Identify the economic impact of behavioral finance with an emphasis on efficiency and weekly turnover also temporal patterns in the Tehran Stock Exchange
Subject Areas : Financial Knowledge of Securities Analysis
1 - مسئول مکاتبات
2 - ندارد
Keywords: efficient market, weekly effect, transaction mass, Exchange Market,
Abstract :
AbstractThis paper has done for research about behavioral finance context. In this paper we tryto prove the existence of Saturday, Monday and weekend yield effect and the existence ofSaturday, Monday and weekend transaction mass effect for 6 years (2007-2012). In thispaper we use Student's t-distribution. Goal of this research is recognition of investors’behavior and earn more profit in Tehran exchange market. Also, this researchcharacterizes somewhat market efficiency. Conclusion show that there are strong Sundayeffect and semi-strong Saturday effect into other days and yield of Saturday is lower thanother days. Also, there is strong Wednesday effect with positive yield into other days.About transaction mass, there is Saturday and Wednesday effect how Wednesdaytransactions mean is higher than Saturday transactions mean. These effects show thatinvestors are hopeful in Wednesday to earn more yields on the next week and buy morestock, but in Saturday they are hopeless and began to sell their stock