Comparison of Selected Performance of Portfolio Investment Companies by Using of Grey Forecasting and Johnson’s Index in Tehran Stock Exchange Market

Mohammadi pour, Rahmatollah; Alavimoghadam, Zhaleh; Fatemi, Adel

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Comparison of Selected Performance of Portfolio Investment Companies by Using of Grey Forecasting and Johnson’s Index in Tehran Stock Exchange Market

Article 2, Volume 1, Issue 2, Autumn 2016, Page 15-28 PDF (1145 K)

Document Type: Research Paper

Authors

Rahmatollah Mohammadi pour

¹; Zhaleh Alavimoghadam²; Adel Fatemi²

¹Department of Management, Islamic Azad University Central Tehran Branch, Tehran, Iran

²Department of Humanities, Islamic Azad University, Sanandej Branch,

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.

Keywords

Multi criteria decision making; Gray theory; Gray Forecasting; Jonson index; investment companies

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