标题：Presentation of a strategic pattern for selecting financial assessment with higher expected return based on liquidity and multi-criteria decision-making
摘要：Abstract Liquidity and expected return are assumed as important characteristics in decision making. Each investor requires a scientific method to select a suitble portfolio with higher liquidity and expected return. The objective is weighting and prioritizing of decision options (liquidity measures) and presenting pattern based on obtained weights. This objective is considered as the first level of hierarchy priority(AHP) of decision-making. The 14 liquidity measures are used as decision options.To set priority, we used 4 quantitative & qualitative indexes including "users" competence, reliability, forecast value & coefficient of determinant. For weighting each decision option, the first questionnaire and paired comparisons were used. For evaluating each decision option-based on qualitative indexes, the second questionnaire and based on qualitative indexes, correlation coeficient were used. In correction coefficient based on Fama & French, control variables among 151 stock exchange companies during 1392 to 1397. Finally, based on the obtained weights for decision options, a strategic pattern has been presented. It is possible to use the pattern in selecting the most suitable financial assessment (stock) to obtain higher expected return. Key words :expected returns, multi-criteria decision-making, liquidity measures JEL: G11 و G17.
