جستجوی مقالات مرتبط با کلیدواژه "behavioral finance" در نشریات گروه "اقتصاد"

Narcissism is a prominent personality trait, particularly common among corporate leaders, with a significant impact on their judgment and decision-making. This influence extends to the level of investment in research and development (R&D) within the companies they lead, potentially affecting corporate innovation. This study examines the impact of CEO narcissism on corporate innovation and the moderating effect of credit risk. Given the research constraints, a sample of 26 pharmaceutical companies listed on the Tehran Stock Exchange from 1389 to 1401 was analyzed. Data were collected from explanatory notes attached to financial statements and board reports. CEO narcissism was measured using signature size, while corporate innovation was assessed through R&D expenditure. Hypotheses were tested using panel data (with year effects controlled) and multivariate regression models. The results reveal that CEO narcissism does not affect corporate innovation. Additionally, credit risk does not moderate the relationship between CEO narcissism and corporate innovation. These findings expand the theoretical understanding of CEO narcissism and offer practical implications for R&D investment decisions and the selection of corporate managers.

This study measured the investor sentiment to understand its role in the behavior of the Tehran Stock Exchange and its relationship with the stock price during a monthly period from March 2016 to March 2022. The returns on some TSE-listed indices were compared to analyze the relationship between the investor sentiment and the stock price. This study improves our understanding of the price formation process at purchases or sales caused by sentiments acting as the major determinant of the stock price change. Statistical evidence indicates the impact of sentiments on the price formation process in specific TSE-listed indices. The autoregressive integrated moving average (ARIMA) was employed to estimate parameters and the behavior induced by the investor sentiment. According to the results, they respond asymmetrically to sentiment changes and trade more aggressively when sentiments reduce. There are also significant relationships between some of the market variables and the investor sentiment. Finally, comparing the sentiment index with each price index of the market will lead to the conclusion that there is a positive significant relationship between the sentiment tendency and the price formation process at the Tehran Stock Exchange.

Due to the expansion of the capital market in the past years and the people's unique acceptance of this market, behavioral financial studies of individual investors have become more important. The complexity of the decision-making process has caused any decision to be influenced by the Attributes of each investor. Risk-taking capacity is one of the most important components that is a function of the decision maker's Attributes. This study seeks to empirically identify the factors affecting the risk-taking capacity of investors. So far, few researches have been done regarding the risk-taking capacity of individual investors in the capital market, and there is little information about the behavior of investors in this field. Therefore, there is a significant gap in this field and this study helps to fill this gap in the literature by identifying the factors affecting the risk-taking capacity of individual investors. We in this study aimed to find, what determines how much risk investors take in the capital market? Went on this way that Using the opinions of experts, present the risk-taking capacity of investors in Iran's capital market of the grounded theory approach. 

The personality trait criterion consists of five specific personality attributes, including agreeableness, conscientiousness, neuroticism (emotional instability), extraversion, and openness to experience. In this study, we used a quasi-experimental design and a post-event approach. To test the hypotheses, we used a structural equations model (version 3 of Smart PLS software). 

In this process, 52 concepts and 29 open codes were created and were grouped in the main 6 axes of the grounded theory. Based on the analysis of the questionnaire data, due to the lack of software distribution, the research model was tested and confirmed by the partial least squares method with the help of SmartPLS version 2 software.All the interviewees, equivalent to 100, have mentioned the five variables including the personality of the investor, the company situation, the conditions of the micro and macro economy, the Investor's knowledge status and the technical analysis of stocks and markets. Also, the category of investor personality, in addition to the number of repetitions of the codes, in terms of generality and comprehensiveness among the respondents, was also a priority, which shows the importance of this category. The categories of attributes of online transactions (including ease of access and lack of restrictions) with 5 repetition codes and social conditions (including the concepts of the impact of social welfare, social security, social responsibility, ethnicity and geographical region) with 7 repetition codes had the lowest percentage of frequency and generality. 

