provide a model to check MANAGERS' OVERCONFIDENCE, RISK PREFERENCE, HERD BEHAVIOR AND NON-EFFICIENT INVESTMENT( approach based on game theory )

Subject Areas : Journal of Investment Knowledge

Vahideh Asgari ¹ , Yahya Kamyabi ² , Mehdi Khalil poor ³

1 - Ph.D. student, Accounting Group, Islamic Azad University Nour, Noor, Iran.
2 - Associate Professor of Accounting Department, University of Mazandaran, Mazandaran, Iran.
3 - Associate Professor of the Department of Accounting, Islamic Azad University, Noor,, Mazandaran, Iran.

Received: 2020-02-13 Accepted : 2020-08-22 Published : 2022-09-23

Keywords: aggregate behavior and inefficient investors, game theory based approach, risk priority, keywords : overconfidence,

Abstract :

today , herding behavior , which is one of the most important behavioral biases among investors , managers and investors , therefore plays an important role in risk acceptance , stock return and investment portfoliothe purpose of this study is to provide a model for assessment of overconfidence , risk priority , aggregate behavior and inefficient investors based on game theory . to achieve this goal , data were gathered based on statistical data and questionnaire and the number of questionnaires were collected and the hypotheses were analyzed by pls and lingo . the results show that overconfidence , risk priority and aggregate behavior have a significant relationship with inefficient investment . overconfidence affects the relationship between aggregate behavior and inefficient investment . overconfidence affects the relationship between risk priority and inefficient investment . the findings of this research may provide the benefits of all parties competing in economic evaluation of investment alternatives and bring them to balance in the interests that all parties feel satisfied and satisfied .

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