Behavioral Reactions An Analysis Based on the Data Derived from the Tehran Stock Exchange
Throughout the field of behavioral finance, researchers faced with many exceptions in the financial markets, concluded that psychological phenomena play a major role in determining the behavior of the financial markets. In this research, different types of investors’ behavior are recognized in diffe...
| Main Authors: | , , |
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| Format: | Article |
| Language: | fas |
| Published: |
Alzahra University
2013-09-01
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| Series: | راهبرد مدیریت مالی |
| Subjects: | |
| Online Access: | http://jfm.alzahra.ac.ir/article_961_094f645c27f2367386351b673d152a56.pdf |
| Summary: | Throughout the field of behavioral finance, researchers faced with many exceptions in the financial markets, concluded that psychological phenomena play a major role in determining the behavior of the financial markets. In this research, different types of investors’ behavior are recognized in different time scales. A general model for the Tehran Stock Exchange was designed, using the time series data, from 2006 to 2010. Wavelet analysis was utilized as a statistical and analytical tool to explain trait and multi resolution. The research results show that investors exhibit different reactions after good or bad news. Their reactions on a long term scale are more distinct from those in the short term. The return of investment derived by price is different in various periods after good or bad news; it has the same trend as the direction of EPS adjustment in the short term. But this trend is not recognized in the long term, and is rather reversed. |
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| ISSN: | 2345-3214 2538-1962 |