درخت حوزه‌های تخصصی

Money laundering refers to the concealment of the illegal origin of proceeds obtained from criminal activities, making it appear as if they stem from legal sources. This phenomenon has numerous negative impacts on various economic and social spheres; thus, the countries` authorities - alongside international bodies - have sought to combat it by enacting the necessary laws and regulations and enforcing them. This collaboration occurs to prevent the establishment of a free zone for money laundering and ensures that the efficiency of enforcing these regulations is not disrupted. Iran, due to being in the financial Action Task Force (FATF) blacklist, is considered a free zone from this perspective. This makes the research on evaluating money laundering methods applicable to this country and also makes selecting suitable methods significant and appealing. Therefore, this study utilized the findings of the study by Hendriyetty and Grewal (2017) and, considering the information limitations in Iran, employed a combination method using capital flight approach as an index for measuring money laundering. The results of the research indicate that over a 28-year period, from 1995 to 2022, approximately 553 billion dollars have been laundered in Iran, averaging about 20 billion dollars annually. The highest amount of money laundering in Iran occurred in 2011, during which nearly 55 billion dollars was laundered in the country. Additionally, the observations show the lowest amount of money laundering at around 4.8 billion dollars in 2001.

Investment fund managers have been trying to provide more attractiveness for investors by earning higher yields and generating liquidity. The investment rate of return of a mutual fund is obtained from the difference between the issuance and redemption of Net Asset Values (NAVs) per investment unit. However, the Exchange Traded Funds'(ETFs') yield should be calculated differently, and investors must consider the changes in market prices (Not only the NAVs), which are not usually announced through the Ads, so they disregard the investors. Investment fund managers believe that the attractiveness of the rate of return, even to a small extent, leads to over-welcoming of the investors and a faster growth of the funds' size. According to the information available in recent years, investors have shown more interest in fixed-income investment funds, and the growth of ETFs has been significant compared to the growth of total funds, so it can be assumed that investors are more interested in ETFs. Thus, in this research, we will identify factors affecting the development of ETFs, especially fixed-income ones. To fulfill our purpose, we examined all active fixed-income investment funds that are traded in the Tehran Stock Exchange and the Iran Farabourse from March 2021 to September 2023, including 25 ETFs. We analyzed our panel data through ordinary least squares. Analyzing the effective rate of returns of 25 Fixed Income ETFs, which have been active from March 2021 to September 2023, our results showed that ETFs development is significantly related to the fund size, daily price volatility, and liquidity. Despite our expectations, rate of return, fund age, and price adjustment do not have a significant effect on the development of investment funds. The result showed that a higher rate of return did not have a significant effect on the attractiveness and acceptance of investors, but the liquidity of investment units positively affects the development of fixed-income ETFs. We also found that the daily volatility of the final price inversely impacted the fund's size. This is consistent with investors' low risk-taking spirit in fixed-income funds and emphasizes their preference to avoid liquidity risk and price volatility risk.