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Predicting crises and price jumps in the stock market and based on different models has been growing over the last decade. Due to the presence of big data, this issue has led to the growth of developments in the field of machine learning and deep learning models. Due to the importance of this issue, This study examined the ability of different machine learning models to predict the jumps in the total index of the Tehran Stock Exchange during the period 2013 to 2020. For this purpose, first stock market jumps were extracted based on the ARJI-GARCH approach and then these jumps were predicted by considering the possible effective variables including global and domestic markets. The prediction results of 1-, 3-, and 6-day periods for the out-of-sample period show that the machine learning method based on the long short-term memory (LSTM) network, a recurrent neural network, has a better result than other models.

Knowledge is a key element in fostering product and service innovation. One of the newest concepts proposed for using knowledge resources outside the organization is the concept of knowledge co-creation. Knowledge co-creation means the processes of voluntary collaboration between customers, researchers and organizational managers to create knowledge about products and services. The most important actor that plays a role in the co-creation of knowledge is the customer. The issue of customer knowledge co-creation is not yet well known in our country's insurance industry, so identifying its components and determining the influence of each of them is one of the challenges of current insurance companies. Therefore, the purpose of this study is to identify the components of customer knowledge co-creation and provide a model of relationships between customer knowledge co-creation components in the country's insurance industry.The present study is a fundamental research based on the purpose and based on the data collection method is a descriptive-survey approach. In order to identify the components of the research, interviews were conducted with 14 experts including insurance industry managers and faculty members who are experts in this field. In order to present the model of component relationships, the standard questionnaire of interpretive structural modelling approach, which is based on pairwise comparisons, was completed by 10 experts. Based on the results of semi-structured interviews with experts, 51 primary codes and 7 categories were extracted, which were classified into 5 levels by interpretive structural modeling approach. In this model, the component of "ICT infrastructure" is at the lowest level, which indicates the highest penetration among other components, which means that the change and development of this component, causes a change and development of other components of the model. Also, the components of "motivating customers" and "building trust", which are at the first level of the model, are the most influential components of the model. Therefore, in order to optimally implement the process of customer knowledge co-creation in insurance companies, strengthening the components of lower levels of the model, which have more influence, should be a priority in management decisions.

Objective: Global catastrophic risks are classified into 62 categories, 34 of which have been recorded in Iran. Such risks are major threats to the Iranian economy. Using the capacity of the alternative risk transfer instruments, as one of the recommended ex-ante risk management strategies, creates financial protection in the macro frameworks of the domestic catastrophe risk management via incorporating the financial instruments of the Iranian capital market as well as the Islamic financial market. Transferring such catastrophic risks requires appropriate financial instruments. The purpose of this study is to provide, explain and design the domestic catastrophic risk management framework by alternative risk transfer instruments.Methods: The present study has been conducted based on a systematic literature review method. For this purpose, the related literature was systematically reviewed over a period of eight months. Firstly, after specifying the subject of study, the research question was developed. Then, the research protocol was designed and an appropriate mental model was designed accordingly. Subsequently, inclusion and exclusion criteria were determined. The researchers next began the comprehensive and systematic research through which 112 papers were examined. After classifying, screening, and measuring their quality, 73 studies were selected for the final in-depth analysis. In the next step, through the purposive and snowball sampling method, 18 experts were interviewed. The Delphi method was used to obtain the opinion of experts until data saturation was achieved. Their viewpoint was embedded in the final proposed framework. In the last step, the obtained data were classified, codified (using the open coding method through MAXQDA 2020 software) synthesized, and finally summarized. The trustworthiness and authenticity of the current research was measured according to the four-stage model of Lincoln and Guba.Results: In general, all the factors that affect the catastrophic risk management framework can be classified into four main categories of “necessity, implementation of infrastructure, risk measurement, and designing appropriate financial instruments”. Each category includes several subcategories and codes. The proposed framework in the present study is made up of 4 categories, 10 sub-categories, and 415. Also, 37 risks were collected and classified out of 62 catastrophic risks to obtain the “Iran Disaster Risks Diversity Table”. Finally, the appropriate financial instruments for risk transferring based on the capacity of the domestic capital market, i.e. “Insurance Sukuk Vekala” and “Cat Takaful (CT) Sukuk” (for the international Islamic Capital Market), were designed and proposed by this research.Conclusion: Finally, a schematic model was proposed to establish Iran’s catastrophic risk management framework through alternative risk transfer instruments, according to the diversity of detected factors. As a multi-dimensional concept, the framework should be considered in the implementation process.

