List of Articles Anchoring

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  1 - The Effect of Anchoring Bias and Disposition Effect on Momentum Profit with Regard to the Role of Retail Investors
  Fatemeh Soltani Afsaneh Soroushyar Masoud Fooladi
  10.30495/jfksa.2022.19836
  With the growth of financial-behavioral hypotheses and conducting numerous studies to identify the effect of behavioral biases, one of the areas that has been considered by researchers is the field of research related to momentum strategy.The purpose of this study is in More

  With the growth of financial-behavioral hypotheses and conducting numerous studies to identify the effect of behavioral biases, one of the areas that has been considered by researchers is the field of research related to momentum strategy.The purpose of this study is investigating the disposition effect and anchoring bias separately and in combination with each other to impact momentum profits ad the role of retail investors in this relationship. The statistical population of the study includes companies listed in the Tehran Stock Exchange and the statistical sample includes 136 companies during the years 2007 to 2020. In this study, the effect of disposition effect has been calculated using the approach of Greenblatt and Han (2005) and Frazzini (2006) and the anchorage bias according to the method of George and Hwang (2004). The methodology of Jegadeesh and Titman (1993) has also been used to calculate momentum profits.To test the research hypotheses, the five-factor model of Fama and French (2015) has been used. The results of testing the research hypotheses show that the disposition effect increases the momentum profit. Anchoring bias also leads to an increase in momentum profit. Another result of the research indicates that the interaction effect of anchoring bias and the disposition effect while these two reinforce each other, is also associated with an increase in momentum profit. Finally, when anchoring bias and disposition effect work together, the presence of a high percentage of retail investors increases momentum profits. Manuscript profile
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  2 - Informational uncertainty a criterion to explain stock returns (Behavioral Approach)
  Fraydoon Rahnamay Roodposhti Hashem Nikoomaram Mohammad Hesam Jahanmiri
  The aim of this study is to investigate the informational uncertainty as a criterion to explain stock returns by a behavioral approach to the companies listed on the Tehran Stock Exchange. The informational uncertainty criteria include the book value to market value ( More

  The aim of this study is to investigate the informational uncertainty as a criterion to explain stock returns by a behavioral approach to the companies listed on the Tehran Stock Exchange. The informational uncertainty criteria include the book value to market value (BV / MV), company age (Age), the size of the entity (MV), lowest price to the highest price of the stock ratio (LHR), the standard deviation of stock returns (STD) and the standard deviation of operating cash flow (CFVOLA). To investigate this issue a main hypothesis and four sub-hypotheses developed for this purpose and data of 99 companies of Tehran Stock Exchange was analyzed for the period 2007 to 2014. Results show that for all the variables except for STD (standard deviation of stock returns), by increasing the degree of informational uncertainty, stock returns trend increases for winning portfolios.   Manuscript profile
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  3 - The Impact Of Heuristic Biases In Investment Decision-Making And Perceived Market Efficiency A Survey At The Tehran Stock Exchange
  Mohammad Sayrani Moharram razmjoy Raheleh Samari
  10.30486/fbra.2023.1987550.1199
  After the global crisis of 2008 and the severe fluctuations of financial markets around the world, the study of investor behavior has received more attention in the field of behavioral finance, and investors' emotions have been one of the key factors determining market More

  After the global crisis of 2008 and the severe fluctuations of financial markets around the world, the study of investor behavior has received more attention in the field of behavioral finance, and investors' emotions have been one of the key factors determining market movements. Behavioral finance is an evolving field that studies how and what. In this context, it seems important to study the role of emotions such as fear, greed, expectation, as well as the impact of the unconscious mind and beliefs in shaping investment decisions and its impact on market efficiency. This thesis seeks to find an important impact. The most behavioral financial concepts (or cognitive biases) such as overconfidence, stereotypes, familiarity and reliance on individual investors' decisions and market efficiency in Tehran Stock Exchange.The primary data for testing the research model was collected by distributing a structured questionnaire among 400 individual investors active in the Tehran Stock Exchange, and the data of 386 investors was used as the basis for processing. Also, structural equation modeling or partial least squares method was used for data analysis.The findings of this research show that there is a positive and significant relationship between overconfidence biases and representation with the perceived efficiency of the market and investors' decisions, as well as a negative and significant relationship between familiarity with market efficiency and investors' decisions. Yes, but the significance of the relationship between these two variables with reliance bias was not confirmed. Manuscript profile
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  4 - Analysis of allegory of Marzban nameh with the approach of cognitive strains (anchoring)
  Maliheh Pakrooh shirin samsami
  10.30495/jpll.2023.1984285.1301
  Decision making is one of the important characteristics of human life. Also, knowing mental biases can help people to make less mistakes when making decisions. The research issue is teaching mental biases to the audience in the form of parables. The importance of this e More

