PRICE LIMIT EFFECTS ON STOCK PRICES BEHAVIOR: A CONTRARIAN INVESTMENT STRATEGY APPROACH

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VAKILI FARD HAMID REZA; SEIFODDINI JALAL; ABJADPOUR ARASH; MAGHSOUD HOSSEIN

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Journal: INVESTMENT KNOWLEDGE Year:2013 | Volume:1 | Issue:4 Page(s): 61-86

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Title

PRICE LIMIT EFFECTS ON STOCK PRICES BEHAVIOR: A CONTRARIAN INVESTMENT STRATEGY APPROACH

Author(s)

VAKILI FARD HAMID REZA | SEIFODDINI JALAL | ABJADPOUR ARASH | MAGHSOUD HOSSEIN | Issue Writer Certificate

Keywords

CIRCUIT BREAKERSQ2

PRICE LIMITQ2

STOCK MARKET VOLATILITYQ2

CONTRARIAN INVESTMENT STRATEGYQ2

DELAYED PRICE DISCOVERYQ2

OVERREACTIONQ2

Abstract

Price limit is a kind of circuit breaker which is used in developing stock exchanges and futures markets to prevent extreme price volatility, price manipulation, and financial crashes.Generally speaking, researchers and market participant usually disagree about PRICE LIMIT application, its efficiency, and optimum range. Pros believe although PRICE LIMIT may delay price discovery, it prevents extreme price volatility and OVERREACTION. On the other hand, cons assert that PRICE LIMIT causes price volatility spillover and intensify investor’s OVERREACTION. Since there is no consensus over the PRICE LIMIT application and efficiency, it is recommended to study this issue using different methods. Therefore, we are trying to study PRICE LIMIT effects in Tehran Stock Exchange using CONTRARIAN INVESTMENT STRATEGY.Our results show that PRICE LIMIT application in Tehran Stock Exchange delays price discovery but has nothing to do with investor’s OVERREACTION. Consequently, it seems that regulators have prevented extreme volatility, although this constraint delays price discovery and reduces market efficiency.

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APA: Copy

VAKILI FARD, HAMID REZA, SEIFODDINI, JALAL, ABJADPOUR, ARASH, & MAGHSOUD, HOSSEIN. (2013). PRICE LIMIT EFFECTS ON STOCK PRICES BEHAVIOR: A CONTRARIAN INVESTMENT STRATEGY APPROACH. INVESTMENT KNOWLEDGE, 1(4), 61-86. SID. https://sid.ir/paper/187999/en

Vancouver: Copy

VAKILI FARD HAMID REZA, SEIFODDINI JALAL, ABJADPOUR ARASH, MAGHSOUD HOSSEIN. PRICE LIMIT EFFECTS ON STOCK PRICES BEHAVIOR: A CONTRARIAN INVESTMENT STRATEGY APPROACH. INVESTMENT KNOWLEDGE[Internet]. 2013;1(4):61-86. Available from: https://sid.ir/paper/187999/en

IEEE: Copy

HAMID REZA VAKILI FARD, JALAL SEIFODDINI, ARASH ABJADPOUR, and HOSSEIN MAGHSOUD, “PRICE LIMIT EFFECTS ON STOCK PRICES BEHAVIOR: A CONTRARIAN INVESTMENT STRATEGY APPROACH,” INVESTMENT KNOWLEDGE, vol. 1, no. 4, pp. 61–86, 2013, [Online]. Available: https://sid.ir/paper/187999/en

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