Abstract:
The purpose of resent research is to analysis and compares performance evaluation
models of selected investment companies in Tehran Stock Exchange Market in the
field of their portfolio management. The duration of research was between years
2009-2014. Statistical society the research is consisting of all active investment
companies in in Tehran Stock Exchange Market which were 30 companies. Volume
of research sample is by using of omit systematic method and also is by considering
time of accepting in stock consisting of 14 companies. Data of research which are
done based on compare couple and also gathered by financial ratio. Analysis process
technic is used for compare couple analysis and used criteria weight determine in ash
analysis. For determining company's priority based on financial ratio and weights of
any of these companies; grey analysis is used. In present research all of the relations
are approved by gain results. The result shows that there is no significant difference
between obtained rankings by using of grey Forecasting Johnson ranking; it could be
claim that there is no priority between grey forecasting and Johnson ranking. Results
based on ranking of tested companies showed that criteria that used in this research
were in same direction with liquidity criteria, so it is a confirmation of the fact that
economic and accounting criteria could be a good and appropriate base for investors
in selecting portfolio; and also that used criteria in the research is very powerful
criteria for companies’ performance assessment.
Machine summary:
Comparison of Selected Performance of Portfolio Investment Companies by Using of Grey Forecasting and Johnson’s Index in Tehran Stock Exchange Market Rahmatollah Mohammadi pour a,*,Zhaleh Alavimoghadamb, Adel Fatemib aDepartment of Management, Islamic Azad University Central Tehran Branch, Tehran, Iran bDepartment of Humanities, Islamic Azad University, Sanandej Branch, ARTICLE INFO Article history: Received 12 July 2016 Accepted 27 January 2017 Keywords: Multi criteria decision making, Gray theory,Gray Forecasting, Jonson index, investment companies ABSTRACT The purpose of resent research is to analysis and compares performance evaluation models of selected investment companies in Tehran Stock Exchange Market in the field of their portfolio management.
Results based on ranking of tested companies showed that criteria that used in this research were in same direction with liquidity criteria, so it is a confirmation of the fact that economic and accounting criteria could be a good and appropriate base for investors in selecting portfolio; and also that used criteria in the research is very powerful criteria for companies’ performance assessment.
Table 5: Grey relational Grade of active investment companies in stock (View the image of this page) First Hypothesis: significant difference average operation of investment companies in selected portfolio in different years based on Gray ranking Zero hypotheses: There is significant meaning among averages investments Company’s operation.
Suggestion based on research hypotheses By confirmation of grey method’s accuracy, it is suggested to use grey method for those stock activators o Tehran which has no lots of information or has no ability for use of complex technic in forecasting selected portfolio and other fields.