J. Basic. Appl. Sci. Res., 3(10)316-320, 2013 © 2013, TextRoad Publication ISSN 2090-4304 Journal of Basic and Applied Scientific Research www.textroad.com * Corresponding Author: Narges Rahmaniani, Ph.D. student of Economic, School of Social Science, Razi University, Kermanshah, Iran. E-mail: n_rahmaniay@yahoo.com Identifying the Effects of Anticipated Benefit on the Price of Accepted Companies in Tehran Stock Exchange Shahram Fattahi 1 , Narges Rahmaniani 2 1 Department of Economics, School of Social Science, Razi University, Kermanshah, Iran 2 Ph.D. student of Economic, School of Social Science, Razi University, Kermanshah, Iran Received: June 21 2013 Accepted: July 17 2013 ABSTRACT The rate of profitability is one of the most important evaluating criteria of companies from investors’ views.For this reasonthis study used method of estimating model based on panel data, this compound method is acquired from information during 9 years (2001, 2009) and cross-sectional data of 140 companies that are accepted in Tehran Stock Market and this model is in the form of a logarithm function. Results of this study show that there is a positive relationship between anticipated benefit and share price. KEYWORDS: Tehran Stock Exchange, time series, unanticipated benefit, trading volume INTRODUCTION Statement of the problem According to the development and importance of capital markets is formation of small capitals, identifying behavior of investors and price of share in the market is very important. Today, the share price of companies influences from different financial and non-financial variables. The accounting price of the main product is a commitment. Nothing takes the attention of investor groups except income per share. Probably in analyzing stock exchange relationship between accounting benefit and price of stock exchange is one of the most important relationships. Importance and significance of this subject is totally clear in the emphasis that has devoted to this price. The rate of benefit is of the most important evaluating criteria of companies from investors. Announcements of company benefit by an acknowledging public source will be provided for market actors to evaluate the operation of company. The main purpose of this research is analyzing the relationship of anticipated benefit on the price of share. Therefore, based on the importance of this subject we aimed to analyze the subject and evaluate the rate of anticipated profit on the price of share. LITERATURE REVIEW Patel (1976) to evaluate the information content of anticipated benefit decided to test it by the impact of representing anticipated profit on the price of share. Result of this study shows that representing anticipations entails the adjustment of share price. Penman (1980) showed that anticipations of benefit by manager are valid. These studies verify the reaction of the share price than benefit anticipations and represent the positive relationship between unnatural revenues of share and information of unexpected benefit that is transferred by predictions. Bior, Lambert and Rian (1987) based on information of 1958 to 1976 reported a sensitivity (it means slope of regression of percentage of changes in the price than changing's of benefit) with the mean of 0.31 that dramatically distanced from one and zero. In other words, prices and benefits usually change in one direction but not in one ratio. But prices may change because of unrelated and independent factors that influences on correlation. This lack of total correlation is according to this idea that if benefits have an impermanent part, then reaction of prices to them is not influential. Studies of Kim and Verkechia (1991) that assumed to be informational symmetry among investors showed that in the time period close to the announcement of income per share the price of share changes significantly and because of increasing variance of changing price the trading volume will be affected similarly. Therefore, because of informational symmetry in the market, announcement of income per share by sensible influences in changings of price result in considerable changes in the volume of trading. In 2001Bruit using variables based on accounting analyzed this subject that whether official value with cash benefit is more able to justify the share price or official price and anticipated benefit per share. He emphasized that 316