{"id":1423,"date":"2026-08-04T16:06:18","date_gmt":"2026-08-04T16:06:18","guid":{"rendered":"https:\/\/www.ahmadinia.fi\/index.php\/portfolio\/investigating-the-relationship-between-criteria-and-selected-performance-evaluation-indicators-in-assessing-the-performance-of-investment-companies-listed-on-the-tehran-stock-exchange\/"},"modified":"2026-08-13T05:50:36","modified_gmt":"2026-08-13T05:50:36","slug":"investigating-the-relationship-between-criteria-and-selected-performance-evaluation-indicators-in-assessing-the-performance-of-investment-companies-listed-on-the-tehran-stock-exchange","status":"publish","type":"academic_item","link":"https:\/\/www.ahmadinia.fi\/index.php\/portfolio\/investigating-the-relationship-between-criteria-and-selected-performance-evaluation-indicators-in-assessing-the-performance-of-investment-companies-listed-on-the-tehran-stock-exchange\/","title":{"rendered":"Investigating the Relationship Between Criteria and Selected Performance Evaluation Indicators in Assessing the Performance of Investment Companies Listed on the Tehran Stock Exchange"},"content":{"rendered":"

\"\"<\/p>\n

This study evaluates the performance of investment companies listed on the Tehran Stock Exchange (TSE) from 2004 to 2009, focusing on those with active investment portfolios. Using Sharpe, Treynor, and Sortino ratios, as well as indicators such as trading volume, liquidity, company size, and portfolio diversification, the research employs non-parametric tests (Friedman and Wilcoxon) due to non-normal data distribution. The first hypothesis, tested via the Friedman test, reveals significant differences in performance rankings among the three metrics, with the Treynor ratio outperforming others. Regression analysis highlights that trading volume significantly impacts portfolio returns, while diversification and liquidity show no meaningful effect.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tehrani, R., Hasbaei, A., & Ahmadinia, H., (2012). Investigating the Relationship Between Criteria and Selected Performance Evaluation Indicators in Assessing the Performance of Investment Companies Listed on the Tehran Stock Exchange, The Iranian Accounting and Auditing Review,18(65):19-40<\/p>\n","protected":false},"author":1,"featured_media":2772,"comment_status":"open","ping_status":"closed","template":"","meta":{"had_date":"2012-01-01","had_date_precision":"day","had_venue":"The Iranian Accounting and Auditing Review","had_authors":"Tehrani, R., Hasbaei, A., & Ahmadinia, H.","had_external_url":"https:\/\/doi.org\/10.5281\/zenodo.15253889","had_doi":"10.5281\/zenodo.15253889","had_citation":"Tehrani, R., Hasbaei, A., & Ahmadinia, H., (2012). Investigating the Relationship Between Criteria and Selected Performance Evaluation Indicators in Assessing the Performance of Investment Companies Listed on the Tehran Stock Exchange, The Iranian Accounting and Auditing Review,18(65):19-40","had_meta_label":"Publication","had_amount":"","had_location":"","had_topic":"Investment performance","had_field":"","had_method":"","had_data_source":"","had_participants":"","had_platform":"","had_level":"","had_publisher":"","had_language":"Persian","had_jufo":"","had_institution":"","had_students":"","had_credits":"","had_format":"Publication","had_city":"","had_latitude":"","had_longitude":"","had_quantity":"","had_amount_eur":"","had_currency":"","had_country":"","had_project_id":"","had_teaching_portfolio_role":"","had_featured":false,"had_news_effect":"global","had_abstract":"This study evaluates the performance of investment companies listed on the Tehran Stock Exchange (TSE) from 2004 to 2009, focusing on those with active investment portfolios. Using Sharpe, Treynor, and Sortino ratios, as well as indicators such as trading volume, liquidity, company size, and portfolio diversification, the research employs non-parametric tests (Friedman and Wilcoxon) due to non-normal data distribution. The first hypothesis, tested via the Friedman test, reveals significant differences in performance rankings among the three metrics, with the Treynor ratio outperforming others. Regression analysis highlights that trading volume significantly impacts portfolio returns, while diversification and liquidity show no meaningful effect.","had_keywords":"Investment companies\nPerformance evaluation\nSharpe ratio\nTreynor ratio\nSortino ratio","had_isbn":"","had_issn":"","had_volume":"","had_issue":"","had_pages":"","had_publication_place":"","had_edition":"","had_project_ids":"","footnotes":"","_had_popup_image_id":0,"_had_popup_image_fit":"automatic"},"tags":[249,248,247],"academic_type":[104],"class_list":["post-1423","academic_item","type-academic_item","status-publish","has-post-thumbnail","hentry","tag-financial-indicators","tag-investment-companies","tag-performance-evaluation","academic_type-persian-articles"],"_links":{"self":[{"href":"https:\/\/www.ahmadinia.fi\/index.php\/wp-json\/wp\/v2\/academic_item\/1423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ahmadinia.fi\/index.php\/wp-json\/wp\/v2\/academic_item"}],"about":[{"href":"https:\/\/www.ahmadinia.fi\/index.php\/wp-json\/wp\/v2\/types\/academic_item"}],"author":[{"embeddable":true,"href":"https:\/\/www.ahmadinia.fi\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ahmadinia.fi\/index.php\/wp-json\/wp\/v2\/comments?post=1423"}],"version-history":[{"count":4,"href":"https:\/\/www.ahmadinia.fi\/index.php\/wp-json\/wp\/v2\/academic_item\/1423\/revisions"}],"predecessor-version":[{"id":2836,"href":"https:\/\/www.ahmadinia.fi\/index.php\/wp-json\/wp\/v2\/academic_item\/1423\/revisions\/2836"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ahmadinia.fi\/index.php\/wp-json\/wp\/v2\/media\/2772"}],"wp:attachment":[{"href":"https:\/\/www.ahmadinia.fi\/index.php\/wp-json\/wp\/v2\/media?parent=1423"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ahmadinia.fi\/index.php\/wp-json\/wp\/v2\/tags?post=1423"},{"taxonomy":"academic_type","embeddable":true,"href":"https:\/\/www.ahmadinia.fi\/index.php\/wp-json\/wp\/v2\/academic_type?post=1423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}