Recent Evidence on Investors’ Behavior in the Tehran Stock Exchange: Preliminary Evidence and Future Insights

Document Type : Research Paper


1 Professor of Finance and Ralph Marotta Chair in Free Enterprise, Quinlan School of Business, Loyola University Chicago, Chicago, USA.

2 Islamic Azad University North Tehran Branch


In this study, provided preliminary evidence on a comprehensive program of study focusing on investors’ behavior in the Tehran Stock Exchange (TSE) in 2014. Using a survey-based methodology, 561 investors from the TSE representing individual investors, mutual fund experts, funding institutions experts, institutional investors, and stock brokers have been randomly selected to respond to a set of behavioral and economic questions recommended by the previous research in the field of behavioral finance. Factor loading from the collected data reveal that both behavioral and economic variables appear to influence investors’ decisions in the TSE. In the further to be shared new theoretical and econometric insights that is currently being amended preliminary evidence including dis-aggregating the sample by investors’ type (individual vs. institutional investors) as well as using structural equation modeling to test the statistical significance of the proposed variables and their differences across samples.


Main Subjects

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