Tourism seasonality negatively affects hotels’ operational and financial performance then survival probabilities. Several studies have evaluated the impact of tourism on exit risk. However, empirical findings are ambiguous, probably due to overall different measures used in these studies. Against this background, study explores hotel firms’ risk, using a proportional hazards model. We controlle...

The operating status of an enterprise is disclosed periodically in a financial statement. As a result, investors usually only get information about the financial distress a company may be in after the formal financial statement has been published. If company executives intentionally package financial statements with the purpose of hiding the actual status of the company, then investors will hav...

The purpose of this study was to investigate the role of non-financial information analysis and risk-return analysis along with financial information in increasing the selected banks and financial institutions of Tehran Stock Exchange portfolio efficiency. To evaluate the efficiency of the portfolio, the Treynor's ratio was used and attempted to determine the Treynor's ratio of the selected opt...