List of Articles رفتار سرمایه‌گذاران

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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 - Spreading Commercial Rumors in Cyberspace: Evidence From the Tehran Stock Exchange (Phenomenological Method)
  javid hatam maryam Bokharaeian Khorasani Arash naderian Jamadori Gorganli Doji
  In this study, employing a qualitative approach and phenomenography method and using in-depth interviews, the way of perception of the stock exchange activists in dealing with trade rumors was investigated. In this regard, 20 experts in the field were interviewed under More

  In this study, employing a qualitative approach and phenomenography method and using in-depth interviews, the way of perception of the stock exchange activists in dealing with trade rumors was investigated. In this regard, 20 experts in the field were interviewed under the positions, including managers of regional stock exchanges, executives, analysts, experts, and consultants of the stock brokerage firms using the maximum variation sampling method. The content of interviews, roundtables, notes, and comments published in newspapers and online magazines on the stock market in recent years was used, which were generally similar to the interviewees' views on the subject matter of the research. Data analysis was performed based on Diekelmann method and 8 themes and 22 main themes were extracted. Based on the research findings, it can be concluded that the role of the government in the stock market and the emotional and mass-like behavior of the investors have exacerbated the trade rumors. Furthermore, some interviewees believe that cyberspace, especially telegram, have had recently a major impact on spreading the rumors. On the other hand, although Stock Exchange activists considered the Comprehensive Database of All Listed Companies (CODAL) network information as the most real and authentic information network of the organization because it passes through the audit filter, the recent political events and skepticism about the government have changed their attitude to some extent and made them less trusting to the CODAL network information. Manuscript profile
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  3 - Analysis of the role of five factor model of personality on the The effect of financial information acquisition on behavior of investors in the Tehran Stock Exchange
  Fateme Hijroudi Mohammad Doustar Mahmoud Moradi
  The topic of behavior of investors in financial literature has a special position, because investors in the Stock Exchange may exhibit different behaviors, which these behaviors are influenced by several factors such as financial information. In this context, the aim of More

  The topic of behavior of investors in financial literature has a special position, because investors in the Stock Exchange may exhibit different behaviors, which these behaviors are influenced by several factors such as financial information. In this context, the aim of this research is to analyze the role of financial information on the behavior of investors in the Tehran Stock Exchange. Since investors personality has an important role in behavior of investors, the role of moderator of investors personality characteristics are also examined in this study. The current research method is practical in terms of purpose that it has collected by using questionnaire and necessary survey data procedure. The statistical population of this research are all investors who have invested In the Tehran Stock Exchange in 2016. To collect the data, number of 384 questionnaires were distributed randomly among investors. In order to analyze the data used software smart pls2. The Results show that financial information acquisition have a significant positive important on behavior of investors in Tehran exchange. And among of personality characteristics (openness to experience, extraversion, conscientiousness, neuroticism and compatibility) the extraversion and compatibility variables have the role of moderator in this relationship. The openness to experience, conscientiousness and neuroticism variables have not significant moderator impact in this relationship.     Manuscript profile
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  4 - Analysis of Behavioral Reactions in Tehran Stock Exchange
  Hamidreza Vakilifard Ali Saeedi Akbar Eftekhari Aliabadi
  Through Behavioral finance, researchers faced with many exceptions in financial markets and concluded that psychological phenomena play an important role to determine financial markets behavior. In this research, different types of investors’ behavior have been re More

  Through Behavioral finance, researchers faced with many exceptions in financial markets and concluded that psychological phenomena play an important role to determine financial markets behavior. In this research, different types of investors’ behavior have been recognized in different time scales. A general model for Tehran Stock Exchange has been designed by using the time series data, from 2006 to 2010. Wavelet analysis has been used as a statistical and analytical tool to explain trait and multi resolution. Research results show that investors have different reaction after good or bad news,their reaction in long term scale is more distinct than short term. Return of investment derived by price is different in various periods after good or bad news; it has the same trade as the direction of EPS adjustment in short term. But this trend isn’t recognized in long term. Manuscript profile
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  5 - Positive Information Shock, Investors’ Behavior and the Risk of Stock Price Crash
  Majid Amin Masoumeh Jafari
  Purpose: The purpose of the present study is to review the effect of positive information shocks on investors’ behavior and the risk of stock price crash in corporations accepted in Tehran Stock Exchange.Method: This research has a practical objective and it is an More

