M.A. Thesis:

Changes cash flow, gross profit, firm size and stock returns

This research investigates changes in cash flow, gross profit and size of companies on stock returns of companies. The purpose of the present study is to investigate the nature of the data in quantitative research and is an analytical-empirical research. In order to test the research hypotheses, 147 companies were selected from Tehran Stock Exchange companies that were eligible for the period from 2011 to 2015. In analyzing information related to research hypotheses, the combined data, paranoid and heterogeneity tests of variance were performed using Eviews8 software. The results of this research indicate that there is a reverse and significant relationship between changes in cash flows and stock returns and there is no relationship between changes in gross profit and stock returns. Also, there is a direct and significant relationship between changes in company size and stock returns.

Keywords: Key words: Changes in cash flows, changes in gross profit, changes in company size, stock returns.