Among these, investment industry is not exceptional and crowdfunding platforms are known as new channel of investment. With respect to this fact that investment by itself can help the economic growth in countries and proper status of Iran from investment viewpoint, developing such platforms may facilitate the investment processes. Regarding to the researches, considering the high amount of uncertainty in platforms and investment processes, especially... 

This study considers an online multi-period assortment optimization problem over multiple replenishment cycles. The retailer chooses a subset from N substitutable products and decides how many of each product to order and sell at each time period. Retailer is constrained by a total inventory capacity, a cardinality constraint on the product variety (display space), and predetermined replenishment time intervals. The assortment selection is modeled as a Multi-armed Bandit problem and the customers' choice is modeled by the Multinomial Logit (MNL) choice model with dynamic substitution. The objective is to optimize the revenue by actively learning the censored demand and improving the offering... 

The impact of opening of the metro station in the city, given the advantages and disadvantages faced by residents adjacent to the station, could have different effects on housing prices. Various studies have been conducted to reveal the impact of urban transport on the value of property, each with different results. In the investigation of this issue, there has been positive, negative or even insignificant effect on the construction of a transport corridor on the value of the property. In this research, the effect of the opening of the metro station as a type of transportation corridor has been investigated on the value of residential properties around the station. Different parts of Tehran,... 

This research investigates the impact of Bitcoin and cryptocurrency news along with macroeconomic and financial indicators, on Bitcoin price fluctuations for two years (May 2016-2018). The reason for this examination is due to high variations of Bitcoin price in the late 2017 and beginning of 2018, while academic research focusing on Bitcoin price are mostly conducted before 2017. Findings show that the number of news with positive and negative contexts, and news related to cryptocurrency technology have a direct relationship with Bitcoin price change. The other result shows that among news concentrated on Bitcoin, the most effective is regarding adverse incidents, famous people concerns and... 

Nowadays, companies trade with each other to prosper, and the role of trading in the growth of businesses is undeniable. Many of them procure raw materials from their suppliers or sell their products to retailers. A contract is the first step to form such interaction. In a contract, each company has specific purposes which are ambiguous at the time of signing a contract. These objects and expectations are determined at the beginning of a contract, whereas both parties of a contract are uncertain about the future circumstances. In many cases, the future conditions cause one party of a contract breaches and terminates it. One of the most common reasons for breaching is the emergence of a new... 

One of the most crucial aspects of financial risk management is risk measurement. Advanced AI-based solutions can provide the proper tools for assessing global markets, given the complexity of the global economy and the violation of typical modeling assumptions. A new strategy for quantifying stock portfolio risk based on one of the machine learning models known as Variational Autoencoders is provided in this dissertation. The suggested method is a generative model that can learn the stocks' dependency structure without relying on assumptions about stock return covariance and produce various market scenarios using cross-sectional stock return data with a higher signal-to-noise ratio. We... 

Index funds are one of the most vital financial institutions providing a wide range of values for different investors. Despite the importance of these funds, not only are index funds recently developed, but they also do not replicate their indices effectively. In this paper, we analyze the portfolio performance of the Karafarin Index Fund as an open-end fund for case study in various frameworks. First of all, the asset allocation and security selection attributions are assessed for capturing the capabilities to choose the suitable security at the right time. In addition, this assessment is done for the industry allocation and security selection attribution in the stock portfolio of the... 

With the huge growth of cryptocurrencies in recent years, the attention of investors has been drawn to predict and invest in it. Because of the high volatility of this market, which includes a large share of Bitcoin, there is a need for good forecasting in it. Although past studies have been able to accurately predict the price of Bitcoin using fundamental variables and variables related to the blockchain network, less attention has been paid to the use of variables related to investor sentiments in this market. In this research, variables widely used in the literature that show the emotions and attention of investors, such as sentiment analysis of Twitter texts, Google search index,... 

We investigate the effect of the war between Russia and Ukraine on the capital market indexes of Russian through the intermediate variable of oil price. We use the Moscow Stock Exchange for the capital market, and OPEC and West Texas Intermediate for the oil price. We apply the two-factor asset pricing model, the results of which are based on the data of the years 2020 to 2021 (before the war) and during the year 2021 (during the war). Our results show that, with a few exceptions, the price of oil does not have a significant effect on the capital market indexes of the Moscow Stock Exchange. The event of the war within less than a year has been able to change the existing significant... 

In the present study, the factors that affect the IPO underpricing in the Tehran Stock Exchange are investigated. We define the variables of IPO percentage, age and size of companies, dummy variable for rounded IPO prices, market return in a month before the initial public offering, average return of IPOs that had been done during one month before the IPO of each ticker and the dummy variable for industrial group in which the company is located. We had to calculate the initial return of 246 companies that were offered in the years 1380 to 1395. In this study, due to the existence of a daily stock price volatility constraint, a new algorithm was introduced to calculate the dependent... 

Earlier research mainly have addressed to a part of the M&A phenomenon and rarely have conducted multi-aspect analysis of it. On the other hand, unfortunately a high percentage of M&A deals collapses before completion which implicates there is not a thorough understanding of all the variables involved in the M&A process. Therefore, we conducted a case study research which is better qualified at providing in-depth, multi-aspects and multidisciplinary understanding and therefore novel findings of this multifaceted and complex phenomenon, M&A, in an emerging market context. Our research aims to highlight these questions: 1. what are the underlying incentives behind M&A deals initiation? 2. What...