Dynamics of the Behavior of Individual Investors in Tehran Stock Exchange

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JAMSHIDI NASER; GHALIBAF ASL HASAN

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Paper Information

Journal: JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE Year:2019 | Volume:9 | Issue:1 (25) Page(s): 101-120

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Information Journal Paper

Title

Dynamics of the Behavior of Individual Investors in Tehran Stock Exchange

Author(s)

JAMSHIDI NASER | GHALIBAF ASL HASAN | Issue Writer Certificate

Keywords

RepresentativenessQ1

Disposition EffectQ1

Trading ErrorQ1

Multiple Conitive ErrorsQ1

Abstract

The aim of this study is to investigate the behavior of individual investors from the perspective of behavioral errors and relationship between them in Tehran Stock Exchange. For this purpose, we examined the portfolio statement of individual and institutional investors during a five-year period from 2012 to 2016. The result show that individual investors make poor trading decisions: stocks they purchase underperform those they sell. On the other hand, both individual investors tend to sell stocks that have appreciated in price, but not those that have depreciated in price (consistent with a Disposition Effect). Finally, they appear to believe that past returns are indicative of future returns (a Representativeness bias). In the following, the analysis of multiple cognitive errors is done to determine whether investors with a cognitive error are prone to other cognitive errors. The results indicate that the behavior of some investors represents more than one cognitive error.

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APA: Copy

JAMSHIDI, NASER, & GHALIBAF ASL, HASAN. (2019). Dynamics of the Behavior of Individual Investors in Tehran Stock Exchange. JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE, 9(1 (25) ), 101-120. SID. https://sid.ir/paper/385773/en

Vancouver: Copy

JAMSHIDI NASER, GHALIBAF ASL HASAN. Dynamics of the Behavior of Individual Investors in Tehran Stock Exchange. JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE[Internet]. 2019;9(1 (25) ):101-120. Available from: https://sid.ir/paper/385773/en

IEEE: Copy

NASER JAMSHIDI, and HASAN GHALIBAF ASL, “Dynamics of the Behavior of Individual Investors in Tehran Stock Exchange,” JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE, vol. 9, no. 1 (25) , pp. 101–120, 2019, [Online]. Available: https://sid.ir/paper/385773/en

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