List of Articles G41

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  1 - Role of Psychological Prejudice on Financial Satisfaction of Investors: Evidence from Investors in Tehran Stock Exchange
  Mehrdad Nemati Saman Rahmani Nowruzabad
  10.30495/fed.2023.702180
  Abstract The Purpose of This Study was to Identify the Effect of Psychological Bias on Financial Investors' Satisfaction in Tehran Stock Exchange. In this field of research, in order to collect data field method and standard questionnaire were used. The validity of que More

  Abstract The Purpose of This Study was to Identify the Effect of Psychological Bias on Financial Investors' Satisfaction in Tehran Stock Exchange. In this field of research, in order to collect data field method and standard questionnaire were used. The validity of questionnaire was checked by experts. In the next step, the reliability of the questionnaire was investigated using Cronbach's alpha coefficient. The results confirm that the questionnaire has the necessary reliability. The statistical population of this research is real investors in Tehran Stock Exchange. Considering that the number of the statistical population is unlimited, the desired sample size of 384 people was randomly selected using Cochran's formula and investigated. In order to Investigate the Relationship Btween the Variables of Research, Structural Equation Modeling Technique and LISREL Software have been used. Good Fitting Indicators Such as RMSEA, GFI, and AGFI Indicate Good fit of the Model and the Usability of the Results. The Results show That the Effect of Excessive Self-confidence, Reliance on Financial Experts, Tendency to Classify Money, Tendency to Budgeting, Tendency to adapt, Social Responsibility, Reliance on Spouse and Self-control on Positive Financial Satisfaction and Meaningful Manuscript profile
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  2 - Modeling the impacts of OPEC oil price fluctuations on the Iranian investors sentiments- nonlinear and time-varying parameter
  S. Kazem Chavoshi Arefeh Sharifi
  10.30495/fed.2023.698842
    Abstract In classical finance, investors sentiment play no role in expected returns and stock prices, but behavioral finance believes that investors decisions are influenced by their sentiment.In oil-producing countries, including Iran, the news of OPEC oil pri More

    Abstract In classical finance, investors sentiment play no role in expected returns and stock prices, but behavioral finance believes that investors decisions are influenced by their sentiment.In oil-producing countries, including Iran, the news of OPEC oil price fluctuations affects investors sentiments . we used the monthly data for the period of research 2008 to 2021.The research method of this article is an application uses the nonlinear and time varying parameter models.The results show that OPEC oil price fluctuations on investors' investment follow nonlinear process .Change in a standard deviation in OPEC oil price fluctuations over time has a U-shaped effect on investor sentiment (moving on a horizontal axis).Changes in standard deviation in OPEC oil price fluctuations in each period (moving on the transverse axis), at the beginning of the second period have a strong negative effect and in the middle and end of period have a small negative effect on investors sentiments. Manuscript profile
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  3 - Assessing the Relationship Between Internal and External Information Shocks and Investor Behavioral Biases
  Maryam Moradi Zahra Pourzamani
  10.30495/fed.2023.705592
  Abstract Classical economics and the study of financial markets from a normative point of view have their foundations laid in the rationality of economic agents. The main hypothesis revolves around decision making under rationality. on the other hand,investors do not a More

  Abstract Classical economics and the study of financial markets from a normative point of view have their foundations laid in the rationality of economic agents. The main hypothesis revolves around decision making under rationality. on the other hand,investors do not act as if they are rational,the contrary,exhibit many biases that lead to poor investment decisions in specific contexts.These cognitive errors are due to investors’ inability to certainly know market movements for the next periods, which inclines them to make biased decisions.This paper wishes to analyze the behavior of investors from Tehran Stock Exchange to see if they are prone to behavioral bias under the conditions of information shock. To achieve the research goal, data of 106 sample companies were collected in the period 2013-2020 and analyzed by descriptive-correlation analysis using multiple regression test. The results showed that there was only a significant relationship between internal information shock (fundamental changes in institutional ownership) and behavioral bias of investors' Loss aversion and Self-control Bias and no significant relationship was found with other internal and external shocks. Also, there is no significant relationship between internal and external shocks and behavioral bias of Information Salience. Manuscript profile
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  4 - The effect of economic variables on the behavior of stock prices of companies admitted to the stock exchange
  Leila Asiabii Aghdam Ashkan Rahimzadeh Yadollah Rajaei
  10.30495/fed.2022.694715
  AbstractCausal relationships and dynamic interactions between macroeconomic variables and stock price index are very important in formulating macroeconomic policies and political policies of a country. In this article, the effect of economic variables on the behavior of More

