فهرست مطالب hamidreza mehravar

Frequent changes in the balance between trading strategies based on existing conditions are very useful. It is necessary to be sure of the optimal combination of strategies used at regular intervals, Therefore, the purpose of this study is to investigate the quality of financial reporting, investment horizon and trading strategy of institutional investors of companies listed on the Tehran Stock Exchange. This research has been conducted in 135 companies listed on the Tehran Stock Exchange that have been selected based on the systematic elimination method. Also, this research has been done based on the information contained in the financial reports of companies in the period of 2009 to 2018. The method used is regression based on panel data. The results of the study regression model showed that the quality of financial reporting has a significant and positive effect on the relationship between short-term (long-term) institutional investors' horizons and trading strategy. In addition, the research findings indicate that the quality of financial reporting has a greater impact on the relationship between long-term institutional investors and trading strategy than short-term institutional investors. The results showed that when institutional investors have a long-term investment outlook and a low turnover, they have sufficient incentive to encourage managers to improve the quality of financial reporting and disclosure and to monitor managers' behavior. But short-term institutional shareholders are temporary investors who pay more attention to current earnings in determining stock prices,

Institutional investors have a sufficient incentive to encourage managers to improve the quality of financial reporting and disclosure and to monitor manager's behavior. The purpose of this study is to investigate the quality of financial reporting, investment horizon and trading strategy of institutional investors of companies listed on the Tehran Stock Exchange. This research has been conducted in 135 companies listed on the Tehran Stock Exchange that have been selected based on the systematic elimination method. Also, this research has been done based on the information contained in the financial reports of companies in the period of 2009 to 2018. The method used is regression based on panel data. The results of the study regression model showed that the quality of financial reporting has a significant and positive effect on the relationship between short-term institutional investors and trading strategy but short-term institutional shareholders are temporary investors pay more attention to current earnings in determining stock prices than to encourage managers to improve the quality of financial reporting and disclosure.

 Behavioral Finance is a new paradigm in financial markets that recently and in response to problems, that modern financial paradigm is facing, try to explain anomalies events in financial area. Pricing anomalies in pricing models are reported in asset pricing literature as well as in behavioral finance literature. The purpose of this research is examining some other behavioral factors like herding and momentum returns at the industry-level at Tehran Stock Exchange and Iran Fara bourse. By using portfolio methodology at industry-level, and price data of listed companies at Tehran Stock Exchange and Iran Fara bourse during 12/07/2008 to 11/13/2018, herding and momentum returns are calculated for 24 industries that had at least five companies. At the first stage, preliminary results show the existence herding and momentum returns. At the second stage, pooled regression analysis shows that short-term subsequent return (1 month), medium-term  subsequent return (2 month) and long-term subsequent return (3 month), have a significant relationship with herding and momentum returns. At last, Portfolio Study Methodology is used for making stock portfolio based on herding and then momentum and premium subsequent returns of portfolios is calculated. Again, the findings indicate that portfolio with herding and momentum factors has higher return in comparison with the portfolio without mentioned factors, and herding factor result to higher return or momentum portfolios