The analysis of the collected data in terms of frequency indicates that the categories of investor personality (including investor's emotional biases and investor's cognitive biases) with the number of 162 repetitions of the code is ranked first, company situation (including liquidity situation, industry situation, company efficiency, company profitability, structural condition and company size) with the number of codes 119 is ranked second, micro and macro economic conditions with the number of codes 78 is ranked third, the situation of investor knowledge (including the three concepts of having investment knowledge, having financial literacy and having the knowledge of reading stock charts) ranked fourth with 73 codes and technical analysis of stocks and markets ranked fifth with 70 codes.Finally, the paradigm model was categorized into 6 main dimensions of causal conditions, intervening, contextual, central phenomenon, strategies and consequences.The most important influencing factors in each dimension on the risk-taking capacity of individual investors were determined as follows:In the dimension of causal conditions, in the order of a) variable of investment knowledge of the investor b) trust of investors to the market c) having financial literacy d) Being aware of market psychology.In the dimension of intervening conditions, a) the variables of job and expertise and the amount of income of the investor and b) the variable of self-management of the investor.Next, the background conditions, a) variables: exchange rate, inflation rate, bank interest rate and deposit interest rate, b) global price variables and the occurrence of wars in the world and c) attention to political conditions and the effects of sanctions.In the dimension of the central phenomenon, a) variable of technical analysis of the whole market, b) technical analysis of stocks and c) knowledge of fundamental analysis.In terms of strategies a) determining the strategy in the three axes of analytical strategy, time strategy and investment resources strategy, b) simultaneous use of fundamental variables and technical models and charts to predict the future, c) the ability to predict the future and readiness to face it and d) having the power of patience and tolerance to create change and achieve results.In terms of consequences, a) choosing the optimal portfolio, including choosing the best companies in the best industries, b) choosing a portfolio (basket) of stocks with a P/E lower than the market P/E, and c) determining the return expected by the investor.

