The impact of Tedan system analytical reports on the informational efficiency of Tehran Stock Exchange

Informational efficiency is an influential variable in financial markets that affects the flow of capital and the optimal allocation of resources. There is extensive literature on the factors affecting information efficiency and our aim in this study is to examine the reports of analysts as one of the factors affecting this variable. For this purpose, the effect of analysts' reports in the Tedan system in general and also in a classified way on the information efficiency of 291 companies listed on the Tehran Stock Exchange during the years 2015 to 2020 was studied using multivariate regression. The information efficiency in this study has been calculated by two methods of variance ratio and Fama and French three-factor model and the results indicate that the Tedan system reports do not affect the information efficiency of Tehran Stock Exchange companies.