  AbstractCausal relationships and dynamic interactions between macroeconomic variables and stock price index are very important in formulating macroeconomic policies and political policies of a country. In this article, the effect of economic variables on the behavior of the stock price of the company admitted to the stock exchange was investigated. The research method of this article is based on the purpose of the article (examining the effect of economic variables on the behavior of the stock price of a company admitted to the stock exchange) and is of an applied type. An attempt was made in this article; By explaining the theory and designing a model and using the econometric methods of the TAR threshold self-return model, the effect of economic variables on the behavior of the stock price of the company admitted to the stock exchange was investigated. In reviewing and compiling the subject literature, statistical tables and global databases were used to collect the required statistics and quantitative information. The statistical population of this research is all the economic variables of the research, which are the data of the research variables from 1370 to 1398 (a period of twenty-nine years). The results of the analyzes using the econometric methods of the TAR threshold self-return model, there is a significant relationship between the economic variables and the stock price index in the stock exchange, but in the regime of the behavior of the variables on the stock price index in the stock exchange. Is different. Manuscript profile
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  5 - Selection of Stock Asset Portfolio Based on Behavioral Economics Method: A Case Study of Tehran Stock Exchange
  لیلا آسیابی اشکان رحیم زاده نعمت فلیحی یدالله رجایی
  The main purpose of this paper is to investigate selection of stock asset portfolio based on behavioral economics method (case study: Tehran Stock Exchange). Regarding method, this research is applied and in terms of time it is cross-sectional. In order to test the rese More

  The main purpose of this paper is to investigate selection of stock asset portfolio based on behavioral economics method (case study: Tehran Stock Exchange). Regarding method, this research is applied and in terms of time it is cross-sectional. In order to test the research hypotheses, one-sample t-test was used and Friedman test was used for ranking. The statistical population of this research includes two classes; the first class is related to high-ranking experts and officials of Tehran Stock Exchange and the second is related to the statistical population of brokers and investors active in the stock market of Tehran Stock Exchange. The sample size in the first part was selected non-randomly including 20 people and in the second part, considering that the number of statistical population was unknown, the number of sample size selected was 384 people. Field method of research and a researcher-made questionnaire were used to collect the questionnaire data. The face validity of the questionnaire was examined by experts and the content validity of the questionnaire was assessed using the Delphi method. It was shown the validity of the questionnaire’s questions is acceptable. Then, the reliability of the questionnaire was evaluated using Cronbach's alpha coefficient. The obtained results indicated that the research questionnaire has the required reliability. Then, the collected data were analyzed in two sections of descriptive and inferential statistics. The results of one-sample t-test showed that selection of stock asset portfolio based on behavioral economics method (psychological factors), loss aversion of individuals, mass behavior of individuals, conservatism (bias), accessibility of information and excessive self-confidence affect the decision of investors in the stock market of Tehran Stock Exchange. Friedman's ranking showed that loss aversion is placed in the first place, mass behavior of individuals in the second place, and conservatism (bias) in the third place. Manuscript profile
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  6 - Behavioral biases and decisions of individual and institutional investors based on technical information in Tehran Stock Exchange
  محمد زینی وند محمد حسن جنانی محمود همت فر محمدرضا ستایش
  10.30495/fed.2021.687929
  In this study, the behavioral biases and decisions of individual and institutional investors based on technical information in the Tehran Stock Exchange were investigated. For this purpose, two market situations, including the passage of support and proximity to resista More

  In this study, the behavioral biases and decisions of individual and institutional investors based on technical information in the Tehran Stock Exchange were investigated. For this purpose, two market situations, including the passage of support and proximity to resistance, and the decline of resistance and proximity to support as technical levels in investment decisions have been studied and the effect of 15 behavioral biases of investors in both groups of individual and institutional investors on financial decisions based on buying, selling or not taking action for the transaction were tested. The statistical population of the study included individual and institutional investors in the Tehran Stock Exchange, which 385 individual investors and 100 institutional investors were selected by available sampling method, and the questionnaires were provided to them. In order to analyze the data obtained from the questionnaire, polynomial logistic regression models was used and the results showed that the behavioral biases of individual and institutional investors had different effects on their investment decisions at the levels of resistance and support, and behavioral bias among individual investors has also been more predictive of their investment decisions. The results also showed that the behavioral biases of short-sightedness, excessive optimism and one-dimensional analysis were the same between the two groups of investors.   Manuscript profile
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  7 - Behavioral factors affecting the decisions of foreign investors in Iran
  Mozhgan Babaee Yadollah Rajaei Ashkan Rahimzadeh Mohammad Dalmanpour
  10.30495/fed.2024.709351
  Abstract One of the basic strategies in supporting Iranian labor and capital is to pay attention to foreign investment. Obviously, foreign investment can lead to the transfer of technology and technical knowledge, improve management and marketing methods, training and More