Decision making is choosing one option from among several options. Every decision can have unique dimensions and results for every investor. Investors make different decisions in the same and different situations. The main purpose of the current research is to investigate the factors influencing the different decisions of investors in Iran. This research was carried out using the descriptive-correlation design and using the structural equation modeling approach. The statistical population of the research included university professors, financial experts, financial managers, managers of exchange and non-exchange companies, especially investment companies, real investors in the whole country, of which 390 people were selected by a simple random sampling method through a questionnaire. Face-to-face and online were selected. In order to collect data, a questionnaire tool was used, and structural equation modeling was used to test the hypotheses in two sections: evaluation of the measurement model and evaluation of the structural model.  The findings of the research showed that the variables of interests, financial resources, mental capabilities, goals, information, interaction and the way of analysis have a significant effect on the different decisions of investors at the 5% error level.  The results of this research showed that in order to predict the choice of each investor, interests as a driving engine, resources as a situation, neural mental structure as a system, goals as a tool, information as a feed, interaction as a facilitator, analysis as an action approach. he does. According to the results of this research, it is suggested that the decision-making body in the country should pay more attention to investors' decisions, because each decision will have different economic effects on each stakeholder group. Therefore, it is better for the decision-making body to use an interactive approach for investment issues. According to the research results, if we want to explain the different decision making of each person. In other words, let's predict the type of decision of each person, the engine driving the decision in the first criterion is interests. Interests act as the invisible hand in decision making. The interests of each investor state why the decision is made in this way. The second criterion explains the different decision making of financial resources investors. Different sources will put different conditions in front of each person. Without resources, investment decisions will not make sense. The third criterion is the process and mental structures of people. The mental process works like a system. If we consider the inputs the same for everyone, the report or output that is provided for each person will be different because of the different neural mental structure for each person. A different report will have a different decision. The fourth criterion is investment goals. Each target has individual means and methods of slaughter. Knowing the methods and tools can express the goals of an investor. Knowing more and better the methods and tools used by an investor will help in predicting the investment decision. The fifth criterion is the investor's information and awareness process. Information for decision-making plays the role of blood in the human body. When we decrease or increase the flow of information, the quality of decision-making will decrease or increase accordingly. Information is known as the feed for investor decision making. The sixth criterion that should be considered is the interaction of investors. Every investor will consciously or unconsciously be attracted to people who are almost at the same level as him. In other words, every person in his interaction tries to have a relationship with people who do not contradict his economic, cultural and intellectual level to face the challenge. Most people don't like change and try to maintain the current level, so knowing more about the interaction and communication of each investor will make it easier to predict decision making. The last criterion for predicting people's decision-making is the way of analysis. The analysis of each investor can be focused on profit per share, profit sharing, development plan, major shareholders, difference between daily value and intrinsic value, asset structure, debt and equity, operating cash flow, profit quality, financial cost, industry outlook, indicators The macro economy, the perspective of other investors, the security and health of investment, social responsibilities, the members of the board of directors and the CEO, the value chain and production, etc. When we find out the summary index of each investor, we can predict which option will be the decision and choice. According to the results of the research, each investor has different interests compared to other investors, the amount of financial resources can change the decision of each investor, the mental nervous structure of each investor is different from others, investment goals are determined according to the conditions of each investor, each group of special information compared to other groups, each investor has a unique interaction with others, each person's analysis is different from other people. At the end of the time, when the interests, financial resources, intellectual structure, goals, information, interaction and analysis of each investor are different from others, the investment decision of each investor will be different from each other. According to the results, it seems that the way investors make decisions is hierarchical. that the interest component is at the top of the pyramid and the analysis component is at the bottom of the pyramid, when the answer to the challenge of each level of the pyramid is not found, the decision is stopped, the rest of the steps are removed, no decision is made. The decision is implemented when there are no challenges without solutions for all levels. This research has investigated the different decisions made by investors in the capital market of Iran, at first, by using the research literature, the influencing factors on decision-making were discussed based on economic theory, behavioral finance, based on economic theory, investors behaved completely rationally and rationally when making decisions. and they always seek to maximize their profit, but based on behavioral finance, investors have not behaved completely rationally and when making decisions, they often make mistakes due to behavioral strain, these mistakes are caused by people's mental structures, which are the mental conditions and emotions of people, environmental conditions And it will lead to a difference in the decision making of the shareholders. Based on the results of this research, investors generally pay more attention to the benefits component than any other factor in the decision-making process. Benefits are very different compared to other components. This difference shows that interests have more weight in decision-making. Investors attach great importance to the component of interests in decisions. In the second stage, they evaluate financial resources, liquidity, working capital, cash inflow and outflow. Then they model ideas, mentalities, innovation and creativity, theories and theories in mental structures. The objectives of the decision-making matter are clarified. It will be collected from existing and available data and information that have the characteristics of being timely, reliable and verifiable. Investor interacts with people who can facilitate decision making for them. All conditions, leading position and previous steps will be summarized, classified, analyzed and interpreted. Therefore, the decision of each investor is made. According to the results of this research, understanding the way investors make different decisions, which are the most important pillars of this market, will lead to the growth and development of the capital market. Knowing the market elements plays an important role in the capital market process, efficiency, effectiveness and economy in the market will be better as a result in the whole country. On the other hand, knowing how each stakeholder group makes investment decisions will create an interactive approach for the decision-making body in relation to the establishment of laws, regulations, guidelines and instructions that will advance the entire market towards stable and secure growth and development. monitoring process due to the more predictable decision making of each group; It will become easier, more convenient and more effective for both supervisees and supervisors. Also, many behavioral strains will be solved for each group of investors. Investment security will increase for the decision maker. As a result, the amount of investment, production, and employment will increase and sustainable growth and development will be provided.

