Studies show religion is effective factor in forming social mood. Therefore, the impact of religion on behavioral bias affected by social mood can be studied. This study is an expost facto research that Using observed data tests possibility of herd behavior in religious months, consist of Muharram, Ramadan, and Zul-Hijjah, in Iranian capital market. After studying 1206 days of Daily trade in Tehran Stock Exchange during 1989-1993 (Solar Hijri-Iranian calendar), results show possibility of herd behavior in religious months more than other months of the year. Between religious month, Ramadan has the greatest impact of forming herd behavior. Also, the theories point out market performance and trading volume affect herd behavior. Accordingly, using robustness tests, this study investigates possibility of herd behavior affected by market performance and trading volume. However, there was no certain pattern. These results make contributions to the literature on the effects of social norm studies on markets, herding in stock market, and Islamic finance studies in particular.

With respect to financial decisions in daily life of investors, in this research we assess the mental state of investors on their risk taking behavior in Tehran stock exchange. Risk taking is the degree of encouragement investors has in order to take innovation and do extraordinary jobs. Mental state is composed of sustainable emotions with external expression in different degrees and continuity for kinds of investors. All Tehran stock exchange investors were among the study and 386 samples were selected. For mental state and risk taking behavior data gathered on the basis of PANAS and risk taking standard questioners in turn. Hypothesis tested by structural equation modeling with partial least square approach. Results show risk taking is positively affected by high positive affection and low negative affection besides negatively affected by low positive affection and high negative affection. High positive affection has the highest impact and low positive affection has the lowest impact on risk taking behavior.

In this paper following Lakonishok (1992) and Sias (2004), we examine the presence of herding behavior among active institutional investors, test the presence of momentum strategy (as a determiner of herding behavior) and the correlation between herding behavior and weekly, monthly and quarterly stock return, using time series data of (2006 – 2008) in the Tehran Stock Exchange. Our findings confirm the presence of herding behavior among the institutional investors and show that its intensity is higher than the developed countries, but they reject the presence of momentum strategy and its role as a determiner of herding behavior. Furthermore, the results show that the herding behavior of institutional investors does not affect the market return and has no correlation with the past and future returns.

This study empirically investigates the relationship between the timeliness of the financial reporting and the corporate governance proxies for companies listed on the Tunisian stock exchange during 2009. It investigates the role of the corporate governance mechanisms on the timeliness of corporate financial reporting besides, it investigates the relationship between the company size, leverage, profitability (good news), and the timeliness of corporate financial reporting. Using a multivariate analysis, we find evidence that ownership concentration, the CEO's duality function, and good news have some impact on the interim period between the auditors’ signature dates and the publication dates, hence, on the timeliness of the release of financial statement information to the public.

Sentiment and cognitive errors affect in decisions of investors when buying and selling stock. Cognitive Errors are kind of cognitive vulnerability in information processing. Factors such as culture cause bias in the decision-making process. The aim of this study is survey Investors' behavioral biases including Over Confidence, Regret Aversion and Conservatism with an emphasis on culture factor. Questionnaires were collecting data from random investors of Tehran, Ahvaz, Tabriz, Isfahan, and Mashhad cities. Data were analyzed by SPSS software. Validity and Cronbach's Alpha also showed the credibility of the questionnaire. Our study showed, there is a significant correlation between culture and Over Confidence bias and relationship does not exit between Regret Aversion bias, Conservatism and culture.

A survey of Investors' behavior in financial markets has always been one of the substantial topics for monetary and fiscal policymakers. The adoption of new financial instruments in the capital market in Iran has necessitated this more than before. The aim of this study was to test the herding behavior of investors in the application of Islamic securities (sukuk) in the capital market during the period 1390 to 1394 in Iran. This was performed by using Yao et al model and correlation and regression analysis method in 22 companies which issued Ijarah sukuk. The results of testing the herding behavior in the lease sukuk (Ijarah) in Iran's secondary market during the period under review show that herding behavior among investors in Ijarah sukuk is not verified. Also, the results have shown that investors in this market have not shown herding behavior in periods of stress.These results suggest the relative stability of returns on investment in the Ijarah Sukuk market in Iran.

The investor's sentiments by influencing the expected rate of return and his attitude, will lead to an overreaction to the future of the market and will have a significant impact on the pricing of traded assets in the stock market and future profits and losses. Investigating the emotional behavior of investors allows us to get familiar with the behavior of investors by correctly measuring the emotions of investors at each stage of the market, and by examining the variables that affect it, we can predict this behavior in the future and make the right decision about the market and prices. Various criteria have been presented and used to measure the emotional behavior of investors, and each criterion has its own advantages and disadvantages. In this study, a six-fold composite index has been used in accordance with the state of the country's stock market and its limitations, and it has been measured on a monthly basis. This index has been calculated using the basic component analysis method in EVIEWS software. In this study, the effectiveness of the aforementioned index of four economic variables has also been studied using regression analysis of the ARDL model, the results of which are the negative effects of liquidity volume, operational and capital balance, and interest rate on the emotional behavior of investors, and the lack of effect of interest rate without risk on the behavior Investors' feelings are evident in Tehran Stock Exchange.