This research is an attempt to introduce a desirable pattern for Dynamic Modeling of the Estimated Optimal Ratio of Gold Coin Risk Coverage. Given the unique nature of Iran in producing and supplying saffron and weakness in the commercial sector of this product, it was necessary to supply this product through the Iranian Stock Exchange. Following the presentation of the Saffron Deposit Certificate in the Iranian Commodity Exchange in 2017, the futures contracts for saffron in the Iranian Commodity Exchange were defined in 2018. On the other hand, the gold coin futures market was halted in 2018 due to the volatility of the gold coin market. Therefore, considering the importance of estimating the risk coverage in financial markets, in this study, we modeled the estimation of the optimal ratio of daily gold coin risk with respect to the future contracts of saffron from May 22, 2018 to October 22, 2019, through the Coppola functions and wavelet analysis. And the combination of these two models is discussed. The results of the study show that the saffron futures market is able to estimate the risk coefficient of gold coin cash market risk and that investors can use this market to cover their risk. In addition, in terms of structural dependence on the basis of the Coppola functions and wavelet decomposition, it results in an optimal estimation of the coverage over the medium and long time periods.

Out of 64 possible catastrophic events in the whole world, about 34 of them have been experienced in Iran; more than 80% of the regions are exposed to natural disasters risks such as earthquakes exposure. Domestic insurance capacity does not cover this volume of risk and the need for external reinsurance capacity is always felt. Catastrophe bonds structure as a financial & insurance innovative solution (Alternative Risk Transfer Instruments) allows an issuing institution to transfer catastrophic exposures and risk to capital market's investors by creating capital relief and additional risk capacity for our insurance industry. We adjusted the formal cat bonds structure with the Islamic jurisprudence. According to the systematic review research method 8 steps, the Sukuk model was implemented based on the extracted concepts from 23 Farsi articles and 50 English articles. After that interviews by 18 experts who were selected by purposive & Snowball sampling, The Delphi method was used to obtain the opinion of experts and their opinion was modified and implemented in the final model. In the open coding stage, 415 concepts were extracted which were classified into 10 categories and finally presented in 4 Propositions/themes. The trustworthiness and authenticity did base on the four-stage model of Lincoln and Guba and also its complementary step. We finally suggested that the catastrophe bond instrument could be issued in the form of a cat takaful (CT) sukuk contract template, as a solution for transferring catastrophic risks to the Islamic financial market.

The goal of this study is to separate investor’s role based on risky and no risky approach on share return predictability on the basis of technology different levels. Technology different levels have been measured through number ratio average of staff having higher education, number ratio of production staff, ratio of production value added, and ratio of capital growth. In this study, concentration is on using three regression models with replacement ability in variable coefficient of technology level that from investor’s view can separate share return predictability to risky and no risky. Study sample includes 113 companies from listed companies in Tehran stock exchange that includes a ten years time period from the beginning of 2008 to the end of 2017. Results show that in share return predictability, investor’s behavior in using technology different levels is different, so that when only technology level is average, there is share return predictability for investors based on risky approach, and versus when technology level is up and down, share return predictability is done on the basis of no risky approach of investors. As a result, technology levels have important role on the basis of no risky approach basics, and when it is used as no risky factor by investors, it increases share return predictability.

Subject and Purpose of the Article: The present study is aimed at forecasting and modeling profit and loss in the Tose’e Ta’avon Bank through conducting an experimental analysis. Research Method: The statistical population of the study includes the branches of the Tose’e Ta’avon Bank in Tehran, whose financial data from 2011 to 2020 were collected and been the basis of analysis. This research has used the causal method through collecting information in the theoretical literature section based on library studies and testing hypotheses based on a document analysis of financial statements. The statistical techniques used in this research are the combined data regression method, heuristic factor analysis, and Bayesian networks. Research Findings: The data analysis results show that it is possible to predict profits and losses of the Tose’e Ta’avon Bank based on the identified factors from the financial ratios. The findings also illustrate that the aforementioned factors can account for more than 90% of the changes in the financial ratios. Conclusion, Originality and its Contribution to the Knowledge: It can be expected that the bank's profit and loss can be predicted through the final 12 financial ratios of this research and the 5 factors which have been derived from the given ratios. The results of the model can also be used to identify the optimal combination of financial ratios to obtain a certain profit, but this application of the model requires the use of optimization algorithms.

