EVALUATION OF CONTRARIAN INVESTING STRATEGY IN TEHRAN STOCK EXCHANGE

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MAHDAVI KHADIJEH; AZIZNEJAD SAMAD; TARI FATHOLLAH

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Journal: MAJLIS & RAHBORD Year:2013 | Volume:20 | Issue:73 Page(s): 103-124

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Title

EVALUATION OF CONTRARIAN INVESTING STRATEGY IN TEHRAN STOCK EXCHANGE

Author(s)

MAHDAVI KHADIJEH | AZIZNEJAD SAMAD | TARI FATHOLLAH | Issue Writer Certificate

Keywords

CONTRARIAN INVESTING STRATEGYQ2

WINNER STOCKSQ2

LOSER STOCKSQ2

BEHAVIORAL FINANCEQ2

Abstract

The main purpose of the article is to examine performance of the CONTRARIAN INVESTING STRATEGY, which is a new strategy in buying and selling stocks in Tehran Stock Exchange in a specific time frame. Momentum and contrarian investing strategies are two strategies used in stock markets. According to the CONTRARIAN INVESTING STRATEGY, stocks having successful performance in past (winner stocks) are sold and stocks having poor and unsuccessful performance (loser stocks) are bought. The article examines the possibility of increasing returns on investment and earning abnormal returns using the CONTRARIAN INVESTING STRATEGY and tests it on the basis of returns of portfolios in Tehran Stock Exchange. Statistical population of the research is the companies accepted in Tehran Stock Exchange during the period 2005 to 2010 and its sampling method is screening. Hypotheses testing and data analysis are conducted by SPSS and t-test. The findings show that the average cumulative abnormal returns of winner portfolios are less than those of loser portfolios only in certain points of the mentioned time frames, which is not significant. Therefore, using the CONTRARIAN INVESTING STRATEGY in the mentioned time frame has not led to earning excess returns.

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APA: Copy

MAHDAVI, KHADIJEH, AZIZNEJAD, SAMAD, & TARI, FATHOLLAH. (2013). EVALUATION OF CONTRARIAN INVESTING STRATEGY IN TEHRAN STOCK EXCHANGE. MAJLIS & RAHBORD, 20(73), 103-124. SID. https://sid.ir/paper/224813/en

Vancouver: Copy

MAHDAVI KHADIJEH, AZIZNEJAD SAMAD, TARI FATHOLLAH. EVALUATION OF CONTRARIAN INVESTING STRATEGY IN TEHRAN STOCK EXCHANGE. MAJLIS & RAHBORD[Internet]. 2013;20(73):103-124. Available from: https://sid.ir/paper/224813/en

IEEE: Copy

KHADIJEH MAHDAVI, SAMAD AZIZNEJAD, and FATHOLLAH TARI, “EVALUATION OF CONTRARIAN INVESTING STRATEGY IN TEHRAN STOCK EXCHANGE,” MAJLIS & RAHBORD, vol. 20, no. 73, pp. 103–124, 2013, [Online]. Available: https://sid.ir/paper/224813/en

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