Several studies have been conducted on the impact of unique fundamental factors of companies on their stock returns. The capital asset pricing model (CAPM) developed by Sharpe (1964) and Lintner (1965) and the three-factor model of Fama and French (1993) are the most famous models resulting from these studies. These two models have been widely accepted by academics and used in numerous types of research since its presentation. Significant studies such as those of Fama and French (2012 and 2017) and Hou et al. (2015) show the validity of some global factor models. Nevertheless, Findanza and Morsi (2015) believe that, despite numerous studies on the efficiency of factor models in non-financial companies, few pieces of research have been conducted on the explanatory capability of these models in financial companies. At the same time, a more recent stream of studies in the finance field, including the research of Baker and Wergler (2007) and Sime et al. (2013), show that the performance of traditional factor models may be improved by adding various behavioral factors such as investors' sentiment factor. The paradox of the efficiency of markets depends on the efforts of investors to find opportunities to earn abnormal returns by discovering anomalies. By trying to discover these opportunities, many researchers have focused on the investor sentiment factor and studied its effect on the stock price. The current research seeks to investigate the effectiveness of Fama and French's three-factor model and CAPM in the banking and credit institutions industry, as well as the role of investors' sentiment in this industry to increase the explanatory power of the aforementioned factor models.

The current research is applied in terms of purpose. In terms of method, the research uses regression analysis along with the generalized least squares (GLS) model. The statistical population of the research includes all the listed banks in Tehran Stock Exchange and IRAN FARA BOURSE (IFB). Also, the time domain of the research includes the monthly periods from April 2012 to November 2022. The sampling is based on the methodical elimination of the banks that make up the statistical population. After removing the banks with a shorter acceptance period than the period of the research, 10 banks make up the sample size of the research. The Excel software is used to classify the data and calculate the research variables. Also, the data are analyzed with the Eviews (13 edition) and Stata (17 edition) software programs.Due to cross-sectional dependence, which causes the efficiency of the ordinary least squares method to reduce, the model used the generalized least squares (GLS) method in the Eviews software. To eliminate the problem of heterogeneity of variance, White’s correction (Period Cluster) has been used.

According to the cross-sectional dependence identified in the model, the final estimation of the research model has been done using the generalized least squares (GLS) method and White's correction to solve the heterogeneity of variance. The probability of F statistic related to the significance of all the models is equal to 0.0000. As a result, all the research models are significant. The findings show that adding variables related to the investor sentiment to the asset pricing factor models increases the explanatory power of these models. The excess market return factor was found to be significant in all the models, and the value factor was found to have no significant effect on banks' excess return in any model. The factors related to the investor sentiment are significant in both combined models. At the same time, the addition of the investor's sentiment index to the CAPM and Fama and French three-factor model has increased the adjusted coefficient of determining these models.

Conclusions and policy implications: 

The purpose of this research is to investigate the effectiveness of the CAPM and Fama and French three-factor model in the banking industry and the role of investor sentiment in strengthening the explanatory power of these models. The findings of the research show the significant and positive effect of excess market returns on the risk-adjusted performance of the studied banks. The size factor also has a significant and positive effect on the excess return of the investigated banks, which shows that there is a direct relationship between the excess return of banks and the performance of the size portfolio or the performance superiority of large market companies. Market performance has had the strongest effect on the excess returns of banks. However, the positive effect of the value portfolio performance on the excess return of banks is not statistically significant. This indicates that, although the expectations of investors incited by future developments, regarding the growth of stock returns with a high ratio of book value to market value, increase the return of this type of stock in the medium term, the factors influencing the stock returns are not counted in the long term. Therefore, the factor of market value to book value does not have a significant relationship with the risk-adjusted performance of banks. The findings of the research also show the significant and positive impact of the investor's sentiment index on the excess returns of banks. The sentiment of investors, thus, has a direct relationship with the excess returns, and the increase of the sentiment of investors and the strengthening of their optimism towards the banking industry cause an increase in the excess returns.

