The Seasons Effect on the Total Stock Prices for 50 Active Companies in Tehran Stoch Exchange

This research is on a new field of investment management titled behavioral finance. The research is about one of the anomalies of the investment market named “Visceral inferences “, that proposes there are some differences and anomalies in the basic variables in the market like share prices ,in different seasons .therefore, investors can obtain abnormal return in certain seasons. In this study total share prices for 50 active companies produced by TSE are examined for the period of 1382 to 1386 to compare the reasons if there are any differences between prices in any season. The results show significant differences between prices of 50 active companies in Tehran Stock Exchange for spring and atom and in the atom average of prices are higher than other seasons .