Institute for Management and Planning studies 3115-7092 3115-7106 21 3 2016 11 1 Oil Revenue Shocks and Reallocation of Economic Activities in an Oil Exporting Country; The Case of Iran 3 22 FA Naser Khiabani Faculty of Economics, Allameh Tabataba'i University naser.khiabani@atu.ac.ir Y mahbubeh delfan Faculty of Economics, Allameh Tabataba'i University m.delfan66@gmail.com N The present paper investigates the impact of an oil shock on the Iranian macroeconomics activities from a general equilibrium perspective. We address a new evidence of the reallocation of oil resources between public and private sectors in an oil exporting country. Our finding indicates that while a positive oil shock expands the public sector (investment, capital stock, employment and production positively responded to the shock), the private sector has become smaller following a positive oil shock. In general, we find the strong signs of crowding out effects of public over private investment after expanding the public sector due to a positive oil revenue shock.   [1] . This article is extracted from the thesis of Mahbubeh  Delfan under the guidance of doctor Nasser khiabani  at department of Economic, Allameh Tabataba'i University –Tehran. Dynamic Stochastic General Equilibrium Model, Oil Shock, Real Business Cycle, Public Sector, Private sector http://eprj.ir/article-1-1426-en.html http://eprj.ir/article-1-1426-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 21 3 2016 11 1 The Role and Impacts of Non-governmental Institution in Privatization in Iran 23 48 FA Bezhan Abbasi University of Tehran babbasi@ut.ac.ir Y Mina Akbari University of Tehran minaakbari@ut.ac.ir N Due to the fact that privatization and downsizing policy was notified in Act on General Policies of Principle 44 of Constitution (2008) and its act was passed (2005), the policy of minimizing the government were followed more seriously, and significant and effective proceedings have been taken in this regard. Undoubtedly, any program and act has its own advantages and gains, but also blind spots and weaknesses; recognizing these challenges to mitigate them is a necessary condition to achieve the projected targets successfully. Among criticisms made on our privatization program, is the significant role of NGOs during concession of state-owned firms. Despite the fact that such concession has legal foundations in our country, in practice it breaches many principles of good governance, competition law and the market economy. For instance, we can point to decrease in efficiency, lack of transparency, breach of the principle of equality, emergence of monopoly and loss of competition and, emergence of a parallel government. All in all, we did not achieve the desired goals of privatization efficaciously. To this end, taking into account such problems and challenges and trying to overcome them is a necessary step for a successful privatization that helps the country's progress. Privatization, Public Sector, Non-governmental Public Institutions, Private Sector, Constitution http://eprj.ir/article-1-1531-en.html http://eprj.ir/article-1-1531-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 21 3 2016 11 1 Evaluating the Capability of Uni-factor and Multi-factor Models for Predicting the Stocks Registered in Tehran Stock Exchange 49 66 FA Ahmad Reza Jalali Naini Institute for Management and Planning Studies (IMPS) a.jalali@imps.ac.ir N Amir Afshin Fattahi Institute for Management and Planning Studies (IMPS) a.fattahi@imps.ac.ir Y Saeedeh Pakdel Bonab Institute for Management and Planning Studies (IMPS) saeedehpakdel@yahoo.com N Investigating the relationship between risk and return and determining the effective factors on the return have always been an interesting subject for finance researchers. By using a capital asset pricing model (CAPM), Sharp (1963) and Linter (1965) investigated that the whole market return is the only effective factor on stocks returns. Chen, Roll and Ross (1986) mentioned that there are indeed many factors affecting the stocks return, other than Beta and the firms' factors.  In this research, we investigate the capability of uni-factor and multi-factor models for predicting the stocks registered in Tehran Stock Exchange for the period 2002 to 2013. The results show that the uni-factor explains only %17 of the stock market variations, whereas the multi-factor models explains %61 of it. Additionally, it is shown that the variable oil price, long run bank interest rate, inflation rate and GDP are not significant factors in predicting the stock price. Return Stock, Uni-factor Model, Multi-factor Models, Systematic Risk, Unsystematic Risk http://eprj.ir/article-1-1351-en.html http://eprj.ir/article-1-1351-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 21 3 2016 11 1 The Nature and the Legal Effects of Settling Debts of State-owned Companies through Share Transfers 67 88 FA Hossein Sadeghi University of Tehran hosadeghi@ut.ac.ir Y Hossein Bagheri Zarin-Ghabaee University of Tehran N According to the Constitution of the Islamic Republic of Iran, Government is to be incumbent upon supplying public goods and services. Undoubtedly, to this end, government requires finances, and with regard to the financial restrictions, the possibility of supplying goods and services involves serious challenges, such as government debt for which the government must pay off. There are various ways to pay off the government’s debt and share transfers in state-owned companies is one of them. This paper attempts to investigate the foundations, natures and legal effects of paying off government debt. First, we review the concepts of state, and government debt pay off, then we analyze the existing legal challenges with respect to government debt pay off through assignment of state - owned companies’ shares. In conclusion, it is demonstrated that this method for paying off the government debt does not satisfy the goals referred in General Policies of the 44th Article of the Constitutional Law, it also does not result in surrendering the activities to the non-governmental sector.  