Given the dynamic changes in economic environments, especially in the area of financial markets, which are particularly complex, improving the financial knowledge of investors as a subset of financial literacy, seems a necessity so that investors can make decisions that are more informed. This clearly highlights the need for analysis and research in this area and analysis of the issue of financial literacy. Therefore, the main issue in this study is how to measure the financial literacy of micro-investors in Iran and what is the local pattern of development of financial literacy of micro-investors in Iran? To this end, a comprehensive model is designed to integrate knowledge, behavior, and financial attitudes. In this regard, in the present study, the qualitative research approach has been used, which in the qualitative method has used the data theory method or grounded theory. In order to analyze the qualitative data, the continuous comparison method has been used during the three stages of open, axial and selective coding. Qualitative findings are analyzed and finally after the above results; Financial literacy assessment model based on criteria 1) attitude; 2) financial knowledge and understanding; 3) skills; 4) training, information and security; 5) Individual general information was determined. Also, following the grounded theory approach, selective coding was done and the study hypotheses were developed based on the financial literacy paradigm model to test the factors affecting financial literacy that have been developed from a qualitative stage.

Appropriate pricing of companies initials public offering shares entering the capital market for the first time is crucial for both business owners and investors. But the pricing of these stocks is influenced by many quantitative and qualitative factors. Nonlinear intelligent systems such as neural networks and genetic algorithms are good tools for accurately predicting initial public offering stock prices. Therefore, the purpose of this study is to predict the stock price of the initial public offering using a neural network based on genetic algorithm and compare the bid price of the model with Op. The statistical population of the study are 421 companies listed on the stock exchange that entered the Tehran Stock Exchange between 2009 and 2017. The statistical sample was reduced to 144 companies according to the mentioned filters. Leading neural network and genetic algorithm have been used to analyse the data. The results showed that the predicted research model for pricing the initial public offering shares is a desirable and optimal model. Comparing the bid price of the model with OP, also showed that the projected price of the model, while being close to OP and meeting the relative price, can fulfil the expectations of investors and company owners in proper pricing of initial public offering shares.

Introduction: Individual characteristics are closely related to performance and job efficiency of individuals. The aim of present study was evaluation of the relationship between communication skills and individual characteristics with job performance among clients and auditors. Methods: This study was a descriptive-survey. The research instrument was a researcher-made questionnaire. The statistical population of the study included all auditors and clients at the level of the Iranian Society of Certified Public Accountants who have directly or indirectly contact with each other. Through a survey, 42 certified public accountants and experts in this field in Iran were selected. Data from statistical population were collected using the Delphi method. In this analysis, To test the research hypotheses, t-test, binomial, Friedman ranking, and Kendall tests were used. Results: Based on the results, the effect of all items related to the auditor's individual characteristics was confirmed at a significance level of

Objective: According to the prospectus of Iran's Capital Market, this market can be turned into an Islamic finance center in the Middle East. This requires to protect investors’ right through organizing, maintaining and developing a transparent, fair and efficient market for a variety of different types of securities. Transparency and reduction of asymmetry reduce risk in the capital market and increase investor attraction to this market. For this purpose, present research investigates the information asymmetry generated by companies bad news withholding and its role in shareholders’ satisfaction. Methods: In this research, abnormal stock return rate before and after the general meeting date has been used to examine the Information Asymmetry. Trading value and open trading days have also been used as indicators to measure the shareholders’ satisfaction. To achieve the research goal, 123 companies listed in the Tehran Stock Exchange during the period from 2011 to 2016 were selected and a panel data approach was used to test the research of hypotheses. Results: Findings do not show a significant relationship between withholding strategy of bad news and the trading value, but there is a significant negative relationship between the withholding strategy of bad news and the open trading days. Conclusion: Therefore, it is predicted that due to the use of this strategy by the companies, stockholders satisfaction level decreased and in the long run, it causes serious damage to the interests of all involved groups.

Countries need short, medium, and long-term investment plans for production growth and development. Different sources for these investments can be supplied through retained profit, stock issuance, and bank loans, or a combination them. Institutions and firms need huge amount of capitals for their survival, production, and also development of activities. In addition, these institutions and firms rely heavily on financial markets for self-financing. The role of financial markets is to provide the required capitals for institutions and firms. Financing strategy is considered as one of the main areas of financial management decisions in companies seeking to increase shareholders’wealth. Therefore, the aim of this paper was to discuss conventional methods of external financing through debt and stock issuance and explain their associated advantages and disadvantages.

