Investor sentiments and its effects in creating asset pricing anomalies in the oil industry

Subject Areas : Financial Economics

Artin Beytari ^{1 *} , Davoud Keshavarz Hedayati ² , Mohammadreza Ghorbanian ³

1 - Islamic Azad University, Quds branch, tehran, Iran
2 - Islamic Azad University, Quds branch, tehran,Iran
3 - Islamic Azad University, Quds branch, tehran, Iran

Received: 2022-11-23 Accepted : 2024-07-02 Published : 2025-12-09

Keywords: Investor sentiment, investor demand, asset pricing anomalies,

Abstract :

Focusing on investors' decisions in the fields of classical finance, neoclassical finance, behavioral finance and neurofinance have emphasized the same area (one dimension) in different periods. Of course, by moving along the time, the discussion about the concepts of the same period will be justified. But in view of the evolution of financial and investment theories and the presentation of different and complementary views in relation to investors' decision-making, it should be noted that examining the supplementary structure of investors' decision-making according to different dimensions of the issue can provide a more comprehensive view of decisions to the researcher. The present research has investigated the sentiments of investors and its effects in creating asset pricing anomalies in the oil industry during the ten-year period from 2015 to 2022. The results of the research hypotheses show that changes in investors' sentiments have a direct and significant relationship with portfolio anomaly returns. It was also found that changes in investors' demand have an inverse and significant relationship with portfolio anomaly returns.