In the context of globalization and fierce competition in world markets, the high level of investment activity in the country is a key to economic and innovative development. The high level of wear and tear of fixed assets in developing countries gives special relevance to solving the problem of attracting investments for production development. Hence, for the investment management system choosing an optimal variant among several available investment projects is one of the most responsible stages of ensuring the stable operation and sustainable development of an enterprise. In this regard, the aim of the article is to develop a comprehensive multi-criteria approach to choose the best investment option. The article analyzes the existing methodological approaches to assess the economic efficiency of the investment projects, identifies their advantages and disadvantages. A multi-criteria method of investment project evaluation is proposed, which is characterized by the absence of restrictions on the number of individual evaluation indicators and the possibility for the investor to determine the significance of every indicator using weights independently. The use of the proposed methodology by enterprises will improve the quality of management decisions at the stage of choosing the optimal investment option.

This paper was retracted based on the authors' request due to errors in the computations.

This study was designed to analyze the role of social media marketing in attracting investment capital from enterprises in the development of transport infrastructure in Vietnam. A survey of 378 Vietnamese companies operating in the sector of transport infrastructure investment was collected to compile these statistics. Based on the collected data, the factor analysis method and multivariate regression method are used to analyze the influence of factors on attracting development investment capital for transport infrastructure in Vietnam. The results of this study show that social media marketing had the greatest influence on firm satisfaction when investing in transport infrastructure; the Standardized Coefficient of the Social Media Marketing variable is 0.392. Based on that finding, some solutions to further enhance the value of social media marketing are recommended to increase the attraction of investment capital for the development of transport infrastructure in Vietnam.

This paper studies the relationship between working capital management and profitability of accepted corporations in Tehran Stock Exchange over the period 2008-2012. The study selected 66 firms as a statistical sample based on Cochran formula and simple random selection. In this study, variables including the average period of collecting accordance, periods of circulation of inventories, the average period of debt payment, and cycle of cash conversion on the factories operating profits are studied. The research method is applied and collection of data is solidarity, the Pierson and Regression solidarity are used. Results show that variables of capital investment management and profitability were in opposite direction. If the period of collecting accordance, period of debt payment, period of circulation of inventories and the cycle of cash conversion increase, it decreases the period profitability and the manager can decrease the period of debt payment, period of cash conversion to the least amount of positive value for affiliate.

During the past 65 years, there have been tremendous efforts on portfolio selection problem. The standard Markowitz mean–variance model to portfolio selection includes tracing out an efficient frontier, a continuous curve demonstrating the tradeoff between return and risk. This frontier can be often detected via standard quadratic programming, categorized in convex optimization. Traditional Markowitz problem has been recently extended into a new form of mixed integer nonlinear problems by considering various constraints such as cardinality constraints, industry limitation, etc. This paper proposes a mixed integer nonlinear programming to determine optimal asset allocation on Tehran Stock Exchange. The results have indicated that a petrochemical firm named Farabi has gained 44% of the portfolio followed by a drug firm named Kosar Pharmacy gaining 28%. In addition, banking sector was the third winning firm where Eghtesad Novin bank gained nearly 10% of the portfolio. Minerals and mining firms were the next sector in our portfolio where Gol Gohar Iron Ore and Tehran Cement collected 0.73% and 0.57% of the portfolio, respectively. In our survey, auto industry gained only 0.26% of the portfolio, which belonged to Saipa group.

Improving livelihood and increasing in welfare and life quality of people always have been some of the most important concerns among politicians in each country. Therefore, addressing economy and trying to reach maximum growth play essential role on having sustainable growth. One of the determinant factors in the economic growth is attraction of direct foreign investments, successfully. Direct foreign investment not only leads to capital and modern technology in absorbent country but also it causes increasing in production capacities particularly in export products. Therefore, it helps host country in context of communicating with international economy through development of export markets and research and development (R & D). In this paper, we present an empirical study to find important factors influencing foreign direct investment based on factor analysis. The study designs and distributes a questionnaire consist of 30 questions among some experts. The proposed study uses Skewness analysis to reduce the factors into 22 items and reports 5 important factors including Economic, Feasibility, Infrastructure, Incentive and Resource.

During the past century, there were different events where herding behavior created market turbulence and many investors were hurt, significantly. In this paper, we perform a survey to investigate investors’ behavior on creating herding behavior when they face with various levels of uncertainty on available information on the market. The survey designs a questionnaire, distributes it among some investors, and analyzes the results. The findings of our survey indicate that when there is a high level of uncertainty on publicly disclosed information, most investors assign more weights on confidential information or make no decision. In the event the uncertainty is on moderate level, investors rely more on publicly announced news and follow others’ behaviors. Finally, when the level of uncertainty is low, most investors depend on public information but this uncertainty creates less herding behavior compared with the previous case. The study also indicates that those investors who are normally making their decision with high inertia are not influenced by herding behavior.

Stock market plays an important role on demonstrating economy direction and it provides good opportunities for people who wish to purchase a small portion of different firms & apos; shares. In this paper, we propose an empirical study to measure the impact of the market size and the ratio of book value on market value on excessive return. The study gathers the necessary information from some of active stock shares traded on Tehran Stock Exchange over the period of 2010-2011. The proposed model of this paper uses linear regression analysis to investigate the relationship between the excessive return and other factors. The study divides the information into seven equal groups and fits the regression model using ordinary least square technique. The results indicate that there is a negative relationship between size and excessive return and a positive relationship between the ratio of BV/MV and excessive return. Although the results of both tests are positive, we have to be more cautious about what have reported on the second hypothesis.

One of the main challenges in Stock Market is to choose an appropriate combinations of various assets. The aim of this study is to propose a hybrid method, which is able to survey one problem with some criteria that it is very good for investment problem. In this study, we use a hybrid multiple criteria decision-making (MCDM) model, which shows the dependent relationships among criteria with DEMATEL method to build a relations-structure among criteria. We then use Analytical Network Process (ANP) to determine the relative weights of each criterion with dependence and feedback, and the VIKOR method is implemented to rank and select the best alternatives for investment. This study is in stock exchange in Iran to select the best stocks and the data are gathered through the years (2006-2010). There are a lot of methods to rank and select of firms that most of the methods just do one, ranking or selecting; but the used method in this study not only ranks the firms but also determines which firms (stocks) are best for investment, so that in this study 2 of 50 firms are proposed for investment.