List of Articles مالی رفتاری

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  1 - The effect of CEO narcissism on debt maturity structure
  Mahmood Hasanzade Kuchou
  Purpose: The results of previous research have shown that the use of short-term debts can ultimately cause unfavorable financial performance of the company in the long term. Behavioral finance theories also state that in the decision-making of managers and investors, in More

  Purpose: The results of previous research have shown that the use of short-term debts can ultimately cause unfavorable financial performance of the company in the long term. Behavioral finance theories also state that in the decision-making of managers and investors, in addition to information, a series of viewpoints and psychological factors also influence their decisions. The purpose of this research is to investigate the effect of CEO narcissism on the maturity structure of debts. Methodology: Using the data of 85 companies listed in the Tehran Stock Exchange, in the period of 2018 to 2022, the hypotheses were tested using multiple regression. Findings After statistical analysis, the results of the research hypotheses indicate that CEO narcissism has a positive and significant effect on the maturity structure of debts. In this research, two indicators of managers' bonus ratio and the size of CEO signatures were used to measure CEO narcissism. Originality: The results of research hypotheses indicate that CEO narcissism has a positive and significant effect on debt maturity structure. This means that with the increase of narcissism of managers, the use of short-term debt increases. Narcissistic managers try to match the asset structure and the debt maturity structure in order to pay the debts. Hence, in the period under their management, the maturity period of the debt structure is reduced when the company can increase its profits. Manuscript profile
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  2 - The Seasons Effect on the Total Stock Prices for 50 Active Companies in Tehran Stoch Exchange
  Zohre Hajiha
  This research is on a new field of investment management titledbehavioral finance. The research is about one of the anomalies of theinvestment market named “Visceral inferences “, that proposes there aresome differences and anomalies in the basic variables i More

  This research is on a new field of investment management titledbehavioral finance. The research is about one of the anomalies of theinvestment market named “Visceral inferences “, that proposes there aresome differences and anomalies in the basic variables in the market likeshare prices ,in different seasons .therefore, investors can obtainabnormal return in certain seasons. In this study total share prices for 50active companies produced by TSE are examined for the period of 1382to 1386 to compare the reasons if there are any differences betweenprices in any season.The results show significant differences between prices of 50 activecompanies in Tehran Stock Exchange for spring and atom and in theatom average of prices are higher than other seasons . Manuscript profile
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  3 - The Evaluation Overreaction of Investors Toward Going Concern (GC) & Going Concern Withdrawal (GCW) Audit Reports
  محمدرضا رستمی نازنین حکیمی فر
  It has been assumed that investors react to new information in the efficient market.This reaction has been demonstrated in two terms of over reacting & under reacting.The evidence shows that investors overreact or under react to new information.Investors decision ma More

  It has been assumed that investors react to new information in the efficient market.This reaction has been demonstrated in two terms of over reacting & under reacting.The evidence shows that investors overreact or under react to new information.Investors decision making could be affected by behavioral or psychological factors,they tend to overvalue or undervalue new information. The objective of this study is"investigating market over & under reaction toward going concern (GC) audit reportson Tehran Stock Exchange (TSE)". Study population of this paper includes allcompanies which are accepted by TSE. The required information has been collectedfrom daily, weekly & monthly reports of TSE. Analyses are performed throughLevene's test in order to test the equality of variances, and then we performed Tstudenttest and Prop-test to achieve proper conclusions. In order to predictsignificance of differences between the pure revenues, we fitted the logistic regressionmodel on the difference of the mean revenues and the type of companies.Consequently, with respect to the good behavior of confidence interval's to specifysignificant differences, we proposed the best model in this situation using qualitycontrol tool's, X-bar charts to determine whether the hypothesis is correct or weshould reject the previous result. Statistical tests demonstrate the existence ofoverreaction of mart with respect to presence or absence of activity condition. Manuscript profile
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  4 - Investigating the behavior of individual investors after the release of financial statements
  Davoud gorjizadehbaee Mohammad hamed khan mohammadi
  AbstractOne of the main sources of information for investors to make investment decisions is the information contained in the financial statements published by companies. Public disclosure of financial statements in the form of different information channels, generates More

  AbstractOne of the main sources of information for investors to make investment decisions is the information contained in the financial statements published by companies. Public disclosure of financial statements in the form of different information channels, generates thoughtful reactions among investors. Audited financial statements convey the auditor's view of the feasibility and reliability of financial statements to users of financial statements, which is a useful tool in the decision making process.The purpose of this study was to investigate the behavioral response of individual investors after the publication of annual audited financial statements. The research method was applied in terms of purpose, field survey method and descriptive survey method. Data were analyzed using a standard questionnaire. The statistical population of this research is all real investors of Tehran Stock Exchange, of whom 403 were selected by simple random sampling. Data were analyzed by spss22 and Lisrel 8.50 software using structural equation method.The results of the data analysis show that the release of financial statements (good or bad news) has a significant effect on the behavior of individual investors. Manuscript profile
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  5 - Predicting Network linkages of banking system distress based on operational risks and behavioral finance components
  ahmad bidi Fraydoon Rahnamay Roodposhti Gholam Reza Gholami Jamkarani HAMIDREZA KORDLOUIE Mortaza Baky Hasuee
  The present research is aimed at prediction of network linkages of banking system distress based on operational risks and behavioral finance approach. Methodology of the present research is of survey descriptive, practical from the purpose standpoint. Notably, in order More

