List of Articles Investment performance

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  1 - Exploring the effect of investors' personality on their investment performance with mediating role of heuristic biases
  A. Ebrahimi Lifshagard Kamran Pakizeh Kamiyar Raisifar
  In this research, personality traits, heuristic biases and their effect on the investment performance will be assessed . The research is such an applied survey research and has been carried out over 2016 fall and 2017 winter.In order to reach this goal, the matter was i More

  In this research, personality traits, heuristic biases and their effect on the investment performance will be assessed . The research is such an applied survey research and has been carried out over 2016 fall and 2017 winter.In order to reach this goal, the matter was investigated between 154 individual investors in financial institution in Tehran capital market by using questionnaire tool, random sampling and PLS method .After data processing in the research analytical model framework, the result showed that there is a positive relationship between personality traits and investment. There is also a significant and positive relationship between heuristic biases variables and investment performance. There is positive relationship between personality traits and heuristic. about indirect effect of independent variables on dependent variables it can be concluded that personality traits by mediating rule of the heuristic biases affect positively investment performance with low coefficient path and significant. Manuscript profile
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  2 - The consequences of financial literacy on investment decisions and investment performance
  Saman Rahmani Esfanyar Mohammadi
  Due to the dynamic changes in the economic environment, particularly in financial markets, to improve the financial knowledge of investors, financial literacy is a necessity leading to informed financial decisions. This study aimed to identify the consequences of financ More

  Due to the dynamic changes in the economic environment, particularly in financial markets, to improve the financial knowledge of investors, financial literacy is a necessity leading to informed financial decisions. This study aimed to identify the consequences of financial literacy on investors' decisions and investment performance in Tehran Stock Exchange. In this field study, a standardized questionnaire was used for data collection. The population was composed of individual investors in the Tehran Stock Exchange, and of this population, 344 investors were selected by simple random sampling and were analyzed using Cochran formula. The structural equation modeling and LISREL software were used to assess the relationships between variables. The results of goodness of fit indices such as RMSEA, GFI and AGFI represented the good fit of the model and the utility of results. The results indicated that the impact of the financial attitude and behavior on financial investment decisions was significantly positive. The investment decision also had a significantly positive effect on investment performance Manuscript profile
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  3 - The Study of financial reporting quality ،debt maturity, and investment efficiency in Listed Firms at Tehran Stock Exchange (TSE)
  Ahmad Ghodarzi Hani Babazadeh Shirvan
  This study examines the relationship between financial reporting quality and debt maturity of investment efficiency in listed companies in Tehran Stock Exchange. The population of this study Consist of 99 companies listed in Tehran Stock Exchange which examined in the p More

  This study examines the relationship between financial reporting quality and debt maturity of investment efficiency in listed companies in Tehran Stock Exchange. The population of this study Consist of 99 companies listed in Tehran Stock Exchange which examined in the period 1385 to 1392.Two indicators used in order to measure the investment performance asnoncurent assets and changes in long -term investments, and for quality of financial reporting indicator, quality of working capital accruals are used as a substitute. For debt maturity structure, Long-term debt to total debt ratio is considered as representative of maturity structure. The results showed a significant correlation between the quality of financial statements and performance of investment, but in Tehran Stock Exchange between debt maturity and investment efficiency is inversely related. Manuscript profile
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  4 - Develop a Model of Factors Affecting Investment Performance and Analyze and Compare with Structural Equation Methods and Data Panel
  maryam ajam zahra Lashgari
  The power of profitability and increasing the wealth of shareholders in the enterprise requires the optimal use of resources and performance efficiency, especially in investment; In this regard, the effect of accounting information quality on investment performance was More

