حسابداری ذهنی

Open Access Article

1 - Extraction of a Mathematical Capital Asset Pricing Model within the Framework of Mental Accounting
Mohammadreza Ola Hashem Nikoomaram Azita Jahanshad Zahra Pourzamani

Ordinary investors do not look to their portfolio as a whole. These investors consider their portfolio as a set of mental arithmetic. In mental accounting, the conventional issue of maximizing the expected return is faced with the constraint of maximum likelihood to fai More

Ordinary investors do not look to their portfolio as a whole. These investors consider their portfolio as a set of mental arithmetic. In mental accounting, the conventional issue of maximizing the expected return is faced with the constraint of maximum likelihood to fail in achieving the return threshold. The present study extracts the capital asset pricing model from Markowitz Mean-Variance Portfolio Model and risk-free asset entering the limitations of this model. Then, MA-CAPM model is extracted by creating a mathematical equivalence between the components of this model and the limitation of mental accounting. In this model, expected investment return for any purpose presented in the form of mental arithmetic is a function of the return on risk-free asset, beta and risk premium of mental arithmetic where the risk premium of mental arithmetic equals the difference between returns of each account and risk-free return on assets. Expected rate of return on assets in the MA-CAPM will be influenced by return threshold and likelihood to fail in reaching this threshold, i.e. mental arithmetic risk. Manuscript profile

Open Access Article

2 - Explaining the Model of Mental Accounting for the Selection of Portfolios of Shares of Companies in the Tehran Stock Exchange with Investment Horizon Approach
Hasan Valiyan MohammadReza Abdoli Mehdi Safari Gerayli Jafar Ghilichli

The purpose of this research is Explaining the model of the mental accounting framework with the investment horizon approach to optimal portfolio selection. The period of research is 12 years between 2005 and 2016. In this period, 74 companies were selected as sample si More

The purpose of this research is Explaining the model of the mental accounting framework with the investment horizon approach to optimal portfolio selection. The period of research is 12 years between 2005 and 2016. In this period, 74 companies were selected as sample size through systematic sampling and were investigated. In this research, based on the value or growth of stock, two Markowitz’s and Sortino portfolios were split into forms (A) and (B) to determine if there is a significant difference between the performances of two portfolios. Also, based on the behavioral and mental characteristics of investors, the horizons of investment differ in the choice of investment portfolios. The results of the research confirmed in the first hypothesis that there is a significant difference between the performance of two portfolios (A) and (B) in terms of value characteristics or stock growth. Also, the result of the second hypothesis of the research showed that when investors have longer-term incentives based on mental accounting, portfolios (B), are a more favorable choice, while looking for short-term incentives based on accounting Mentally, they focus on shorter horizons, the portfolio (A) is more desirable. Manuscript profile

Open Access Article

3 - The Role of Mental Accounting in Capital Budgeting Decisions
Mona Parsaei Mahnaz Mollanazari

Current paper examines the effect of retrospective source of finance on the capital budgeting decisions and investigates the possibility of costly decision errors in the case of using mental accounting by managers. This experimental study has utilized a 2*2 between subj More

Current paper examines the effect of retrospective source of finance on the capital budgeting decisions and investigates the possibility of costly decision errors in the case of using mental accounting by managers. This experimental study has utilized a 2*2 between subjects factorial design. Independent variables that are manipulated in this paper are retrospective source of finance and prospective source of finance. The sample consists of 160 participants including executive experts and academic persons assigned to one of the four groups through random assignment. Results show that managers are less likely to part with a debt financed asset in comparison with an identical equity financed asset. The reason behind above reluctance is related to the managers’ perceptions about the asset’s past benefits. This study shows that a psychological factor may cause managers to forego investments that they should invest according to the capital budgeting techniques. In this way, the results can contribute to the accounting literature through providing valuable information for capital budgeting studies. Manuscript profile

