بررسی تصمیمات تامین مالی، زمانبندی بازار و سرمایه گذاری واقعی در بورس اوراق بهادار تهران

There are two theories, market timing theory (composition financing) and real investment-based theory (net financing), about relation between corporate financing decisions and subsequent stock returns. both theories predict a negative relationship, but with different explanation. using camp and fama and french (1993) models and a sample contains 78 active companies listed on tehran stock exchange (tse), we examine these two theories. the results indicate that, - using the capm model, there is a significantly positive relation between net and composition financing and stock returns. however, using the fama and french model, there is a significantly negative relation between net and composition financing and stock returns. also, when we use net and composition financing together, there is a significant relation between the net and composition financing and the stock returns.