Financial Economics
Habib Ansari Samani; dariush Fareed; golnazosadat alavi nasab; farzaneh jandaghi
Abstract
In the past two years, the Tehran Stock Exchange has experienced severe fluctuations and a significant decline due to various factors. One of the important factors is the herding behavior of investors, Investors in the Tehran Stock Exchange exhibit emotional and sometimes irrational behaviors towards ...
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In the past two years, the Tehran Stock Exchange has experienced severe fluctuations and a significant decline due to various factors. One of the important factors is the herding behavior of investors, Investors in the Tehran Stock Exchange exhibit emotional and sometimes irrational behaviors towards buying and selling orders as well as market growth and recession, which can lead to herding behavior. Therefore, the aim of this study is to investigate the effect of herding behavior of investors on stock price fluctuations and industry indices. The target population of the study is all active and accepted companies in the Tehran Stock Exchange whose shares have been traded from 2015 to 2021, and a sample of 156 companies has been selected from among 18 industries using systematic elimination method. In order to collect the required financial data and information, reported data from financial statements and audited financial statements of listed companies for a period of 7 years have been used and analyzed. Various statistical tests such as Limmer and Haseman F-test, Breusch-Pagan test, and panel data test have been used for inferential analysis of variables, and the results have been estimated using time series regression models and panel data, indicating that the herding behavior of investors has a significant impact on stock price fluctuations and industry indices. Additionally, these emotional behaviors and decision-making of investors can lead to increased volatility of returns and market instability.
Ali Akbar Naji Meidani; Sayedeh Zahra Shakeri; Fatemeh kobra Bata
Abstract
Stock is an item of financial assets portfolio. So, understanding the factors influencing its value concerns investors. Price changes in the stock Exchange is not only due to internal factors such as dividends, net profit and cash flows of the companies, but also external factors such as macroeconomic ...
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Stock is an item of financial assets portfolio. So, understanding the factors influencing its value concerns investors. Price changes in the stock Exchange is not only due to internal factors such as dividends, net profit and cash flows of the companies, but also external factors such as macroeconomic variables. Automotive industry, in the world, is one of most strategic industries and in Iran has the highest share in GDP after oil industry.
This paper investigates the relationship between stock price of automotive companies in Tehran Stock Exchange and monetary macro variables such as exchange rate and consumer price index by using panel data from 2004 - 2010.
Our results show direct and significant relationship between stock prices of the companies with their dividends and real incomes and so with the exchange rate ,while there is a negative relationship between stock price and consumer price index.
Mansour Zarra Nezhad; Yaser Taimori Asl
Abstract
Study of the changes in the stock price in Tehran stock exchange is of great
importance. This is because of its application in forecasting the stock price in the
stock exchange.
The aim of this article is to investigate the forces and mechanisms that cause the
dramatic changes in stock price and ...
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Study of the changes in the stock price in Tehran stock exchange is of great
importance. This is because of its application in forecasting the stock price in the
stock exchange.
The aim of this article is to investigate the forces and mechanisms that cause the
dramatic changes in stock price and the formation of chaotic trend. To test whether
the chaotic trend in the Tehran stock exchange exists, the daily stock price of
Bakhtar Cable Company (as a sample) for the period of 05/25/2008-08/20/2008 has
been tested using the Brock, Dechert and Scheinkman (BDS) test.
The results showed that there exists chaotic behavior in the stock price time series,
and the stock price moves in trend. The findings of the research confirmed that
chaotic method can be applied to detect and forecast the stock price trend in Tehran
stock exchange.
S. Jamaledin M. Zonouzi
Abstract
In last 1990 decade and early 21 century due to high fluctuations in assets prices and occurring asset price bubbles, most studies in monetary economics has concentrated on the reaction of monetary policy to movement in asset prices.
The purpose of this paper is to analyze the suitable reaction ...
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In last 1990 decade and early 21 century due to high fluctuations in assets prices and occurring asset price bubbles, most studies in monetary economics has concentrated on the reaction of monetary policy to movement in asset prices.
The purpose of this paper is to analyze the suitable reaction of monetary policy to movement in asset prices in Iran. This analysis is based on the Structural VAR class of models, which allow assessing the importance of assets prices for central bank targeting. In this article, assets prices include housing prices, stock prices, exchange rates and gold (coin) prices in period of 1989/Q2-2007/Q1.
According to the results, the expansionary monetary policy (real liquidity) shocks as a significant effect on stock prices, housing prices and exchange rates. The gold prices are more affected by dollar prices fluctuations. Housing prices, gold prices, and exchange rates explain 20 percent of output (GNP) fluctuations, but stock prices do not explain output fluctuations significantly. Therefore, exchange rate, housing prices, and gold prices have important role in transferring monetary shocks to output fluctuations respectively.
