THE EVALUATION INVESTORS' OVERREACTION IN THE TEHRAN STOCK EXCHANGE (TSE)

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NIKBAKHT M.R.; MORADI M.

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Paper Information

Journal: THE IRANIAN ACCOUNTING AND AUDITING REVIEW Year:2005 | Volume:12 | Issue:40 Page(s): 97-122

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Information Journal Paper

Title

THE EVALUATION INVESTORS' OVERREACTION IN THE TEHRAN STOCK EXCHANGE (TSE)

Author(s)

NIKBAKHT M.R. | MORADI M. | Issue Writer Certificate

Keywords

CONTRARIAN INVESTMENT STRATEGYQ3

WINNER PORTFOLIOQ4

LOSER PORTFOLIOQ4

OVERREACTIONQ3

CUMULATIVE ABNORMAL RETURNQ3

Abstract

One of the assumptions of efficient market is that investors react to new information. The evidence shows that investors overreact to new information .They tend to be either over-optimistic or over-pessimistic. Therefore equity prices are not equitably determined by the "true" forces of market supply / demand and are not in equilibrium most of the time .Although stock prices would go abnormally high (low) due to Investors' OVERREACTION in the initial period, they have a tendency to adjust themselves back to the equilibrium level in the subsequent period. This research investigates The Investors' OVERREACTION in the Tehran Stock Exchange. The results indicate that stocks in the best (worst) performing experience, a reversal of fortune in the following years.

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APA: Copy

NIKBAKHT, M.R., & MORADI, M.. (2005). THE EVALUATION INVESTORS' OVERREACTION IN THE TEHRAN STOCK EXCHANGE (TSE). THE IRANIAN ACCOUNTING AND AUDITING REVIEW, 12(40), 97-122. SID. https://sid.ir/paper/8291/en

Vancouver: Copy

NIKBAKHT M.R., MORADI M.. THE EVALUATION INVESTORS' OVERREACTION IN THE TEHRAN STOCK EXCHANGE (TSE). THE IRANIAN ACCOUNTING AND AUDITING REVIEW[Internet]. 2005;12(40):97-122. Available from: https://sid.ir/paper/8291/en

IEEE: Copy

M.R. NIKBAKHT, and M. MORADI, “THE EVALUATION INVESTORS' OVERREACTION IN THE TEHRAN STOCK EXCHANGE (TSE),” THE IRANIAN ACCOUNTING AND AUDITING REVIEW, vol. 12, no. 40, pp. 97–122, 2005, [Online]. Available: https://sid.ir/paper/8291/en

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