Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange
This paper investigates stock valuation in Tehran Stock Exchange with regard to behavioral heterogeneity and bounded rational behavior of agents. The related information of the fundamental factors are disseminated and become available for the public, and investors assess the stock with different mod...
| Main Authors: | , , |
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| Format: | Article |
| Language: | fas |
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Shahid Bahonar University of Kerman
2011-04-01
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| Series: | مجله دانش حسابداری |
| Subjects: | |
| Online Access: | https://jak.uk.ac.ir/article_28_2a0bfb8886e6292a748f5b76b8eac4d8.pdf |
| _version_ | 1818823652000399360 |
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| author | Reza Raee Gholam Reza Eslami Bidgoli Mahdi Mirzabayati |
| author_facet | Reza Raee Gholam Reza Eslami Bidgoli Mahdi Mirzabayati |
| author_sort | Reza Raee |
| collection | DOAJ |
| description | This paper investigates stock valuation in Tehran Stock Exchange with regard to behavioral heterogeneity and bounded rational behavior of agents. The related information of the fundamental factors are disseminated and become available for the public, and investors assess the stock with different models, for example Gordon model. However, because of different expectations of investors, the amount of deviation from the fundamental value and the lengthiness of this deviation are viewed important. In this study, behavior of two groups of investors is examined. First, the fundamentalists who believe in movement of stock prices toward the fundamental value. Second, the chartists who think stock prices should be different from the fundamental value. Results by monthly data show that investors switch between different strategies and sometimes the chartists force the fundamentalists to change their strategies and coexist with them. |
| first_indexed | 2024-12-18T23:43:22Z |
| format | Article |
| id | doaj.art-f704a192d1b24f8588960d87125b90da |
| institution | Directory Open Access Journal |
| issn | 2008-8914 2476-292X |
| language | fas |
| last_indexed | 2024-12-18T23:43:22Z |
| publishDate | 2011-04-01 |
| publisher | Shahid Bahonar University of Kerman |
| record_format | Article |
| series | مجله دانش حسابداری |
| spelling | doaj.art-f704a192d1b24f8588960d87125b90da2022-12-21T20:47:19ZfasShahid Bahonar University of Kermanمجله دانش حسابداری2008-89142476-292X2011-04-012510312610.22103/jak.2011.2828Stock Valuation and Behavioural Heterogeneity in Tehran Stock ExchangeReza Raee0Gholam Reza Eslami Bidgoli1Mahdi Mirzabayati2دانشیار دانشکده مدیریت دانشگاه تهراندانشیار دانشکده مدیریت دانشگاه تهرانفارغ التحصیل کارشناسی ارشد مدیریت مالی دانشگاه تهرانThis paper investigates stock valuation in Tehran Stock Exchange with regard to behavioral heterogeneity and bounded rational behavior of agents. The related information of the fundamental factors are disseminated and become available for the public, and investors assess the stock with different models, for example Gordon model. However, because of different expectations of investors, the amount of deviation from the fundamental value and the lengthiness of this deviation are viewed important. In this study, behavior of two groups of investors is examined. First, the fundamentalists who believe in movement of stock prices toward the fundamental value. Second, the chartists who think stock prices should be different from the fundamental value. Results by monthly data show that investors switch between different strategies and sometimes the chartists force the fundamentalists to change their strategies and coexist with them.https://jak.uk.ac.ir/article_28_2a0bfb8886e6292a748f5b76b8eac4d8.pdfheterogeneity theoryagency theorystock valuationbehavioral finance |
| spellingShingle | Reza Raee Gholam Reza Eslami Bidgoli Mahdi Mirzabayati Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange مجله دانش حسابداری heterogeneity theory agency theory stock valuation behavioral finance |
| title | Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange |
| title_full | Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange |
| title_fullStr | Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange |
| title_full_unstemmed | Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange |
| title_short | Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange |
| title_sort | stock valuation and behavioural heterogeneity in tehran stock exchange |
| topic | heterogeneity theory agency theory stock valuation behavioral finance |
| url | https://jak.uk.ac.ir/article_28_2a0bfb8886e6292a748f5b76b8eac4d8.pdf |
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