kyvan faramarzi

The stock price reaction delay is one of the important and influential components on the inefficiency of the stock market in Iran. In this study, the role of the effective criteria on the stock price reaction delay is investigated using equation version 3 modeling. This study is a correlation-survey research in terms of method and is an applied research in terms of purpose. First, a sample consisted of 42 experts was selected and through interviews with them, the initial model (grounded theory) and data collection tools were designed. According to the opinion of experts and theoretical foundations, the researcher-made questionnaire was given to 200 people in the statistical population of the research and finally 112 questionnaires were received. Influential variables were classified into 8 main groups, including: macro factors, psychological factors, market failures, company-specific characteristics, quality of accounting information, corporate governance characteristics, market and stock characteristics and published news sources, and influential criteria were identified. The results indicated that except for the variable of characteristics other variables have significant and influential on the delay of the stock price reaction. Findings of the study confirm that due to the importance of the delayed reaction of stock prices in market efficiency, it is necessary to pay more attention to this issue and the factors affecting it.

The aim of current study was to provide a model for predicting stock price reaction delay based on grounded theory. In the present study,semi-structured interviews have been used as data collection tools and snowball or chain sampling methods and purposeful sampling has been used to select the sample which based on the principle of theoretical adequacy The research data were analyzed using open, axial and selective coding. Results In this study, based on 42 conducted interviews, a total of 607 interview codes, 101 sub-categories (concepts) and 11 main categories were extracted. Then the qualitative model of the research is designed and based on the analysis of data (interviews) the link between the categories in the form of causal conditions, contextual conditions, intervening conditions, strategies and consequences has been conducted. The results indicated that macro factors and market shareholders are effective in predicting the stock price reaction delay.On the other hand, according to these affecting factors, strategies to improve the stock price reaction delay prediction, including the establishment of corporate information and financial statements, corporate information, market performance criteria, management and corporate control which are aroused in the context of affecting factors and interferers, are presented.