جستجوی مقالات مرتبط با کلیدواژه "رفتار توده ای" در نشریات گروه "مدیریت"

 The stock market is one of the most important and influential segments of the financial market in any economy [1]. This market reflects the economic situation of countries because one of its functions is to collect capital and transfer it to individuals and companies seeking investment. In addition, the capital market is one of the most important pillars for financing. The stock returns of listed companies can be affected by various factors. Changes in oil prices can be considered as one of the important factors affecting the stock market. Oil-exporting countries, of which oil is an important source of income, are affected by the fluctuation of the price of this black gold, their economy is affected more than other countries, and also their budgets, which often rely on oil prices, are affected in this regard. In countries such as Iran, where their main source of income comes from oil sales and whose budgets rely heavily on oil, the impact of oil price fluctuations on various sectors of the economy has been a concern for policymakers and economists. One of the most important sectors is the stock market, where economic developments and oil prices are increasingly being considered by researchers to make the relationship between the two more obvious over time. Accordingly, the purpose of this study is to investigate the relationship between the herding of the crude oil market and the Tehran Stock Exchange. In the study of herding behavior, financial literature is divided into two main branches: The first branch of measures of herding behavior based on efficiency dispersion [2]. The second proposal is a statistical criterion based on analysts' transactions [3]. In this study, based on the approaches of Christie and Huang (1995), the herding behavior between the stock market (with the index of the top 50 companies of the Tehran Stock Exchange) and the crude oil market has been investigated.Christie and Huang (1995) presented the standard deviation of the CSSD cross-sectional study as a model of herding behavior. Their model is as follows: where N is equal to the number of securities that make up the market index,  is equal to the return on securities i in period t,  is equal to the average yield of N securities from the market portfolio for day t. If there is herding behavior in securities, then the dispersion will be low. In fact, because herding behavior tends to follow market trends (ascending or descending), securities follow market trends and thus dispersion decreases. Christie and Huang (1995) model believes that herding behavior occurs more during intense market movements (ups and downs). The results show that the regression coefficient of the square market return is negative and statistically significant. The existence of a negative coefficient for the stock market and crude oil market returns indicates the reduction of deviations of companies' returns from market returns during the market turmoil (increasing or decreasing). Reducing the deviations of companies' returns from market returns means the existence of herding behavior in the market.Also, in examining the existence of herding behavior in a reciprocal manner, the results of examining the hypothesis of the existence of reciprocal herding behavior in the stock market and crude oil market in the stock market are confirmed. The existence of a negative square coefficient for the variable market return indicates a decrease in the deviations of companies' returns from market returns, when the cross-market, i.e. oil or stock market, is fluctuating. Thus, the hypothesis of the existence of reciprocal herding behavior in the stock market is confirmed. The results of this section are similar to the research of Balcilar, Demirer [4], Gong and Dai [5], and Mabrouk [6]. This study investigates the reciprocal herding behavior between the stock market and the crude oil market in Iran. The results of the herding behavior indicate the existence of herding behavior among the top 50 companies on the Tehran Stock Exchange and the OPEC oil market between 2011 and 2019. The results of the study based on two criteria explaining herding behavior, confirmed the existence of herding behavior between the top 50 listed companies and the OPEC crude oil market. The results also show that the relationship between the herding behavior of investors is reciprocal between these two markets.

This study is to identify the factors affecting the formation of mass behavior of investors in the Tehran Stock Exchange. For this purpose, by conducting interviews in the form of five categories of economic and political factors, market psychological factors, company financial factors and individual factors were classified. The present research method is applied in terms of purpose and in terms of data collection is considered as descriptive-survey research. investigate the field in the present study, the statistical population includes all shareholders in the stock exchange, which was calculated to be 384 people due to the unlimited nature of the society to obtain the statistical sample size of Cochran's formula. In addition to library studies, the data collection tool is a questionnaire whose validity was confirmed using the opinion of professors and experts and its reliability was calculated using Cronbach's coefficient was 0.91. Spss software was used to analyze the data and liserl software was used to determine the significance of the indicators. The results show that the five factors studied are effective in the mass behavior of investors and the exchange rate, sanctions and brokers' opinion have the greatest impact on behavior. Mass investors like the Tehran Stock Exchange.

To achieve the goals, a hybrid research strategy has been used in this research. In qualitative research, 16 factors affecting the behavior of individual investors (availability, limited attention, self atribution, anchoring point, over confidence, gambler's fallacy, loss aversion, increasing risk appetite, justification, optimism, regret aversion , time horizon, control center, tolerance of ambiguity, confident- anxious, careful-impetuous) which was obtained through the method of analyzing the content of semi-structured interviews of capital market experts, which were based on the construction of a researcher-made questionnaire. In the quantitative section, the final model of decision-making behavior of the individual investors was extracted using structural equations and fitted out. In the capital market of Iran, the model of the behavior of individual investors begins with cultural factors. In other words, the underlying factor in the behavior of investors is the factor of culture. The theory that emotional biases are prior to cognitive biases is not confirmed in this research. Personality has a positive relationship with herding behavior. In other words, category of anxiety in stockholders, increases the volume of their herding behavior.

Herding behavior is considered as one of the behavioral approaches between investors and an important element in financial markets. Sometimes، this element causes agitation in circumstances where information is spread. A crucial problem in this regard is distinguishing between artificial and thoughtful herds، because thoughtful herding may be inefficient and it may eventually result in fluctuation in markets. In this research، we examined and tested the herding behavior between investors in Tehran Security Exchange using Salmon and Huang’s model. In order to calculate the required variables of model، the moving window technique was utilized and the window size was set as 24 months. In other words، by applying the information of the last 24 months، Excel Software calculated monthly market yields as well as monthly yield of each share and the required variables. After substituting the obtained values for the variables in standardized formula HS، we calculated and analyzed the herding amounts for each months of 1382-86 interval. The findings depicted a clear herding pattern for the time interval under study and hence، confirmed the corresponding theory.