  The power of profitability and increasing the wealth of shareholders in the enterprise requires the optimal use of resources and performance efficiency, especially in investment; In this regard, the effect of accounting information quality on investment performance was investigated by the role of auditing quality adjustment and capital cost; Therefore, the proposed theoretical model was first evaluated by distributing a questionnaire among 44 experts by Delphi method and analyzing it by structural equation method. Thus, the most effective factor was the quality of accounting information (profit forecasting) and audit quality (institutional size); Then, the theoretical model designed with selected factors with 138 companies listed on the Tehran Stock Exchange in the period 2013 to 2020 were tested by data panel method. The results showed that the quality of accounting information improves investment efficiency and more or less reduces investment; Also, the quality of the auditor and the cost of capital as moderators strengthen the relationship; These results were confirmed both by questionnaire analysis by structural equations and by regression method. The proposed model of this research can provide a good view of the factors affecting the efficiency of investment for stakeholders to provide the ground for improving the quality of investment and on the other hand to monitor the efficiency of investment. Manuscript profile
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  5 - Testing portfolio strategies based on fundamental, technical and heuristically with behavioral objects and characteristics of Tehran stoke market investors
  Esfandyar Shahmansuri
  Objectives and strategies have a significant relation with investors’ performance. In this research, we study and classified strategies and objects of individual investors in Tehran stock exchange. First investor’s objectives divided to 5 groups like financi More

  Objectives and strategies have a significant relation with investors’ performance. In this research, we study and classified strategies and objects of individual investors in Tehran stock exchange. First investor’s objectives divided to 5 groups like financial capital growth, Building financial buffer, saving for retirement, hobby and speculation. Then their strategies classified in 3 conventional strategies: fundamental, technical and heuristically. Finally according to behavioral characteristics like risk taking, aspiration levels and over confidence we tested relation among these objectives and strategies with their investors’ performance. Testing behavioral portfolio based on investment objectives and investing strategies for simulation of 120 strategies during 1393-1389 shows that fundamental, technical and heuristically strategies with high risk portfolios have made higher return toward average Stock index. Results show that behavioral characteristic of investor’s has a significant effect on objectives and investing strategies and their performance. There is a relation between aspiration level and risk taking with investor’s objectives, especially there is a strong significant relationship for investors whose object is makes capital grow. Tests show that investors with technical strategy, has higher aspiration and risk taking level but the average yield of this approach is lower than average yield of fundamental strategy. These results are opposite of Shefrin and Hafman(2011) results. Investors, who use fundamental strategy in financial market of Iran, pursued Building financial buffer and capital growth.   Manuscript profile
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  6 - "Investigating the role of psychological characteristics in the relationship between investor personality and investment performance"
  Ali Laalbar mehdi mirzayi nasrin khankesh
  10.30486/FBRA.1402.928162
  Behavioral finance which is regarded as psychology application in finance, has become an up-to-date topic in the world and specially Iran after crashing the bubble of stock prices in most countries.Behavioral finance’s tries to say that human being as an investor More

  Behavioral finance which is regarded as psychology application in finance, has become an up-to-date topic in the world and specially Iran after crashing the bubble of stock prices in most countries.Behavioral finance’s tries to say that human being as an investor is not completely logical entity and they take their decisions and investment performance according to the existing situations and impressed by a variety of elements that these decisions can be illogical.psychological characteristics and personality are one of the most important factors which affect investment performance.The purpose of this research was to investigate the role of psychological characteristics(financial overconfidence and risk tolerance)in the relationship between investor personality characteristics (responsibility, neuroticism, adaptability, openness to experience and extroversion) and investment performance.The research method is applied in terms of purpose and descriptive and survey in terms of nature.The statistical population of the research includes the investors of Tehran Stock Exchange during the year 1400,based on Cochran's formula, 387 people were selected as a sample and randomly available.The data collection tool in this study is based on a questionnaire.Data analysis is performed by structural equation modeling(SEM)technique Confirmatory factor analysis.According to the data analysis, the results showed that personality traits affect the perceptual performance of investment and the personality of investors has a significant effect on their financial overconfidence and investors with higher(lower)level more Financial confidence has a higher(lower)perceptual performance of the investment.Also, personality affects the perceptual performance of the investment through financial overconfidence.Investors' personality has a significant effect on their financial risk tolerance. Manuscript profile