• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Mohammad Reza Kazemi Najaf Abadi; Mohammad Mahdi Hajian; Ghadir Mahdavi Kelishmi
Abstract
One of the innovations that has been formed in the insurance industry in recent years is transfer the risk to the capital markets. Today, this possibility is provided by issuing insurance bonds and Catastrophe bonds, which are a most important type of insurance-linked securities, can redress inefficiency ...
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One of the innovations that has been formed in the insurance industry in recent years is transfer the risk to the capital markets. Today, this possibility is provided by issuing insurance bonds and Catastrophe bonds, which are a most important type of insurance-linked securities, can redress inefficiency in the insurance industry. On the other hand, traditional insurance solutions to cover the risks of Iran's oil and gas industry is not efficient and sufficient and using CAT bonds to transfer risks of this industry to capital markets is a necessary and inevitable issue. The aim of this research is to identify effective factors for issuing Catastrophe bonds in Iran's oil and gas industry. On this basis and after reviewing the literature through library studies, 33 factors were identified in the form of seven categories, based on the similarities. Then, based on Delphi method, experts were asked to express their opinions through an iterative questionnaire. After take the experts' opinions in every round, the statistics analysis was performed and the Delphi process was stopped in the third round. Based on the results, the number of thirty-two factors in six categories recognized. Also, by using the method of analytical hierarchy process and reusing the opinions of experts, the criteria and sub-criteria were prioritized and in order of preference with the titles Legislation and Amendment of the Rules, Process Management, Transparency, Knowledge Management, Creation and Strengthening of Software Platforms and Cultivation.
سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
jalal Dehnavi; Mir Hossein Mousavi; Musa Khoshkalam Khosroshahi; Lana Eivazy
Abstract
The growth and survival of a company are based on making appropriate and principled investment decisions. This is while a company always continues to operate in an unpredictable environment and under the influence of various shocks. In this regard, this issue has created a two-way relationship between ...
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The growth and survival of a company are based on making appropriate and principled investment decisions. This is while a company always continues to operate in an unpredictable environment and under the influence of various shocks. In this regard, this issue has created a two-way relationship between investment and uncertainty. Therefore, this study examines the relationship between investment and uncertainty in the Iranian oil industry during the period 2010 to 2019 for 32 listed companies active in the oil industry. In this regard, using the vector auto-regression approach with generalized auto-regression conditional variance heterogeneity moment, first, the structural shocks of the oil market are extracted, and then using the generalized moments approach of the Tobin q investment model is estimated. Findings show that the shock caused by global demand (εpw), and the shock caused by the global stock market (εsp) have a negative and significant effect on the ratio of gross investment to corporate capital stock. The ratio of gross investment to the company's capital stock has a negative effect on its amount with a one-year delay, which is also statistically significant. Oil supply shock (εopw) and oil price shock (εrp) have a positive and significant effect on the ratio of gross investment to the company's capital stock. The ratio of market value to the replacement value of company assets has a positive and significant effect on the ratio of gross investment to capital stock. In this regard, due to the effectiveness of oil companies’ investments in global variables such as global oil price fluctuations and supply and demand shocks, investors' stock insurance against sudden fluctuations and shocks is recommended.
