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Working Capital Management (WCM) is one of the key facets of financial management and organization management, for the direct effect it has on company liquidity and profitability. There is a probability of bankruptcy for companies with poor working capital management despite generation of positive return. Current paper explains the relationship of WCM with profitability-based indicators at the hand of a new model. For this purpose, 90 listed companies on Tehran Stock Exchange whose financial data for the period 2008 through to 2012 was available were selected. The results do not confirm significant inverse U-shape relationship of Cash Conversion Cycle (CCC) and Net Working Capital to Total Assets (NWC/TA) as indicators (predictors) of working capital with Return on Assets (ROA), but do indicate a significant inverse U-shape relationship of current ratio and quick ratio with ROA. From the findings, one might infer that each industry has its own optimum current and quick ratios maximizing its return.

Free Cash Flow (FCF) is one of the measures based on cash flow for measuring performance of firms, among various evaluation measure of performance; that indicates the cash of firm after doing necessary expenditures for keeping and developing properties. Due to that, various models based on FCF have been explained for evaluation of firms in which free cash flow to firm (FCFF) and Free Cash Flow to Equity (FCFE) can be considered as the important ones. This paper aims to give new models of Free Cash Flow. These models are called Created

Purpose. This paper evaluates strategic financial performance of 10 Iranian stock exchange listed automotive companies over the period 2005-2009 at the hand of value-creating performance indicators and the Free Cash Flow derived value indicators.Design. To this effect, profiting from the Imperialist Competitive Algorithm (ICA), the understudy companies were assigned to three clusters in terms of debt structure, firm size, and growth opportunitiesFindings. The results, in general, indicate a significant correlation between value-based indicators Economic Value Added (EVA) and True Value Added (TVA) and the FCF-derived indicators Created Value from Free Cash Flow to Firm (CVFCFF) and Created Value from Free Cash Flow to Equity (CVFCFE), and between Market Value Added (MVA) and CVFCFF (one of the two FCF-derived indicators), while, according to the results, there is no significant correlation between the value-driven performance indicators Refined Economic Value Added (REVA) and Equity Economic Value Added (EEVA) and either of the FCF-derived indicators CVFCFF and CVFCFE.Originality. Present Paper, by company clustering in ICA environment, the companies are clustered based on their close similarity in all three criteria and subsequently for examination of each strategic performance indicator were subjected to correlation and Fisher (F) tests.

Previous studies have claimed that new information about market fundamentals provides only a partial explanation of observed price fluctuations. It has been proposed that short-term fluctuations are caused by shifts in market psychology or events that have no direct impact on business prospects or economic conditions. In accordance with the idea that short-term ISSN 1946-052X 2013 www.macrothink.org/ajfa 275 variability in asset prices could be explained by causes other than fundamentals. We test the probability of the existence of bubbles and herding behaviors, using panel data from 2005 -2010 in Tehran exchange securities. The present research deals with two major and three minor hypotheses. Price variations are a dependent variable in all these hypotheses. Variations of incomes, variations of debts to the shareholders and variations of monthly price fluctuations form independent variables of the minor hypotheses respectively. Asian Journal of Finance & AccountingOur results show that there is not significant relation between stock price changes and fundamental hangs. Thus existence of bubble is approved. Also, other findings about herding behaviors indicate that there is significant relation between stock price changes and changes in herding behavior proxies.