AN INSIGHT INTO THE NATURE OF RELATIONSHIP BETWEEN OVERCONFIDENCE OF INDIVIDUAL INVESTORS AND TRADING VOLUME IN TEHRAN STOCK EXCHANGE

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ESLAMI BIDGOLI GHOLAMREZA; TEHRANI ASHRAF

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Journal: ECONOMIC RESEARCH REVIEW Year:2011 | Volume:10 | Issue:4 (39) Page(s): 231-253

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Title

AN INSIGHT INTO THE NATURE OF RELATIONSHIP BETWEEN OVERCONFIDENCE OF INDIVIDUAL INVESTORS AND TRADING VOLUME IN TEHRAN STOCK EXCHANGE

Author(s)

ESLAMI BIDGOLI GHOLAMREZA | TEHRANI ASHRAF | Issue Writer Certificate

Keywords

OVERCONFIDENCEQ2

TRADING VOLUMEQ2

MISCALIBRATIONQ3

BETTER THAN AVERAGE EFFECTQ3

ILLUSION OF CONTROLQ3

BEHAVIORAL FINANCEQ3

DIFFERENCES OF OPINIONSQ3

Abstract

OVERCONFIDENCE theory is one of the major portions in BEHAVIORAL FINANCE trying to explain some inconsistencies in market functions. Based on this theory, it is assumed that more level of OVERCONFIDENCE results to more TRADING VOLUME in Tehran Stock Exchanges (TSE).This research designed for testing the above theory. In TSE the level of OVERCONFIDENCE measured by MISCALIBRATION, BETTER THAN AVERAGE EFFECT and ILLUSION OF CONTROL.Trading volume is broken into two variables: amount of investment and TRADING VOLUMEs.The main hypothesis of this study is to find the relationship between total TRADING VOLUME and three measures of OVERCONFIDENCE, which all are accepted in 95 per cent of confidence level.The main hypothesis divided into two particular groups; A and B, which have examined the relationship between measures of OVERCONFIDENCE and two measures of TRADING VOLUMEs (amount of investment and numbers of trading, respectively). Except for two special hypotheses of group A, all hypotheses were accepted. We can conclude that numbers of trading would be a better indicator for OVERCONFIDENCE level. Those rejected hypotheses refer to relationship between the amount of investment and two measures of OVERCONFIDENCE, ILLUSION OF CONTROL and BETTER THAN AVERAGE EFFECT.

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APA: Copy

ESLAMI BIDGOLI, GHOLAMREZA, & TEHRANI, ASHRAF. (2011). AN INSIGHT INTO THE NATURE OF RELATIONSHIP BETWEEN OVERCONFIDENCE OF INDIVIDUAL INVESTORS AND TRADING VOLUME IN TEHRAN STOCK EXCHANGE. ECONOMIC RESEARCH REVIEW, 10(4 (39)), 231-253. SID. https://sid.ir/paper/67190/en

Vancouver: Copy

ESLAMI BIDGOLI GHOLAMREZA, TEHRANI ASHRAF. AN INSIGHT INTO THE NATURE OF RELATIONSHIP BETWEEN OVERCONFIDENCE OF INDIVIDUAL INVESTORS AND TRADING VOLUME IN TEHRAN STOCK EXCHANGE. ECONOMIC RESEARCH REVIEW[Internet]. 2011;10(4 (39)):231-253. Available from: https://sid.ir/paper/67190/en

IEEE: Copy

GHOLAMREZA ESLAMI BIDGOLI, and ASHRAF TEHRANI, “AN INSIGHT INTO THE NATURE OF RELATIONSHIP BETWEEN OVERCONFIDENCE OF INDIVIDUAL INVESTORS AND TRADING VOLUME IN TEHRAN STOCK EXCHANGE,” ECONOMIC RESEARCH REVIEW, vol. 10, no. 4 (39), pp. 231–253, 2011, [Online]. Available: https://sid.ir/paper/67190/en

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