List of Articles رفتار سرمایه‌گذار

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  1 - Providing a comprehensive model of decision making based on the attitudes and behavior of investors using structural equation modeling
  Zahra Hosseinzadeh Zadullah Fathi Hossein Shafiei
  This research seeks to develop applied knowledge in individual decision making that is influenced by rational and financially beneficial financial decisions. In this research, we try to find the obvious angles affecting the attitudes and behaviors that led to decision m More

  This research seeks to develop applied knowledge in individual decision making that is influenced by rational and financially beneficial financial decisions. In this research, we try to find the obvious angles affecting the attitudes and behaviors that led to decision making in the identified investors, and by their conceptual and operational definition, and the formulation of their relationship, in a certain orientation for the type and manner of decision making of the investors in Tehran Stock Exchange. Based on this, the research, with a qualitative and quantitative combination approach, has been compiling theoretical foundations and developing a conceptual model of investor behavior and testing the assumptions associated with this model. The results of the research show that the most important factors shaping the active decision-maker's decision-making behavior understand of their performance, financial ability, behavioral attitude, and optimal decision. Manuscript profile
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  2 - Modeling and Comparative Study of the Behavior of Consumption, Production and Investment Sectors in the Money and Capital Markets of Iran
  Fatemeh Masoumi Soureh Mohammadreza Nahidi Amirkhiz AliReza Bafandeh Zendeh Yousof HajiAsghari
  10.30495/ECOMAG.1402.1045583
  Extended Abstract With the view of the existence of different types of markets in every economy and according to the macroeconomic structure of every country, we can mention money and capital markets as the most basic financial markets. In the money market, resources More

  Extended Abstract With the view of the existence of different types of markets in every economy and according to the macroeconomic structure of every country, we can mention money and capital markets as the most basic financial markets. In the money market, resources are lent for a short period, and the most important task of this market is to create facilities for economic units and improve their liquidity. By definition, the money market is a market for trading money and other financial assets that are close substitutes for money that have a maturity of less than one year. In other words, the money market is known as the market of short-term financial instruments with the characteristics of low non-payment risk, liquidity, and high nominal value. The capital market is a market where longer-term bonds (with a maturity of one year or more) and company stocks are traded. Securities that are traded in the capital market (such as stocks and long-term bonds) are more interested in financial intermediaries. Considering that these institutions have a long-term investment horizon and prefer to invest in such long-term bonds. Several variables such as economic growth, investment growth in the production sector, investment growth in the housing sector, consumer price index, people's purchasing power, income and savings changes, employment, liquidity, inflation, exchange rate fluctuations, imports, exports, profit fluctuations, and bank interest. and... can be counted among the internal factors influencing the markets and consequently economic growth and development. One of the most basic goals of economic development is to increase the wealth and welfare of the people of the society. In the meantime, among the issues that can have a fundamental and significant role in the markets, is the behavior of economic variables, whose changes and fluctuations can affect the indices of those markets. Purpose In this research, an attempt has been made to investigate consumption behavior, production and investment, producer index and investor behavior in the years 1357 to 1397, using the Hodrick-Press filter method Methodology For this purpose, in this research, an attempt has been made to investigate the behavior of the consumption, production, and investment sectors in the money and capital markets of Iran. To achieve this goal, the annual data of variables of consumer price index, producer price index, private sector investment in new buildings in urban areas, inflation uncertainty, value of stock transactions and money supply have been used and after examining the behavior of each variable in the form of behavior Consumer consumption, producer production behavior and investor behavior for the years 1357 to 1397 have been investigated using Hodrick-Prescott filtering method, autoregression with distributed lag (ARDL) and vector autoregression (VAR) model. The price index of consumer goods and services is one of the types of price indices that shows the price changes of goods and services that are consumed by households in a period. This variable is expected to affect money and capital markets; Therefore, in this research, the consumer price index was used to evaluate the consumer's consumption behavior, and the producer price index was used to evaluate the producer's production behavior. The producer price index includes all productions (goods and services) in the country in question. The weight of each item is the sales volume (producer's sales) of that item to the total sales volume of items and the change in the price of items is the price of each item in each month compared to the price of the same item in the previous month. In the housing sector, it is expected that an expansionary monetary policy will increase the demand for housing by increasing the amount of money in the asset portfolio. Of course, this depends on various issues. For example, suppose the amount of money increases as a result of an expansionary monetary policy, people will try to buy other assets, such as housing, currency, and stocks, to use the amount of money more. If in that economy, the yield of the housing sector is higher than other assets, or if people in that society are more willing to make long-term investments. In that case, the demand for housing will increase and investors will replace housing with other assets, including stocks and currency. To investigate the behavior of these variables, the Hedrick-Prescott filter provides the unobservable time trend for the time series variable. This filter is used to separate permanent and temporary fluctuations in a time series. The working principle of this filter is based on the separation of fluctuations into permanent fluctuations (supply) and short-term fluctuations (demand). Finding After examining the behavior of the aforementioned variables using Hedrick-Prescott filtering, the results of the ARDL method with a distribution break for the money market showed that in the short term, the variables of consumer consumption behavior, producer production behavior, and investor behavior, and in the long term, all variables with money supply have a relationship But the results of the same method for the capital market show that there is no significant relationship between any of the variables with the value of stock market transactions, both in the short term and in the long term. The results of the VAR model for the money market showed that there is a significant positive relationship between the money supply and the consumer's consumption behavior and the investor's behavior of a previous period, and there is a negative significant relationship between the money supply and the producer's production behavior of a previous period, and the output resulting from this The method for the capital market indicates the existence of a significant negative relationship between the consumption behavior of the consumer, the production behavior of the producer and the behavior of the investor with the value of the stock transactions of a previous period. Conclusion The results of the ARDL method showed that in the long term in the money market, all the considered variables were related to the money supply, which indicates the confirmation of all the considered hypotheses for the money market, but none of the mentioned variables were related to the value of market transactions. Stocks were not related and it shows the rejection of all the hypotheses considered for the capital market. Manuscript profile
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  3 - Investigating the Mediating Role of Comparability of Financial Statements on the Relationship between Managers' Opportunistic Behavior and Investors' Divergence of Opinions
  mohsen tohidloo علی بیات Ali Mohammadi VAHAB ROSTAMI
  10.30486/FBRA.1403.1105071
  Beliefs and emotional tendencies of investors can influence the direction of trading volumes and stock market prices by creating changes in the capital market environment. This paper has investigated the mediating role of comparability of financial statements on the rel More

  Beliefs and emotional tendencies of investors can influence the direction of trading volumes and stock market prices by creating changes in the capital market environment. This paper has investigated the mediating role of comparability of financial statements on the relationship between managers' opportunistic behavior and investors' divergence of opinions. This research was conducted post-event and using the causal correlation method. The companies listed to the Tehran Stock Exchange. formed the statistical population of the research, and by applying the desired conditions and systematically removing, it we used information of from 134 companies as a research sample in the period of 2014 to 2023. Divergence of investors' behavior has been calculated using the index of unexpected trading volume and managers' opportunistic behaviors have been measured by two factors of real earnings management and managers' overconfidence. The findings indicated that earnings management and management overconfidence have a direct and significant relationship with the divergence of investors' behavior. Also, the comparability of financial statements moderates the positive relationship between real earnings management and management's overconfidence on the divergence of investors' behavior regarding determining the correct figure of the intrinsic value of stocks while making investment decisions. Manuscript profile