THE EFFECT OF MANAGERS MYOPIA ON INVESTORS BEHAVIOR IN THE CAPITAL MARKET

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NAGHIBI ESFAHANI SEYED HAMED; ABDOLI MOHAMMADREZA

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Journal: FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT) Year:2018 | Volume:8 | Issue:33 Page(s): 247-264

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Title

THE EFFECT OF MANAGERS MYOPIA ON INVESTORS BEHAVIOR IN THE CAPITAL MARKET

Author(s)

NAGHIBI ESFAHANI SEYED HAMED | ABDOLI MOHAMMADREZA | Issue Writer Certificate

Keywords

MANAGER’S MYOPIAQ1

EXPERT SHAREHOLDERQ1

CAPITAL MARKET REACTIONQ1

Abstract

This research aims to measure the stock market reaction to the MANAGER’S MYOPIA. Manager myopia tends to increase the current stock prices and inflate the current profitability by decreasing long term profitability or increasing cash flows.The statistical population of this research is all companies listed on Tehran Stock Exchange during the years 1385 to 1394 (Hijri calendar). After applying some filters and restrictions, 117 companies were selected and investigated.The results indicate that myopia does not have a significant negative impact on abnormal returns, obtained at the time of profit report.Overall results indicate that the capital market in the form of efficiency (stocks and time of profit report) don’t have significant reaction to MANAGER’S MYOPIA. In the same time, MANAGER’S MYOPIA has a positive significant effect on return on future assets, as a measure of future financial performance.In summary, the results indicate that the capital market doesn’t react to MANAGER’S MYOPIA but MANAGER’S MYOPIA affects future financial performance of investigated companies.

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APA: Copy

NAGHIBI ESFAHANI, SEYED HAMED, & ABDOLI, MOHAMMADREZA. (2018). THE EFFECT OF MANAGERS MYOPIA ON INVESTORS BEHAVIOR IN THE CAPITAL MARKET. FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT), 8(33 ), 247-264. SID. https://sid.ir/paper/197793/en

Vancouver: Copy

NAGHIBI ESFAHANI SEYED HAMED, ABDOLI MOHAMMADREZA. THE EFFECT OF MANAGERS MYOPIA ON INVESTORS BEHAVIOR IN THE CAPITAL MARKET. FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT)[Internet]. 2018;8(33 ):247-264. Available from: https://sid.ir/paper/197793/en

IEEE: Copy

SEYED HAMED NAGHIBI ESFAHANI, and MOHAMMADREZA ABDOLI, “THE EFFECT OF MANAGERS MYOPIA ON INVESTORS BEHAVIOR IN THE CAPITAL MARKET,” FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT), vol. 8, no. 33 , pp. 247–264, 2018, [Online]. Available: https://sid.ir/paper/197793/en

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