Open Access Article

4 - Value-Driven Internet Shopping: The Mental Accounting Theory Perspective (case study: Diji Kala)
Zahra Dianati Deilami Elham Balooti Ronak Darvand

Cyberspace has changed the role of consumers in the world of commerce. Easy access to information, the possibility of quick comparison of products and many of the possibilities offered by the Internet to consumers has greatly enhanced the power of consumers. In the pres More

Cyberspace has changed the role of consumers in the world of commerce. Easy access to information, the possibility of quick comparison of products and many of the possibilities offered by the Internet to consumers has greatly enhanced the power of consumers. In the present article, with a review of mental accounting theory and online shopping, these two concepts are discussed with each other in competitive environments. The purpose of this study is to evaluate online value based decision making from the point of view of mental accounting theory. This study seeks to answer two questions: (1) which factors affect the value of the customer's expectations about buying from the Internet store (Online)? (2)How do the intended value and other factors affect buy from the DJ's Web store Product online? Also, the types of performance measures, including monetary (commodity price) and non-political (risk), comfort and pleasure (different classifications and different encounters) .The research method is a correlation type based on structural equation model. The data of this research were collected by using a distributed questionnaire among 70 sampled individuals in an unofficial way by available sampling method, collected from one day's customers and analyzed using SMARTPLS software.The results of this research show that perceived price and risk have a negative impact on the value parameters and the intention to buy Internet shoppers. But the convenience of shopping has a positive impact on perceived value as well as on the intention to buy Internet shoppers. Perceived value also has a positive impact on the intention to buy Internet shoppers. Shopping pleasure has no effect on the perceived value of online buyers but has a positive relationship with the intention to purchaseOn the other hand, the convenience of buying Internet shoppers through the mediating value of perceived value has an effect on the intention to buy. However, the perceived price and perceived risk of a purchase are negatively influenced by the mediating value of the perceived value. But the effect of shopping pleasure through the mediating variable of perceived value on purchasing intention is not statistically significant. Manuscript profile

Open Access Article

5 - Investigating factors affecting auditors' behavioral bias with a combined method
bakhtyar ashrafi Zohreh Hajiha REZA TEHRANI

10.30495/jik.2024.23245

The purpose of this research is to provide a model for the auditor's behavioral bias with a combined approach (foundation data and structural rates). The first stage of this research was conducted in the framework of a qualitative approach and by applying the foundation More

The purpose of this research is to provide a model for the auditor's behavioral bias with a combined approach (foundation data and structural rates). The first stage of this research was conducted in the framework of a qualitative approach and by applying the foundation data research method, and also in the second stage, the relationship between independent variables and dependent variables was measured with structural equations to check the effectiveness. The data collection tool was semi-structured interviews, and in order to collect information, interviews were conducted with 20 audit experts using the targeted sampling method. And information was collected through in-depth interviews. The time domain of this research is for the years 1399-1400. Data analysis was done in three stages of open, central and selective coding. The qualitative model of the research was designed and the structural equations confirmed the existence of relationships. Manuscript profile

Open Access Article

6 - Emotional Quotient Impact on Investment Funds Performance in Iran Emphasis on Mental Accounting
Esmaeil Ghasemi fatemeh sarraf Mohsen Hamidian Roya Darabi

The Purpose of this research is the investigation of relation between the investors' behavior and defining the effect of emotional quotient on decision making activity at the time of investing.For this objective, investment biases such as mental accounting, risk aversio More

The Purpose of this research is the investigation of relation between the investors' behavior and defining the effect of emotional quotient on decision making activity at the time of investing.For this objective, investment biases such as mental accounting, risk aversion, spread influence are taken into consideration.From Target and Method view of point, this research can be considered as Applied and Survey -Descriptive research respectively. Data of this research is collected through a questionnaire including 34 questions which distributed between 207 investment fund investors and analysis done via Lissrel software and Structural Equations.By testing the main hypothesis, the results clearly shows that there is a significant relation between emotional quotient, mental accounting and spread influence. Manuscript profile

