INVESTORS COGNITIVE BIASES EFFECT ON STOCK VALUATION

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NIKOOMARAM H.; RAHNAMA ROODPOSHTI F.; HEIBATI F.; YAZDANI SH.

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Paper Information

Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2012 | Volume:5 | Issue:13 Page(s): 65-81

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Title

INVESTORS COGNITIVE BIASES EFFECT ON STOCK VALUATION

Author(s)

NIKOOMARAM H. | RAHNAMA ROODPOSHTI F. | HEIBATI F. | YAZDANI SH. | Issue Writer Certificate

Keywords

COGNITIVE PSYCHOLOGYQ4

OVERREACTIONQ3

UNDER REACTIONQ4

COGNITIVE BIASQ4

REPRESENTATIONQ4

OVER CONFIDENCEQ4

FINANCIAL BEHAVIORALQ2

Abstract

From 1980, when behavioral Faineance was raised, rationality of investors and stock exchange efficiency were criticized. The behavioral finance literature assumes that investors are subject to behavioral biases and overreact or under react to information received those results in stock misevaluation.In this paper stock misevaluation is measured following Rodes-Kropf et.al. (2005) and based on financial information of individual firms and industries.This model presents a new measure of examining misevaluation and predicting future stock return.After examining the models in Tehran Stock Exchange (TSE), we construct portfolios on Misv and then investigate investor’s reaction to the information trends.The results show that there are OVERREACTIONs and UNDER REACTION in TSE affected by Representativeness bias and overconfidence and MISV is related with firm size, B/M ratio, and liquidity rate, firm age, past stock price and return and EPS.

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APA: Copy

NIKOOMARAM, H., RAHNAMA ROODPOSHTI, F., HEIBATI, F., & YAZDANI, SH.. (2012). INVESTORS COGNITIVE BIASES EFFECT ON STOCK VALUATION. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 5(13), 65-81. SID. https://sid.ir/paper/200258/en

Vancouver: Copy

NIKOOMARAM H., RAHNAMA ROODPOSHTI F., HEIBATI F., YAZDANI SH.. INVESTORS COGNITIVE BIASES EFFECT ON STOCK VALUATION. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2012;5(13):65-81. Available from: https://sid.ir/paper/200258/en

IEEE: Copy

H. NIKOOMARAM, F. RAHNAMA ROODPOSHTI, F. HEIBATI, and SH. YAZDANI, “INVESTORS COGNITIVE BIASES EFFECT ON STOCK VALUATION,” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 5, no. 13, pp. 65–81, 2012, [Online]. Available: https://sid.ir/paper/200258/en

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