pooya Sabetfar - Assistant Professor, Department of Management, Faculty of Management and Accounting, Islamic Azad University,Qazvin Branch, Qazvin, Iran.

The main objective of this study is to give the insight of describing mixing accounting ratios and macroeconomic variables as the risk factors in Iran. The results indicate a significant relationship between book to market ratio, financial leverage, size factors and expected stock returns in the Iranian market. In consistent with the other studies, we came to the conclusion that the term structure of interest rate is the only macroeconomic variable that has been significant in the model, if size and book to market ratio is also existed in the model.Maximum %۲۸ of variance explained by canonical variate.

Accounting ratios, Macroeconomic variables, Combine Variabels, Arbitrage Pricing Theory and Canonical Correlation Analysis