Investigating the effects of time variables of gold, crude oil and foreign exchange markets on herding behavior in Tehran Stock Foreign exchange
الموضوعات :Sepideh Behnam 1 , Reza Tehrani 2 , Bita Tabrizian 3
1 - Department of management, Roudehen Branch, Islamic Azad University, Roudehen, Iran
2 - Department of Management, University of Tehran, Tehran, Iran
3 - Department of Management, University of Tehran, Tehran, Iran
الکلمات المفتاحية: Stock market, Time Variable Effects, Herding Behavior, Sectional standard deviation,
ملخص المقالة :
Due to overlap between stock markets and financial markets, this study was an attempt to examine the herding behavior in the Iranian stock market and the crude oil, foreign exchange and gold markets. For this purpose, in this research, monthly data between 2011 and 2020 for Tehran Stock Foreign exchange were used. The results of the study based on two criteria explaining herding behavior indicate the existence of herding behavior of the stock market and crude oil, gold and foreign exchange markets. The results also show that it has had different ef-fects on herding behavior in different periods. This issue has also been different in increasing and decreasing market periods. Therefore, gold is introduced as an important asset that influences herding behavior. Also, during the decreasing period of the stock market, herding behavior is not affected by the exchange and crude oil market, and in this period, the behavior of investors and investment risks in the stock market can be predicted without considering the exchange and crude oil market.
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