JOURNAL OF SECURITIES EXCHANGE
Year:2016 | Volume:9 | Issue:33 |Papers Count:8

In new era, purchase and communication behavior of consumers is influenced by social networks. In to purchasing of goods or services, consumers use information about their purchase and motivate and develop their purchase behavior. Such networks lead to create groups and virtual communities that effect on their decisions and behaviors in order to make transactions.This study is to evaluate the effect of virtual support in the creation of herding behavior in Tehran Stock Exchange in 2015-2016. The population of this research consists of investors who use social media and social networks. The sample in this study is consisted of 400 investors in Tehran Stock Exchange that use of exchange and OTC telegram groups.The sample: group was randomly selected from different groups and distributed questionnaires among them. The Data analysis software was SPSS 19 and lisrel8.5.The results of this research shows that all aspects of the virtual support is effective in formation of herding behavior, thus creating virtual support is effective in the herding behavior.Hence, this research assumes that investors in their decision have been affected by the decisions of the others (in this study, affected by decisions of virtual groups), even if in groups and virtual networks.

According to the significance of margining process in derivatives contracts in clearing houses, margin setting in futures contracts is noteworthy due to tradeoff between risk management and trading cost. Due to the extensive use of Value at Risk models in margin setting, this study, using gold coins futures price returns, in the period from 2008 to 2016, estimates IME gold coin futures contracts initial margin by parametric and non-parametric Value at Risk models, such as historical simulation, general pareto distribution and adaptive GPD models. For models back testing, it applies Christoffersen conditional coverage likelihood ratio (LRcc) test and Lopez and Blanco-Ihle loss functions. The paper finds that historical simulation model has been outperforming parametric models, as the fat tail empirical distribution of futures return in low confidence level. In high confidence level adaptive GPD had the proper results. As a result findings propose the use of these two models to margin setting in proper confidence level.

In this research risk-return tradeoff examined in scope of ex post facto studies, using OLS Model and Quantile regression Model. By using of daily returns of six indexes of Tehran Stock Exchange (TSE), linear relation between excess return and risk examined that evidence indicates significant (positive) tradeoff between excess return and risk. However, results of Quantile regression model show that risk-return relation is different in returns distribution and vary from negative relation in the lower quantiles to positive relation in the upper quantiles. Linear regression model and Quantile regression model show also that unexpected variance can explain excess return at least similar to expected variance. The results can also be interpreted with both insight of standard finance and insight of behavioral finance. In standard finance area, risk-return positive relation that exists in upper quintiles is consistent with long run growth of economy. Moreover, negative relation between return and risk in lower quintiles implies more uncertainty and as a result causing stock returns to fall. In behavioral finance area, regime-dependent behavior of slope coefficients is consistent with prediction of prospect theory of investor’s behaviors around the reference point.

Tehran Stock Exchange, as a symbol of capital market, is influenced by various factors, including economic and political variables. Terrorism incidents a primary political variable affecting on stock market, it is necessary to clarify in what way it puts influence on stock exchange. The main purpose of this study is to consider the effect of terrorism on the return of TSE price index (Tepix). Regarding the purpose of the study, terrorism and return of Tehran stock exchange index are considering independent and dependent variables, respectively; moreover, items like rate of exchange, world price of gold, and the price of Iran’s heavy oil, are controlled variables. Required data were collected in a weekly interval between 2002 and 2014. An EGARCH model is applied to examine the impact of terrorism on stock market. Results showed that terrorism had a significant negative effect on the return of TSE price index.

Corporate governance refers to the mechanisms that direct and control companies. It identifies the distribution of rights and responsibilities among different participants in the corporation. Board of directors has one of the important roles in corporate governance. The purpose of this study was to determine the relationship between corporate governance and directors compensation in listed companies of Tehran Stock Exchange. It aims to verify empirically the relationship between the characteristics of boards of directors and cash compensation of directors in the Tehran Stock Exchange. With a view to testing hypothesis, we selected a sample of 92 listed corporations for the period 2006-2012 and the method used is a panel data approach. The results of this work reveal that profitability, firm size, board ownership and the duality of the chairman and the chief executive officer (CEO) has been positively related to the director compensation and the board size has a negative and non-significant relationship. Industry is also influencing directors compensation.

Despite of criminalization of insider trading in chapter 6 of the Securities Market Act ratified in 2005, Iranian legislator has not mentioned the validity of such transactions and this question has been abandoned unanswered. Question which includes validity or invalidity of transaction or revocability of such transactions because of bearing loss or deception by teeter or consistency of such transactions because of irrevocability of contracts. However, in the event of such offense, it is essential to compensate the losing. Who and what is the reason of loss and what is the quality and method of compensation, are some subjects of discussion in this article.

The focus of the present study was on spiritual intelligence that is one of the four major intelligences and also focused on investor’s emotional behavioral bias in the Tehran stock Exchange. Behavior methods are some errors which investors may encounter with them and suffer from many undesirable losses in investing activities. One of the scopes which was paid attention by many economic researchers is behavior financial knowledge. The behavioral financial knowledge that is mixed of economics and psychology, has studied investors behaviors from different points of view. One of the studies is behavior patterns or investors emotional and cognitive bias that has been studying in this survey. The method of the study was selected based on descriptive, correlating and survey methods and the study population and tools are Tehran Stock Exchange investors and questionnaire respectively, and 384 people was selected randomly to ask questions. The results showed that there’s a significant and meaningful relationship between spiritual intelligence and patterns like self-controlling, loss-aversion, regret-aversion and Endowment, but there’s no relation between spiritual intelligence and bowled Status Que bias and optimization.