  Purpose: The purpose of the present study is to review the effect of positive information shocks on investors’ behavior and the risk of stock price crash in corporations accepted in Tehran Stock Exchange.Method: This research has a practical objective and it is an ex-post facto study conducted by descriptive-causal method. The research statistical population consisted of all companies accepted in Tehran Stock Exchange from 2009 to 2011. Random sampling method with systematic deletion was used. For data collection and hypothesis testing, the researchers used the audited financial statements of corporations accepted in Tehran Stock Exchange (available in the library of Tehran Stock Exchange). For data analysis, multivariate linear regression technique was used.Results: The research results indicated that positive information shocks have a significantly positive effect on investors’ behavior and the risk of stock price crash. Positive information shocks decrease disclosure of information, increase information risk, and decline information transparency which ultimately accelerate the crash risk in the stock exchange. In addition, the effect of positive information risks on the crash risk is under the influence of corporation features, supervisory mechanisms, and economic environment.Conclusion: According to the obtained results, it is suggested to the analysts to study the impact of information shocks on important variables effective in the performance of corporations and give the results to the users. Furthermore, minor investors should pay special attention to prevent concealment of bad news by the directors because stockholders' attention is oriented to others’ fuss and their non-expert comments which have filled the market environment and increase the crash risk of the stock price.   Manuscript profile
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  6 - The Impact of Investors' Behavior on Tax Management Approaches in Tehran Stock Exchange
  Nazanin Bashirimanesh Saeed Moinfard
  Purpose: The purpose of the present study is to review the effect of investors' behavior on tax management approaches.Method: In this research, approaches to tax management including tax evasion, tax avoidance, and tax aggressiveness were studied. To this aim, panel dat More

  Purpose: The purpose of the present study is to review the effect of investors' behavior on tax management approaches.Method: In this research, approaches to tax management including tax evasion, tax avoidance, and tax aggressiveness were studied. To this aim, panel data method based on the annual data obtained from accepted corporations in Tehran Stock Exchange during 2014-2021 were used. Finally, 127 corporations were chosen as the sample by systematic deletion technique and data analysis was done by Stata (version 16/with 95% confidence). To measure sentimental tendency and herding behavior of investors, EMSI index and Huang and Salmon Model (2006) were used.Findings: The experimental evidence and results of the research indicate that investors' behavior has a significantly positive effect on tax management approaches. That is to say, with the increase of sentimental and herding behavior among the investors, the directors' tax management in corporations improves.Conclusion: The research results showed that investors' behavioral variables (herding behavior and sentimental tendency) have a direct and positive effect on tax management approaches in corporations. It means that as investors' herding behavior and sentimental tendency increases, tax evasion, tax avoidance and tax aggression goes up, too. Therefore, investors' behavior is confirmed to be an important element to disturb order in financial markets. The results of this research can be effective to improve politicians and investors' decision-making for proper orientation towards the stock market and its consistent management.  Manuscript profile
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  7 - Designing paradigmatic model of investors' behavior at the capital market with an emphasis on local indicators
  Morteza Maryami Yaghoubian Ali Najafi Moghaddam Farideh Haghshenas Kashani Bita Nasrollahi
  10.30495/afi.2023.1977393.1187
  Purpose: The general goal of this research is to provide a model to explain the behavior of real investors in the Iranian capital market with an emphasis on local indicators.Methodology: The research is done using applied and qualitative method based on grounded data th More

  Purpose: The general goal of this research is to provide a model to explain the behavior of real investors in the Iranian capital market with an emphasis on local indicators.Methodology: The research is done using applied and qualitative method based on grounded data theory technique. Data were collected through semi-structured interviews and theoretical sampling continued until the categories were saturated. Then, based on the theoretical systematic approach of Strauss and Corbin in the three main steps of open, central and selective coding, the paradigm model of investors' behavior was presented with emphasis on local indicators.Findings: The findings showed that the central category of the paradigm model and the causal conditions affecting the behavior of investors, in terms of background and involved factors, are placed in two main groups: behavioral-psychological and demographic factors, which are 19 categories of behavioral and psychological factors and demographic factors. 5 categories have the most importance on the behavior of investors.Originality / Value: In many studies, only the semi-conscious aspect of the mind and with medical equipment has been addressed. While in this study, the conscious and alert aspects of investors' minds have been analyzed. Manuscript profile
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  8 - 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