Government’s Debt, Transfer of Equities, State-owned Companies, General Policies of the 44th Article, Government Debt. http://eprj.ir/article-1-1532-en.html http://eprj.ir/article-1-1532-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 21 3 2016 11 1 An Analysis of the Degree of Competition and Concentration by Non-Structural Approach in Industry Sector: Panzar-Rosse 89 117 FA Mohammad Nabi Shahiki Tash University of Sistan and Balouchestan Mohammad_Tash@eco.usb.ac.ir Y ali nourozi University of Sistan and Balouchestan Norouzi_ali_66@yahoo.com N This paper employs the "New Empirical Industrial Organization" approach, developed by Panzar-Rosse, which is used to measure the degree of competition and concentration for 23 industries with 2 Digit ISIC code during the period 1997 -2012. Panzar-Rosse model measures market power by studying how changes in factor input price is reflected in equilibrium revenue by firms, and market power is divided into three groups consisted of perfect competition, monopoly and monopolistic competition. According to the results, except five industries that have negative value of Panzar-Rosse and thus operate in state of monopoly market, other industries operate under conditions of monopolistic competition and in this group the estimated value of Panzar-Rosse for the three industries consist of "manufacture of publishing, printing and reproduction of recorded media", "manufacture of furniture" and "manufacture of medical, precision and optical instruments" is greater than 0.5 implying better condition of competition market. Analysis of Panzar-Rosse indicates that "manufacture of tobacco products" and "manufacture of medical, precision and optical instruments" amounts to -0.1790 and 0.8751, suggesting the highest and lowest concentrated market among other industries. The biggest relative output share, which amounts to 16.54 percent relates to "manufacture of motor vehicles" that operate in monopolistic market and in addition, based on high market power, this industry has the biggest relative value of sales equal to 32 percent among 23 industries. Industry, Panzar-Rosse Index, Monopolistic Competition, Factory Industry, Non-Structural Model. http://eprj.ir/article-1-1063-en.html http://eprj.ir/article-1-1063-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 21 3 2016 11 1 The Effects of Trade on Development: Comparison of Per Capita Income, Human Development Index and Index of Human Progress 119 142 FA Zahra Azizi Alzahra University z.azizi@alzahra.ac.ir Y The relationship between trade and development has long been of interest to economists, but studies in this field mainly used per capita income as an indicator of development, and so other aspects of development and quality of life were neglected. This article investigates the relationship between trade and development, using the panel data of 104 countries over the 1994 -2010 period. We use three indices of development: per capita income, human development index (HDI) and index of human progress (IHP). Each of these three indicators have been estimated in a separate model. The rate of growth of development index is assumed to be a function of the rate of growth of per capita trade, its lagged values, and other explanatory variables. The empirical results confirm the positive direct impact of trade on development in each regression. The lag structure of the impact of trade on development was different for these indices. According to the study, although the immediate effects of trade on income per capita are larger, but the positive effects of trade on the indicators with more dimensions of development, lasts longer. Development, Human Development Index (HDI), Index of Human Progress (IHP), Per Capita Income, Trade, Panel Data. http://eprj.ir/article-1-1252-en.html http://eprj.ir/article-1-1252-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 21 3 2016 11 1 The Relationship between Entry Mode, Capital and Technology in Iran\'s FDI 143 184 FA Mahdi Rasouli Ghahroudi m.rasouli@imps.ac.ir Y Given the importance of foreign direct investment in Iran, especially in post-sanction situation, this study aims to analyze the relationship between variables such as initial capital, technology and industry type and entry modes. We have used the data available on foreign subsidiaries in Iran including 123 foreign affiliates registered in the country. Entry strategies based on ownership advantages have been categorized in terms of Majority owned, Minority owned and Co-owned. Our findings show that 59 percent of foreign subsidiaries are minority owned and in only 23 percent of foreign subsidiaries in Iran, parent company own maximum share of the capital. The results imply that the industry type and the country of origin have impact on capital. However, foreign investors from the Middle East had lower initial investment and capital. Our findings also indicate that Asian countries of origin investor prefer minority owned subsidiaries in Iran. Therefore, post-sanction government policies in order to facilitate foreign investment through liberalizing foreign ownership to the full ownership, considering the objectives and interests of foreign investors to enter the market, providing targeted investment incentives based on the capabilities and capacities of the country, as well as prioritizing the attractive industries, could increase the share of foreign investors in foreign subsidiaries in Iran. Foreign Direct Investment (FDI), Entry Strategy, Technology, Multinational Corporations (MNC), Foreign Subsidiary. http://eprj.ir/article-1-1382-en.html http://eprj.ir/article-1-1382-en.pdf