In the stock market, there are different types of information (related or unrelated) and rumors that the source of this information can be audit reports of companies, shareholders, analysts (fundamental and technical) and social networks. Due to the importance of this information, different people with different perceptions may show different reactions and behaviors. The main purpose of this study is to investigate the effect of untrue news and information on the decision of investors and buyers of shares in the Tehran Stock Exchange. News and information in three subjects: political, economic and industrial, classification and data and information required by a researcher-made questionnaire (after validation and reliability) were collected in a statistical population of 295 people. Next, the effect of each type of news on investors' stock decisions are estimated by a multivariate regression model using the ordinary least squares (OLS) estimation method. The results show that unrealistic political, economic and industrial news and information have a significant effect on the decision of investors and stock buyers. It was also found that investors' decisions in stocks are most influenced by unrealistic political news and information compared to economic news and industrial news.Economic and political uncertainty makes it difficult to predict profitability and decision-making in commercial and non-commercial environments, disrupting making decisions about production and investment. Given the negative impact of economic policy uncertainty on investment, it is necessary for the government and the central bank to adopt appropriate policies while reducing fluctuations, to establish institutions and risk hedging instruments to reduce the turmoil caused by unrealistic economic and political news. And take action on risk management in this regard.

The main purpose of this study is to answer the question on the approach of classical and behavioral finance, as two competing paradigms within financial economics, in the face of the problem of truth? These two paradigms have been reduced to epistemic justification for neglecting what knowledge is according to the results of this epistemological research. This negligence has made the issue of truth in the knowledge of financial economics unsolvable. Classical finance has provided an inaccurate explanation of "economic man" as the subject of the science of financial economics, and for this reason, by neglecting the nature of knowledge, it has used the introverted approach of coherence in justifying knowledge, which leads to relativity in truth. Behavioral financial economics has also questioned the classical coherent collections of financial beliefs, but in this paradigm, truth is a function of observation and experience due to the extroverted approach of positivism, in justification. It is necessary to replace the current philosophical framework of a holistic introspective philosophical framework for solving the problem of truth, which in the first step provides a correct explanation of man and the essence of his economic action, and to prove basic beliefs about the nature of the economic man and with a fundamentalist approach to justification, arrive at honest statements about the structure of investor behavior.

The purpose of this study was to investigate the effect of audit quality on the relationship between investors' emotional attitudes and earnings response coefficient in firms admitted to the Tehran Stock Exchange. The spatial domain of this research was the companies listed in the Tehran Stock Exchange and the time zone is the period from 2013 to 2016. In this study, audit quality was considered as a moderating variable and investors’ emotional tendencies as an independent variable and earnings response coefficient as a dependent variable. Based on the screening method, 107 companies listed in Tehran Stock Exchange were selected as the statistical sample. In the present study, the research method is descriptive-causal and since it can be useful in the process of using information, it is therefore a kind of applied research. Data analysis was also performed using Eviews software. The results showed that there is a significant relationship between investors’ emotional tendencies and earnings response coefficient. The quality of auditing affects the relationship between investors’ emotional attitudes and earnings response coefficient.

Individual investors compared major investors have fewer features to decision-making in stock exchange. This factor with unstable and economic and political swings، faced stock exchange to secondary risk of individualism and undetectable behavior of investors that these require to establish a risk management system for optimum stability and stock market development. The target of this research is investors understanding of risk factors and psychological effects. The result show that policies related to the stock market، excessive speculation، disclosure of the information published by companies، information asymmetry، has an impact on risk perception of individual investors، also risk perception has an impact on willingness to re- invest and investment satisfaction. Finally، it can be said that the perception of risk perform a fundamental role in the mechanism of behavioral psychology investors.

One of the new approach in finance literature is behavioral finance, that describes behavior of investors and satisfies some of the anomalies that effective market hypothesizes were not able to describe it. One of the statement in behavioral finance paradigm is prospect theory and disposition effect that replies the position of individual during decision making. The disposition effect's base comes from Kahneman and Tversky’s prospect theory, point to construction of the reference points and replies that investors will decide according to their intended reference points. According to this theory, investors are more likely to close positions with gains than they are to close positions with losses. So, individuals define gains and losses relative to the reference point, and are risk-seeking when faced with loss outcomes and risk-averse when faced with gain outcomes. The main goal of this research is inspection of construction of reference point on max and min of stock price of 52 weeks prior reference point and it's effect on volume. Results of research represent with increasing of stock price in compared as max price of 52 weeks prior to reference, volume increases. While with decreasing of stock price from min price of 52 weeks prior, volume approximately remain the same.