The aim of this paper was investigating the effects of organic knowledge, perceived consequences, subjective norms, price, and green trust, perceived consumer effectiveness, availability, relative advantage, and organic purchase intention on organic purchase behavior among Iranian consumers as the consumers in a developing country.The survey questionnaire was administered to the customers of large chain stores and organic food stores in five provinces of Iran that had branches for producing and selling organic food products. Given the very few number of organic food consumers in Iran, only 192 out of 240 questionnaires were filled and then used as samples of study. In order to analysis the data and test the hypotheses, multiple regression analysis method was used using by SPSS software. Results showed strong support (R2=0.51) for the impact of price, consumer effectiveness, and perceived consequences on intention to purchase organic food products. Organic knowledge, green trust, price, consumer effectiveness, and intention were found to have influenced purchase behavior. This paper will discuss the implications of these results for agricultural practitioners and marketers.

To achieve sustainable development, efforts should go beyond cleaner production to sustainable consumption. Sustainable consumption has become increasingly important to prevent non-environmental practices of producers. So, the aim of this study is to investigate the factors that influence environmental purchase behavior with an emphasis on dominant value orientations in the society. For this study, the data have been collected from Iranians who buy or use organic products at least once. A survey questionnaire was distributed among customers in five provinces of Iran, which have centers of producing and selling organic food products. The result showed that altruistic and biospheric value orientations are the factors that affect consumers’ environmental attitudes; however, the impact of the egoistic value orientation on environmental attitudes is not confirmed. Additionally, the egoistic value orientation has direct effects on tendency for environmental purchasing. In this case, the impacts of altruistic and biospheric value orientations are not confirmed. The implications for marketers and environmentalists are discussed, and future research directions are presented.

In speedy and competitive world of today, having talented human resources guarantees the priority of firms and institutions. Investigating and evaluation of talent management, organizational performance and being aware of capabilities and defects are very important. The research method was descriptive –survey with an emaphsis on correlation. The inferential statistics (Pearson’s correlation and regression) were used. The statistical population included 52 municipalities in 16 towns in Gilan province. The sampling method was multistage stratified cluster sampling. To gather the data researcher made questionnaire with 23 questions was used. The reliability of the questionnaire, using cronbach's alpha were 0.88 and 0.83 for talent management and organizational performance respectively. The results showed that the correlation between talent management and organizational performance was 0.82. The highest correlation coefficient related to the retaining talent on the organizational performance.

Brand strength is a variable with the wide scope of definition that can survey marketing strategy and customers' perceptions.In this article, the strength of 23 brands of household appliances in Guilan market have been evaluated by using BAV models and with receiving customers' opinion from questionnaire. The result indicated that as a whole,foreign brands are stronger than Iranian brands in the field of household appliances.Through four components of BAV model ,differentiation of foreign brands are much superior than Iranian brands.But about Iranian brands, knowledge is a component which has better position.According to this,we suggested that Iranian brands can use this competitive advantage in the field of knowledge to give identity to their brands and in the next steps for making strong brand,the concentration should be on relevance,esteem and differentiation respectively.

