Presenting an Appropriate Pattern to Determine Attractive Companies for Investment (Case Study: Registered Companies in Tehran Stock Exchange and Active in Chemical Industries

oleh: Abbas Abbasi, Ali Mohammadi, Iman Estejab

Format: Article
Diterbitkan: University of Tehran 2015-09-01

Deskripsi

The purpose of this study was proposing a suitable pattern for evaluating and assessing companies. To reach this important goal, the fuzzy Delphi method (FDM was employed. After the evaluation pattern was created, the fuzzy analytic hierarchy process (FAHP) was used in order to find the weight of all selected factors, and the significance of each of evaluation factor was determined. Next, companies registered in Tehran Stock Exchange that are active in the chemical industries were examined and ranked separately in three financial years using two different techniques: VIKOR and TOPSIS. In order to determine the efficiency and accuracy of the model, three investment portfolios that included shares of the 4 companies ranked highest in each financial year were created. The performance of each investment portfolio was assessed and evaluated in a two months period using the Sortino ratio (SR) and compared with the chemical industry performance during the same period. The results reveal that the proposed pattern does provide investors with high level of accuracy.