THE STUDY OF THE BENEFICIALLY CONTRARIAN INVESTMENT STRATEGY TO GAIN THE RETURN AND ANALYZE SENSITIVITY OF FINANCIAL INDICATORS BY USING TUKEY TEST IN TEHRAN STOCK EXCHANGE

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MOEINADDIN M.; NAYEBZADEH SH.; ZARE MEHRJARDY R.; FAZELYAZDI A.

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Paper Information

Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2013 | Volume:6 | Issue:18 Page(s): 49-69

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Title

THE STUDY OF THE BENEFICIALLY CONTRARIAN INVESTMENT STRATEGY TO GAIN THE RETURN AND ANALYZE SENSITIVITY OF FINANCIAL INDICATORS BY USING TUKEY TEST IN TEHRAN STOCK EXCHANGE

Author(s)

MOEINADDIN M. | NAYEBZADEH SH. | ZARE MEHRJARDY R. | FAZELYAZDI A. | Issue Writer Certificate

Keywords

CONTRARIAN INVESTMENT STRATEGYQ3

WINNER AND LOSER PORTFOLIOQ3

ESTABLISHMENT AND TEST PERIODQ3

OVERREACTIONQ3

Abstract

In capital markets and behavioral finance literature, according to the different reaction of investors and in order to increase the return of capital and earn returns in excess of the expected return, different investment strategies are presented. CONTRARIAN INVESTMENT STRATEGY is one of these strategies, this strategy is based on the hypothesis of investor's OVERREACTION. However, knowing how to use CONTRARIAN INVESTMENT STRATEGY can help investors to choose the appropriate stock in order to achieve maximum return. This research examines gain return by using CONTRARIAN INVESTMENT STRATEGY and analyzes Sensitivity of Financial indicators in Tehran Stock Exchange. In order to conduct research, first the period of research was divided into 16 ESTABLISHMENT AND TEST PERIODs and in establishment period, based on 11 research variables (Sale, Operating profit, Operating Cash Flow, Stock returns, the ratio of Sales to assets ratio, the ratio of operating profit to investment, the ratio of operating cash flow to investment, Return on assets, Return on equity, Earnings per share and The ratio of net profit to sales), the companies divided to two portfolio winners and losers, and then in test period, the WINNER AND LOSER PORTFOLIO return was calculated and compared. The results of research hypotheses Show that by using CONTRARIAN INVESTMENT STRATEGY, additional return can be gained in Tehran Stock Exchange and also investors in each different period of establishment and test, show OVERREACTION towards certain variables.

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APA: Copy

MOEINADDIN, M., NAYEBZADEH, SH., ZARE MEHRJARDY, R., & FAZELYAZDI, A.. (2013). THE STUDY OF THE BENEFICIALLY CONTRARIAN INVESTMENT STRATEGY TO GAIN THE RETURN AND ANALYZE SENSITIVITY OF FINANCIAL INDICATORS BY USING TUKEY TEST IN TEHRAN STOCK EXCHANGE. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 6(18), 49-69. SID. https://sid.ir/paper/200121/en

Vancouver: Copy

MOEINADDIN M., NAYEBZADEH SH., ZARE MEHRJARDY R., FAZELYAZDI A.. THE STUDY OF THE BENEFICIALLY CONTRARIAN INVESTMENT STRATEGY TO GAIN THE RETURN AND ANALYZE SENSITIVITY OF FINANCIAL INDICATORS BY USING TUKEY TEST IN TEHRAN STOCK EXCHANGE. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2013;6(18):49-69. Available from: https://sid.ir/paper/200121/en

IEEE: Copy

M. MOEINADDIN, SH. NAYEBZADEH, R. ZARE MEHRJARDY, and A. FAZELYAZDI, “THE STUDY OF THE BENEFICIALLY CONTRARIAN INVESTMENT STRATEGY TO GAIN THE RETURN AND ANALYZE SENSITIVITY OF FINANCIAL INDICATORS BY USING TUKEY TEST IN TEHRAN STOCK EXCHANGE,” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 6, no. 18, pp. 49–69, 2013, [Online]. Available: https://sid.ir/paper/200121/en

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