IntroductionToday, the insurance industry plays a significant role in the prosperity of the economy, so paying attention to the creation of knowledge can play a significant role in increasing the penetration rate of insurance. Therefore, the main question of the current research is how to design and explain the model of the elements of customer knowledge co-creation in the insurance industry? In order to answer this question, the present research aims to identify the elements of the customer knowledge co-creation model in the insurance industry in the first stage, and in the next stage to test the relationship model of the elements of customer knowledge co-creation in the insurance industry, and based on the results of Data analysis will provide solutions to the managers of this industry in order to make decisions and policies related to knowledge creation and as a result promote and improve insurance products and services and increase the penetration rate of insurance in the society. Literature Review Knowledge Co-CreationKnowledge Co-Creation has been described as an act of collective creativity, with applications ranging from product and service design to more abstract spheres of value creation taking place between two or more individuals who may or may not belong to the same actor group (Amann & Rubinelli, 2017). “Customer knowledge Co-creation is defined as the collective ability of group members to analyze, interpret, reconfigure customer-related knowledge, and it means that knowledge is co-created by group members” (Menguc et al., 2013). In the following, we discuss some of the researches conducted in the field of customer knowledge co-creation.Itani et al. (2022) conducted a study with the aim of investigating the effects of using social media and customer relationship management technology on the customer knowledge co-creation and sales performance in B2B companies. Based on the theories of task-technology fit and self-determination, the findings show that social media, customer relationship management technology, and their interaction, support salespeople in joint value-creation efforts through the mediating role of knowledge enriched by these tools. The results indicated a significant moderating effect of the salesperson's job independence and the ease of the sales quota in increasing the relationship between knowledge and value co-creation.Xie et al. (2020), in a study titled "Using Customer Knowledge for Service Innovation in Travel Agency Industry", investigated the influencing factors and the effects of service team access and the combination of customer knowledge on tourist service companies. The results showed that both factors of customer orientation and intensity of interaction are effective on customer knowledge co-creation teams, which can promote service innovation. Also, the results indicated that customer knowledge co-creation moderates the relationship between interaction intensity and service innovation. MethodologyThe current research was done in two stages using a mixed method. In this research, in order to identify the components of the customer knowledge co-creation model, first the qualitative approach of grounded theory was used. For this purpose, semi-structured interviews were conducted with a selection of insurance industry experts, including a number of university professors and insurance company managers, as a result of which the components of the research and their dimensions were identified. Then, in order to present the relationship model of the main components of the research, the opinions of experts were evaluated through the matrix of pairwise comparisons, and based on this, the conceptual model of the research was explained. Then, in order to test the research model and hypotheses, the partial least squares quantitative method was used. The statistical population in the quantitative stage consists of managers and experts of three active insurance companies in Iran, including Alborz, Iran, and Asia. The statistical sample was obtained from the random cluster sampling method, based on which 310 people were selected as a statistical sample. The data collection tool in the quantitative stage is a researcher-made questionnaire. Cronbach's alpha method was used to check the reliability of the measurement tool, and its value was greater than 0.7 for all variables. Therefore, all variables were confirmed in terms of reliability. ResultsIn the first stage of the current research, the qualitative method of grounded theory was used to identify the components and dimensions of customer knowledge co-creation. As a result of this stage, 7 main aspects were identified for customer knowledge co-creation. After identifying the research components and developing the model, 9 hypotheses were formulated in the quantitative stage. Based on the findings of data analysis using the partial least squares method, all 9 research hypotheses were confirmed. The results showed that the infrastructure of information and communication technology has an effect on being knowledge-oriented. Also, being knowledge-oriented has an impact on internal marketing and customer relationship management. In addition, the effect of internal marketing and customer relationship management on customer orientation was confirmed. Also, the effect of customer orientation on creating motivation and trust building was confirmed, and finally, the effect of creating motivation and trust building on customer knowledge co-creation was confirmed. DiscussionCustomer knowledge co-creation is a process by which organizations acquire competencies and knowledge of customers, so that they can use this information to create an experience for customers and reach new markets for themselves. ConclusionAccording to the confirmation of all 9 research hypotheses and with emphasis on the structures (sub-indices) that have the highest factor load obtained from the partial least squares method, the following practical suggestions are presented:In order to develop the component of “information and communication technology infrastructures” in insurance companies, considering the importance of "the company's presence in social media and producing up-to-date content", it is suggested that managers of insurance companies use experts who have enough expertise in the field of content production to manage social media pages. Also, through social pages, they can establish a two-way relationship with customers, especially special customers, and encourage them to share their insurance knowledge and experiences.In line with the development of “internal marketing”, the managers of insurance companies should continuously strive to hold brainstorming sessions with the employees in order to update their knowledge and skills. In these meetings, in addition to presenting technical matters such as informing about possible changes in insurance policies, new insurance laws, etc., experts in fields such as marketing, psychology, and negotiation can also be invited so that the employees and the sales network, in addition to mastering the technical skills, also master the communication skills of the day.In order to ensure customer satisfaction and as a result of complying with customer-oriented principles, insurance companies must first observe and understand the needs of their customers. For this purpose, they should listen to the expectations and criticisms of the customers, and by establishing a friendly relationship with them, in addition to getting to know the customers more and knowing their level of satisfaction, they should have a positive effect on their perception.In order to increase the “trust of customers”, insurance companies should adopt strategies that lead to improving the mental image of customers towards the company's brand. Since the main mission of insurance companies is to issue perfect insurance policies as well as timely and adequate payment of damages, if this is done correctly, it can play an effective role in attracting customers’ trust.Finally, in order to develop the customers' knowledge co-creation, insurance companies should use the experiences and knowledge gained from customers to produce and create new knowledge and improve and develop the organization's products and services.