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Impact of Information Risk on the Liquidity Risk of the Firms Listed on the Tehran Stock Exchange

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Author Info

  • Mahmoud Moeinadin

    ()
    (Islamic Azad University)

  • Forough Heirany

    ()
    (Islamic Azad University)

  • Ehsan Khoshnood

    ()
    (Islamic Azad University)

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    Abstract

    Liquidity risk is one of the new topics in the financial management widely considered by the capital market scholars. Most investors, stakeholders and managers are seeking to achieve the satisfactory return and that is why they are confronted with risk and should establish a balance between risk and return. Therefore, it seems essential to investigate the risk and the related factors. The present paper aims to examine the impact of information risk on the liquidity risk. To test the hypotheses, the data of 52 listed firms on the Tehran Stock Exchange during 2006 to 2010 have been collected and analyzed by the multivariate regression. The findings confirm that there is a significant positive relationship between the index of information risk (income smoothing) and liquidity risk.

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    Bibliographic Info

    Article provided by Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences in its journal International Journal of Academic Research in Accounting, Finance and Management Sciences.

    Volume (Year): 3 (2013)
    Issue (Month): 4 (October)
    Pages: 300-307

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    Handle: RePEc:hur:ijaraf:v:3:y:2013:i:4:p:300-307

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    Web page: http://hrmars.com/index.php/pages/detail/Accounting-Finance-Journal

    Related research

    Keywords: Information Risk; Income Smoothing; Earnings Quality; Liquidity Risk; Three-Factor Model of Fama and French;

    References

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    1. Juan Manuel García Lara & Beatriz García Osma & Araceli Mora, 2005. "The Effect of Earnings Management on the Asymmetric Timeliness of Earnings," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(3-4), pages 691-726.
    2. Iatridis, George, 2010. "International Financial Reporting Standards and the quality of financial statement information," International Review of Financial Analysis, Elsevier, vol. 19(3), pages 193-204, June.
    3. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
    4. Cornett, Marcia Millon & Marcus, Alan J. & Tehranian, Hassan, 2008. "Corporate governance and pay-for-performance: The impact of earnings management," Journal of Financial Economics, Elsevier, vol. 87(2), pages 357-373, February.
    5. Amarjit S. Gill & Nahum Biger, 2013. "The impact of corporate governance on working capital management efficiency of American manufacturing firms," Managerial Finance, Emerald Group Publishing, vol. 39(2), pages 116-132, January.
    6. Ng, Jeffrey, 2011. "The effect of information quality on liquidity risk," Journal of Accounting and Economics, Elsevier, vol. 52(2), pages 126-143.
    7. Amihud, Yakov, 2002. "Illiquidity and stock returns: cross-section and time-series effects," Journal of Financial Markets, Elsevier, vol. 5(1), pages 31-56, January.
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