  The present research is aimed at prediction of network linkages of banking system distress based on operational risks and behavioral finance approach. Methodology of the present research is of survey descriptive, practical from the purpose standpoint. Notably, in order to reach this purpose, firstly, based on study and review of theoretical basics, research variables were introduced. Then, by making use of Krejcie and Morgan Table, 384 participants were selected, and upon distribution of questionnaire among the aforesaid, research data were collected. Furthermore, in order for analysis of data and estimation of research empirical models, the researcher used structural equation modeling (SEM) and Smart PLS software. Of note, findings of this research indicate that behavioral financial standpoints and operational risk have significant effects on prediction of banking network disorder. Furthermore, based on estimated beta coefficients, among behavioral financial elements, economic behavior, cognitive standpoint, judgment biases, heuristic behaviors, decision making biases and value and return of stocks have respectively the highest effect on banking disorder, and among operational risk elements, human resources risk, systemic risk, transaction risk, technology risk and fraudulent and deception risk have respectively the highest effect on banking disorder. Manuscript profile
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  6 - The day of the week effect on the stock market return in the stock exchange of Tehran
  Farshad Heybati Mahboobeh Behfar
  This thesis investigates the day of the week effect in TSE. The day of the week effect is calendar anomaly that has been widely studied and documented in finance literature. This anomaly indicates the repetitive trends or patterns in the time series behavior of stock ma More

  This thesis investigates the day of the week effect in TSE. The day of the week effect is calendar anomaly that has been widely studied and documented in finance literature. This anomaly indicates the repetitive trends or patterns in the time series behavior of stock market. In this study various indexes of TSE for the period of 1385 - 1388 are examined to specify the probable pattern in trading days of TSE in term of return. Furthermore in this study the daily correlation between main variable of this study are examined. Various descriptive statistics for the sample are calculated and classified in this research and show obvious differences in the days of the week. The results of testing in term of compare the day of the week effect in TSE for return are accepted. This study finds that the highest return is occurred in Wednesday. The implicit results of this research are the negative risk premium for major indexes of TSE. Manuscript profile
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  7 - تأثیر گرایش‌های احساسی سرمایه‌گذاران بر افشای اختیاری در بازار سرمایه ایران
  علی زارعی رویا دارابی
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  8 - Impact of the Investor's Mood State on Expected Return on Investment
  mostafa heidari haratemeh mohsen ameri shahrabi
  Several studies have examined the relationship between investor's mood and economic conditions . This paper examines the effect of investor sentiment on expected return on capital by considering changes in Lucas's model, considering equity and equity market prices in th More

  Several studies have examined the relationship between investor's mood and economic conditions . This paper examines the effect of investor sentiment on expected return on capital by considering changes in Lucas's model, considering equity and equity market prices in the context of pricing models and in the context of minor changes. How the slight changes in the mood factors (time preference and risk aversion affect stock prices) are determined and calculated. The results show that: a) The expected rate of return on stocks is inversely related to the investor's mood state; b) When the investor has a good mood state, the effect of the mood state on the expected return on capital increases; c ) The variables of the mood state of affairs are more influential on the investment markets than on the securities market; d) The investor's mood state is an essential factor in the stock return; e) Integrating the investor's mood state with asset pricing patterns can help interpret existing evidence of growing maladies related to investor behavior. Manuscript profile
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  9 - The effect of personality traits on investment decisions with the mediating role of risk tolerance
  Arezou Pouresgandar Raziabad Alireza Fazlzadeh Vahid Ahmadian Sajad  Naghdi
  Purpose: The aim of this research was to investigate the effect of personality traits on investment decisions with the mediating role of risk tolerance in the Tehran Stock Exchange. Research Methodology: This research was conducted in 2022 and is of an applied nature, More

  Purpose: The aim of this research was to investigate the effect of personality traits on investment decisions with the mediating role of risk tolerance in the Tehran Stock Exchange. Research Methodology: This research was conducted in 2022 and is of an applied nature, employing a descriptive-survey methodology. The statistical population of this research includes all individual investors in the Tehran Stock Exchange. The sample size in this study is 386 individuals. Data collection was carried out using a standard Likert scale questionnaire. The validity of the questionnaire was confirmed through content validity, and its reliability was verified using Cronbach's alpha. Data analysis was performed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) approach, facilitated by SPSS and SMARTPLS software. Findings: The results showed that personality traits significantly affect investment decisions and risk tolerance. Furthermore, risk tolerance significantly impacts investment decisions and mediates the relationship between personality traits and investment decisions. Originality / Value: The scientific contribution of this research lies in using risk tolerance as a mediating variable to examine the effect of personality traits on investment decisions. Additionally, the use of structural modeling with the Partial Least Squares approach, aided by SMARTPLS software, is highlighted. Manuscript profile