Open Access Article

7 - Identifying the factors affecting financial toxicity and designing a financial toxicity paradigm pattern based on grounded theory
Saeid karimipour saryazdi sina kherdyar Seyed Reza Seyed Nezhad Fahim Farzin Farahbod

Financial toxicity endangers the personal and social health of individuals and imposes enormous costs on individuals and governments. So far, financial toxicity has only been studied in the medical sciences. The purpose of this study is to to investigate and develop gen More

Financial toxicity endangers the personal and social health of individuals and imposes enormous costs on individuals and governments. So far, financial toxicity has only been studied in the medical sciences. The purpose of this study is to to investigate and develop general principles for identifying the factors that create and exacerbate financial toxicity, financial therapy and mental accounting approaches. The research method is grounded theory and from theoretical sampling to saturation stage in 2019 and 2020 has been used. Data collection sources were conducted through in-depth and semi-structured interviews, participatory and non-participatory observation, personal experiences, respondents' memories, existing literature, and the researcher's personal reflections. To fit the model qualitatively, three methods of peer-debriefing, member checking, and triangulation techniques were used and the results in the form of financial toxicity paradigm model by data analysis method of the foundation taking into account causal conditions (financial problems In cancer treatment), intervening conditions (health insurance agent, cancer stage, clinical features, increase in treatment debts, family dimension, etc.), context of the phenomenon (incorrect classification, unbalanced monogram, monetary disorders and abnormal genogram Consequences (decreased quality of life, affected by medical outcomes, job loss, divorce, bankruptcy, mortality and increased distress among survivors) were formed. Manuscript profile

Open Access Article

8 - The study of behavioral factors in the selection of optimal portfolio in
Maryam Saberi Roya darabi

The aim of this study was to "study behavioral factors in the selection of optimal portfolio Iran capital market" is. In order to achieve this goal, the dominant factors for mental accounting and loss aversion behavior and investment in stock and optimal portfolio selec More

The aim of this study was to "study behavioral factors in the selection of optimal portfolio Iran capital market" is. In order to achieve this goal, the dominant factors for mental accounting and loss aversion behavior and investment in stock and optimal portfolio selection with high efficiency compared to standard finance Using data from 106 firms listed in the Tehran Stock Exchange during the period of 5 years from 2011 to 2014 And regression analysis, variance analysis, was measured.The results showed that the expected return on portfolio behavioral model with an emphasis on mental accounting and loss aversion (as an indicator of behavioral factors) is greater than the expected return of the Standard Model and The hypothesis was accepted. Manuscript profile

Open Access Article

9 - A comparative survey on behavioral factors on financial assets investment
Hamidreza Kordlouie Nader Dashti Razieh Seifollahi

Since 1980s by appearing behavioral finance literature, logically investment hypothesis and also efficient market ruined. The mentioned literature states that some biases cause on decision making while trading shares. This study investigates the effect of some behaviora More

Since 1980s by appearing behavioral finance literature, logically investment hypothesis and also efficient market ruined. The mentioned literature states that some biases cause on decision making while trading shares. This study investigates the effect of some behavioral elements on security investment. The aforesaid elements are Regret aversion, Disposition effect, Mental accounting, over confidence, Representativeness, Herding behavior, Conservatism and Endowment effect. In order to do the study, a sample of 385 investors in stock market was chosen and data was gathered through a questionnaire. Statistical tests examined the research hypotheses. Results show that all factors have a significant effect on investors'' decision-making exclude over-confidence. Due to different affection, the elements were rated. Rating indicates that the sequence of them is as follow:  1-Mental accounting, 2-Disposition effect, 3- Conservatism, 4- Herding behavior, 5- Representativeness, 6-Endowment effect, 7- Regret aversion. Manuscript profile

