STOCK VALUATION AND BEHAVIOURAL HETEROGENEITY IN TEHRAN STOCK EXCHANGE

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RAEE REZA; ESLAMI BIDGOLI GHOLAM REZA; MIRZABAYATI MAHDI

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Journal Paper

Paper Information

Journal: JOURNAL OF ACCOUNTING KNOWLEDGE Year:2011 | Volume:2 | Issue:5 Page(s): 103-126

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Information Journal Paper

Title

STOCK VALUATION AND BEHAVIOURAL HETEROGENEITY IN TEHRAN STOCK EXCHANGE

Author(s)

RAEE REZA | ESLAMI BIDGOLI GHOLAM REZA | MIRZABAYATI MAHDI | Issue Writer Certificate

Keywords

HETEROGENEITY THEORYQ3

AGENCY THEORYQ3

STOCK VALUATIONQ3

BEHAVIORAL FINANCEQ2

Abstract

This paper investigates STOCK VALUATION in Tehran Stock Exchange with regard to behavioral heterogeneity and bounded rational behavior of agents. The related information of the fundamental factors are disseminated and become available for the public, and investors assess the stock with different models, for example Gordon model. However, because of different expectations of investors, the amount of deviation from the fundamental value and the lengthiness of this deviation are viewed important. In this study, behavior of two groups of investors is examined. First, the fundamentalists who believe in movement of stock prices toward the fundamental value. Second, the chartists who think stock prices should be different from the fundamental value. Results by monthly data show that investors switch between different strategies and sometimes the chartists force the fundamentalists to change their strategies and coexist with them.

Cites

CONTRARIAN INVESTMENT STRATEGY: AN EMPIRICAL TEST BASED ON DATA ENVELOPMENT ANALYSIS

References

مالیه رفتاری، رویکردی متفاوت در حوزه مالی

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APA: Copy

RAEE, REZA, ESLAMI BIDGOLI, GHOLAM REZA, & MIRZABAYATI, MAHDI. (2011). STOCK VALUATION AND BEHAVIOURAL HETEROGENEITY IN TEHRAN STOCK EXCHANGE. JOURNAL OF ACCOUNTING KNOWLEDGE, 2(5), 103-126. SID. https://sid.ir/paper/163441/en

Vancouver: Copy

RAEE REZA, ESLAMI BIDGOLI GHOLAM REZA, MIRZABAYATI MAHDI. STOCK VALUATION AND BEHAVIOURAL HETEROGENEITY IN TEHRAN STOCK EXCHANGE. JOURNAL OF ACCOUNTING KNOWLEDGE[Internet]. 2011;2(5):103-126. Available from: https://sid.ir/paper/163441/en

IEEE: Copy

REZA RAEE, GHOLAM REZA ESLAMI BIDGOLI, and MAHDI MIRZABAYATI, “STOCK VALUATION AND BEHAVIOURAL HETEROGENEITY IN TEHRAN STOCK EXCHANGE,” JOURNAL OF ACCOUNTING KNOWLEDGE, vol. 2, no. 5, pp. 103–126, 2011, [Online]. Available: https://sid.ir/paper/163441/en

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