Comparative Contrast of 50 Superior Firms from the Viewpoints of Profitability Ratios and the Indices of Tehran Stock Exchange for Offering an Efficient and Profitable Portfolio with Appropriate Liquidity

Results of various studies are indicative of the low efficiency of Tehran stock exchange. In such a market, It is necessary to have equipments for evaluating the efficiency and financial afford of these firms. One of the most important of these equipments is ranking the firms to choose a portfolio . To meet this aim, there are two typical methods; ranking based on profitability ratio with emphasis on liquidity, and ranking based on profitability ratio with emphasis on stock yields. The aim of the present study is offering a portfolio from among the accepted firms in Tehran stock exchange emphasizing on efficiency, liquidity and profitability. To do so, at first, the firms were classified through using DIA model which has been based on Data Envelopment Analysis method, and then, 50 firms, which were superior according to the stock indices, were identified and compared with each other. Finally, those firms which were among 50 superior firms of Tehran stock exchange, according to stock indices and profitability ratio, were introduced as an efficient and profitable portfolio with appropriate liquidity. Results of the present study indicated that it would be possible to choose an efficient and profitable portfolio with appropriate liquidity and 25 firms from among 289 active firms.

کلیدواژه ها:

Data Envelopment Analysis ، DIA method ، portfolio ، Iran ، Stock Exchange