Investors ' Trading Behavior in stock Market Under Information Ambiguity Formality of Hearding Behavior
Subject Areas : Journal of Investment Knowledge
hosein Arani
1
(Ph.D Student in Accounting, Accounting Group, Anzali Branch, Islamic Azad University, Bandar Anzali , Iran.)
Mohammad reza vatanparast
2
(Assistant Prof Accounting Group, Faculty of Management and Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran.)
Farzin Rezaei
3
(Associate Prof Accounting Group, Faculty of Management and Accounting, Qazvin Branch, Islamic Azad University, Qazvin,Iran.)
sina kherdyar
4
(Assistant Professor, Department of Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran)
Keywords: information ambiguity, Hearding Behavior, Investors ' Trading Behavior,
Abstract :
Information ambiguity is defined as ambiguity about the lack of information or the multifaceted nature of the information. The amount of reaction to ambiguity varies from person to person and they will perform unique trading behaviors. Therefore, the aim of the research is the transactional behavior of investors under the conditions of information ambiguity and behavioral fluctuations. For this purpose, the present study was conducted with 90 sample companies in the period 2012-2018. The results showed that there is a positive and significant relationship between the ambiguity of asymmetric fluctuations in yield and short-sightedness, and there is no significant effect with prominence. There is a significant relationship between information ambiguity, asymmetric yield fluctuations and transactional behavior of earnings and risk aversion, and there is no significant relationship with risk taking. There is no significant relationship between ambiguity of information distribution, profitability distribution and transactional behavior of return on profitability, risk aversion and risk taking. Short-sighted behavioral fluctuations have a complete mediating effect on the relationship between information ambiguity, asymmetric yield fluctuations, and risk-averse trading behavior. No mediating effect was found on other traumas and information displacement.
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