The Impact of Investors’ Overconfidence on Disposition Effect in the Tehran Stock Exchange

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Heydarifar Mohammad; KEYGHOBADI AMIRREZA

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Journal Paper

Paper Information

Journal: Financial Economics Year:2018 | Volume:12 | Issue:44 Page(s): 123-142

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Information Journal Paper

Title

The Impact of Investors’ Overconfidence on Disposition Effect in the Tehran Stock Exchange

Author(s)

Heydarifar Mohammad | KEYGHOBADI AMIRREZA | Issue Writer Certificate

Keywords

Investors OverconfidenceQ1

Disposition EffectQ2

Expected ReturnQ1

IlliquidityQ1

Abstract

In recent years, financial markets witnessed volatility in stock prices has been strongly influenced by investors' attitudes, perspectives, insights and experiences of the variables of social, political and economic, the need to examine the psychological patterns and their impact on financial markets is felt. In the last two decades much research has been done in the field of financial psychology and considering the importance of the issues of financial psychology in this research, the effect of investor's overconfidence on the Disposition Effect of Tehran Stock Exchange has been discussed. The statistical population of the research is the companies listed in the Tehran Stock Exchange between 1388 and 1394, the sample size is 80 companies according to the screening method and after the removal of Perth observations. To test the research hypotheses, panel data (panel) data with constant effects have been used. The results of analyzing data using multivariate regression at 95% confidence level indicate that investor's overconfidence has a significant and direct effect on the Disposition Effect in the Tehran Stock Exchange.

Cites

The Long-run Effect of Sanctions on the Central Bank of Islamic Republic of Iran on Health: An Autoregressive Distributed Lags Approach

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APA: Copy

Heydarifar, Mohammad, & KEYGHOBADI, AMIRREZA. (2018). The Impact of Investors’ Overconfidence on Disposition Effect in the Tehran Stock Exchange. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), 12(44 ), 123-142. SID. https://sid.ir/paper/229165/en

Vancouver: Copy

Heydarifar Mohammad, KEYGHOBADI AMIRREZA. The Impact of Investors’ Overconfidence on Disposition Effect in the Tehran Stock Exchange. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT)[Internet]. 2018;12(44 ):123-142. Available from: https://sid.ir/paper/229165/en

IEEE: Copy

Mohammad Heydarifar, and AMIRREZA KEYGHOBADI, “The Impact of Investors’ Overconfidence on Disposition Effect in the Tehran Stock Exchange,” JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), vol. 12, no. 44 , pp. 123–142, 2018, [Online]. Available: https://sid.ir/paper/229165/en

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