Behavioral Reactions An Analysis Based on the Data Derived from the Tehran Stock Exchange

Authors

1 islamic azad university

2 islamic Azad university

Abstract

Throughout the field of behavioral finance, researchers faced with many exceptions in the financial markets, concluded that psychological phenomena play a major role in determining the behavior of the financial markets. In this research, different types of investors’ behavior are recognized in different time scales.
A general model for the Tehran Stock Exchange was designed, using the time series data, from 2006 to 2010. Wavelet analysis was utilized as a statistical and analytical tool to explain trait and multi resolution.
The research results show that investors exhibit different reactions after good or bad news. Their reactions on a long term scale are more distinct from those in the short term. The return of investment derived by price is different in various periods after good or bad news; it has the same trend as the direction of EPS adjustment in the short term. But this trend is not recognized in the long term, and is rather reversed.

Keywords

References

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Financial Management Strategy
Volume 1, Issue 2
October 2013
Pages 33-52

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History

  • Receive Date: 06 July 2014
  • Revise Date: 29 May 2018
  • Accept Date: 06 July 2014

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