  Decision making is one of the important characteristics of human life. Also, knowing mental biases can help people to make less mistakes when making decisions. The research issue is teaching mental biases to the audience in the form of parables. The importance of this essay is in explaining the decision-making skill without being influenced by mental bias. The purpose of this essay is to explain anchoring bias using allegory for the audience and using the teachings of psychology and literature in everyday life.The attempt is to answer the question, what is anchoring bias? And what solutions are presented in the parables of Marzban nameh to deal with this bias? So far, no research has been done specifically in the field of cognitive biases in Marzban nameh. The descriptive research method is an analysis that has been done using library resourcesThe findings of this article show that using parables is the best way to teach the audience and in order to avoid falling into the trap of anchoring error, it is better to be patient when making decisions and collect more information. Manuscript profile
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  5 - Effective methods to reduce the pit wall displacement (Case study: Pars complex project)
  Masoumeh Mehrabi Ali Uromeihy
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  6 - The Effect of Financial Literacy on Behavioral Biases of Representiveness and Anchoring and Analyzing their Effect on the Performance of Investors in the Tehran Stock Exchange using Non-Parametric Models of Structural Equations
  Amin Roshangarzadeh Mohsen Dastgir Rahman saedi
  10.30495/faar.2023.1987286.3671
  Most of the financial theories are based on the fact that people act rationally when faced with economic events. This hypothesis is the main basis of the efficient market hypothesis. However, behavioral researches ignore this basic hypothesis and shows that investors ha More

  Most of the financial theories are based on the fact that people act rationally when faced with economic events. This hypothesis is the main basis of the efficient market hypothesis. However, behavioral researches ignore this basic hypothesis and shows that investors have behavioral biases when making decisions about investment issues. The present study tries to investigate the effect of financial literacy on the behavioral biases including representiveness and anchoring and their effect on the performance of investors. For this purpose, information related to 509 investors in Tehran Stock Exchange was collected through a questionnaire, and for analysis, after designing the conceptual model, non-parametric modeling of structural equations and PLS software were used. The results of this research showed that the increase in financial literacy reduces the behavioral biases of representiveness and anchoring among investors. Reducing the behavioral biases of representiveness and anchoring increases and improves the performance of investors in the Tehran Stock Exchange. On the other hand, the results of the research showed that representiveness behavioral bias has a significant effect on anchoring bias, which means that people who are subject to representiveness bias are also likely to be subject to anchoring bias. Manuscript profile
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  7 - The Development and Assessment of Stock Pricing Model Based on the Anchoring and Adjustment Theory
  Mohammad Noroozi daruosh foroughi farzad karimi
  The Financial market analysis is an important issue that influences investors' decisions. This paper developed the stock pricing model by comparing the predicted stock price based on the anchoring and adjustment theory and the real stock price through collecting and ana More

  The Financial market analysis is an important issue that influences investors' decisions. This paper developed the stock pricing model by comparing the predicted stock price based on the anchoring and adjustment theory and the real stock price through collecting and analyzing the initial information and data of 122 companies listed on the Tehran Stock Exchange during the period 2011 to 2019. The results of this study show the effectiveness of the anchoring and adjustment theory based on the separation of stock return components and measuring the irrationality coefficient and emotional reactions of investors' decisions in stock prices. Accordingly, the limitations of investors 'ability to process information seem to affect the level of use of reasoning and rationality in decision-making and the effect of bounded rationality through the irrationality and limited attention on stock pricing. Therefore, it is expected that knowledge about the process of bounded rationality based on the rational bounded of investors and the behavioral biases resulting from the irrational part of their thinking, will provide a good explanation for the process of changes in financial markets. This can provide both profit opportunities and costs in investment management so that it can be used in modeling, analysis and investmentstrategies. Manuscript profile