The aim of this paper is to evaluate the performance of top 50 Companies listed in Tehran Stock Exchange. This study was performed on the companies that were active from 2006 until 2010. The paper applied non-probable method in order to choose companies, which had positive liquidity, high turnover and high effect on the market. With regard to post modern portfolio theory, the researchers used EROV, SORTINO, and M3 ratios. The results of statistical analyzing with ANOVA and POST TOKEY test indicated that the performance of these companies is different, and they didn’t have better performance than market. Therefore the researchers suggest applying more financial and economic based factors to choose top 50 companies.
This paper evaluates the performance of the top 50 companies listed on the Tehran Stock Exchange from 2006 to 2010. A non-probability sampling method was used to select companies with positive liquidity, high turnover, and significant market impact. Using post-modern portfolio theory, the study applied EROV, Sortino, and M³ ratios to assess performance. Statistical analysis using ANOVA and the post-hoc Tukey test revealed significant differences in company performance. However, the results indicated that these companies did not outperform the market. Therefore, the researchers recommend incorporating additional financial and economic factors when selecting the top 50 companies.
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