  Abstract One of the basic strategies in supporting Iranian labor and capital is to pay attention to foreign investment. Obviously, foreign investment can lead to the transfer of technology and technical knowledge, improve management and marketing methods, training and education of human resources, easier access to export markets, and so on. so; The main purpose of this article was to investigate the behavioral factors affecting the decisions of foreign investors in Iran in both econometric and qualitative sections. In this article, data in the econometrics section were collected annually in the period of 1372 to 1400, and in the qualitative section, a questionnaire (researcher-made) field method was used to collect information and data. To determine the validity of the questionnaire and test, experts were consulted and the questionnaire in terms of validity (validity) was approved by obtaining the opinion of the respected supervisor. On the other hand, some questions lacking the necessary characteristics were removed and some ambiguous questions were corrected, which indicates the formal validity of those questions in the questionnaire. Then, in this study, content validity ratio was used to examine the validity of the questions. The results of the analysis based on the AR model indicate that an increase in foreign direct investment (FDI) in the previous period will increase foreign direct investment (FDI) by investors from the country, the reason for this should be sought in behavioral economics. The results obtained from the analysis of t-test show that the mean ‌behavioral economics variables (risk aversion, herding behavior, social security, conservative mental accounting (bias) and orientation) influence the decisions of foreign direct investors. Is transient and is statistically valid. Manuscript profile
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  8 - Studying the cognitive bias in investors' behavior for stock price fluctuations
  بهزاد سعادت زاده حصار رسول عبدی حیدر محمدزاده سالطه محمد نریمانی
  10.30495/fed.2021.687880
  This research aims at studying the cognitive bias in investors' behavior for stock price fluctuations in Tehran Stock Exchange. The methodology of this research was descriptive-correlational and path-analysis. The statistical population of this research was all the list More

  This research aims at studying the cognitive bias in investors' behavior for stock price fluctuations in Tehran Stock Exchange. The methodology of this research was descriptive-correlational and path-analysis. The statistical population of this research was all the listed investors in Tehran Stock Exchange out of which, 384 people were selected by the convenient sampling method.  Morgan table was used in this research to determine the sample volume. The measurement tools were the researcher-made questionnaires whose validity and reliability was confirmed after design and evaluation by professors and statistical methods. In addition, the beta coefficient was calculated to identify and compare the intensity and effect of cognitive bias components. The results of studying the mediating relationships of research variables showed the positive and significant relationship in 0.001 level between the cognitive bias and investors' behavior under low fluctuations with path coefficient (indirect) (0.35). In addition, there was a positive and significant relationship between the cognitive bias and investors' behavior under the high fluctuations with path coefficient (indirect) (-0.30) in 0.001 level.  Therefore, it can be claimed that the cognitive bias reduced under the low fluctuations. As a result, the investors' behaviors were less influenced by the cognitive bias. On the other hand, the high fluctuations negatively influenced the investors' behavior and increased the errors.    Manuscript profile
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  9 - Investigating the effects of investment banks index on Iran Stock Exchange price index
  Abbas Papizadeh Palangan Nemat Falihi Shahriar Nesabian
  10.30495/fed.2023.698855
  AbstractAn investor bank is a financial organization that acts as an intermediary between the securities issuing company and the purchasing community. And since most companies are financed through the issuance of securities and this method has a significant contribution More

  AbstractAn investor bank is a financial organization that acts as an intermediary between the securities issuing company and the purchasing community. And since most companies are financed through the issuance of securities and this method has a significant contribution to the development of the country's financing system, the role of investment banks in the securities issuance process is very important. The main purpose of this article; Identifying the indicators of investment banks in the public and private sectors is based on the stock price index. The scope of the research is between 1390 and 1400, to collect statistical information from primary market, secondary market and financing data (Omid Capital, Amin Capital, Maskan Bank Capital, Mellat Bank Capital, Tamadon Capital, Sepehr Capital, Kardan Capital Financing, Lotus Parsian Capital Financing, Novin Capital Financing) have been used as effective indicators of investment banks and the short-term investment rate of investment banks and the stock price index. The method of analysis of this research is self-regression econometric model (panel). Using Fisher's exact test and Johansen co-integration test, static and long-run relationships of variables were examined. There is a level of 0.95 between the variables; Then, using shock analysis and analysis of variance, it was shown that among the effective indicators of investment banks (initial public offering) in public and private banks, the most impact is on the stock price index. Manuscript profile