Open Access Article

10 - A Pattern for Portfolio Optimization in A Speculative Bubble Condition According to Mental Accounting
Maryam Saberi Roya Darabi Mohsen Hamidian

The aim of the study "A Pattern for Portfolio Optimization in A Speculative Bubble Condition According to Mental Accounting on companies listed in the Tehran Stock Exchange" is. The 10-year study period listed in the Tehran Stock Exchange during 2006-2015 were analyzed. More

The aim of the study "A Pattern for Portfolio Optimization in A Speculative Bubble Condition According to Mental Accounting on companies listed in the Tehran Stock Exchange" is. The 10-year study period listed in the Tehran Stock Exchange during 2006-2015 were analyzed. The data of 110 firms were analyzed by using statistical software Matlab, spss20, Eviews7 and lingo software in the studied years. In this research, mental accounting is based on Fernandez as a moderator variable and the Sharp, Trainer and Jensen criteria, The speculative bubble based on the gilium pattern are used as a risk measurement indicator. The results indicate that the average return on the portfolio in the bubble of speculative space at a certain level of risk is greater than the return on a portfolio of non-bubble based on mental accounting, The second hypothesis was also claimed to be based on the larger average portfolio risk in the bubble of speculation at a certain level of return on the risk of a non-bubble portfolio based on mental accounting. Manuscript profile

Open Access Article

11 - Explain the behavior of the optimal portfolio choice than the standard financial
Majid Zanjirdar Reza Mosavi Maryam Saberi

The purpose  of this study explain the behavior of the optimal portfolio choice than the standard assumptions of classical finance is Markowitz. The 5-year interval of the listed companies in Tehran Stock Exchange for the years 1386-1389 were examined Between the 1 More

The purpose  of this study explain the behavior of the optimal portfolio choice than the standard assumptions of classical finance is Markowitz. The 5-year interval of the listed companies in Tehran Stock Exchange for the years 1386-1389 were examined Between the 118 companies analyzed statistically compared using ANOVA and regression tests, Behavioral and mental accounting dominant influence on stocks and investment Optimal portfolio selection with higher yields than comparable financial misstatement was determined by standard The research consisted of two main hypothesis was that the first hypothesis was that the expected return on the portfolio choice behavior model Expected return is higher than the standard model that the measure was taken to confirm The second hypothesis was based on the claim that the portfolio's expected risk choice behavior model less Risk is the expected standard model with respect to the results achieved were acceptable. Manuscript profile

Open Access Article

12 - بررسی الگوی ریاضی انتخاب پرتفوی سرمایه گذاری مبتنی بر مالی رفتاری
فریدون رهنمای رودپشتی فرشاد هیبتی سیدرضا موسوی

Manuscript profile

Open Access Article

13 - The Effect of Momentum on the Disposition Effect and Expected Stock Returns in the Framework of Prospect Theory and Mental Accounting Theory
Mahshid Allami Afsane Soroshyar

10.30495/afi.2022.1945172.1064

The purpose of this study was to investigate the effect of momentum on the disposition effect and expected stock returns in the framework of the prospect theory of Kahneman and Tversky (1979) and the mental accounting theory of Thaler (1985). The statistical population More

The purpose of this study was to investigate the effect of momentum on the disposition effect and expected stock returns in the framework of the prospect theory of Kahneman and Tversky (1979) and the mental accounting theory of Thaler (1985). The statistical population of this research included all companies incorporated in Tehran Stock Exchange between 2008 and 2019 from which102 companies were selected as the sample using the systematic elimination method. Multiple regressions were used to test the hypotheses of the research. The results of testing the research hypotheses indicated that momentum influenced the disposition effect. Another result showed that momentum affects the expected stock returns. Moreover, after controlling the disposition effect, the impact of momentum on the expected stock returns was reduced. In other words, the short-term, medium-term and long-term momentum coefficients are lower when the disposition effect is controlled, which means that by controlling the inclination effect of stocks, the momentum effect on the expected stock decreases Manuscript profile

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