شواهد اخیر از رفتار سرمایه‏گذاران در بورس اوراق بهادار تهران: شواهد اولیه و بینش آینده

نوع مقاله : مقاله علمی پژوهشی

نویسندگان

1 پروفسور گروه مالی، دانشگاه لویولای شیکاگو، شیکاگو، ایالات متحدۀ آمریکا

2 دانشجوی دکتری مدیریت مالی، دانشگاه آزاد اسلامی واحد تهران شمال، تهران، ایران

3 دانشجوی دکترای مدیریت مالی

چکیده

در این مطالعه شواهد مقدماتی از تمرکز بر رفتار سرمایه‏گذاران در بورس اوراق بهادار تهران (TSE) در قالب برنامۀ جامع مطالعاتی در سال 1393 فراهم شده است. با استفاده از نوعی روش مبتنی بر نظرسنجی، 561 نفر از سرمایه‏گذاران بورس اوراق بهادار تهران به نمایندگی از سرمایه‏گذاران فردی؛ کارشناسان صندوق‏های مشترک سرمایه‏گذاری؛ کارشناسان مؤسسه‎های تأمین سرمایه؛ کارشناسان و متخصصان مؤسسه‎های سرمایه‏گذاری و کارگزاران بورس اوراق بهادار به‌طور تصادفی برای پاسخ به مجموعه‏ای از سؤالات رفتاری و اقتصادی توصیه‌شده در تحقیقات قبلی در زمینۀ امور مالی رفتاری انتخاب شدند. بارهای عاملی از داده‏های جمع‏آوری‎شده آشکار می‎کند که هر دو گروه از متغیرهای رفتاری و اقتصادی در تصمیمات سرمایه‏گذاران در بورس اوراق بهادار تهران مؤثر‌ند. در آینده دیدگاه نظری و اقتصادسنجی جدیدی به‎اشتراک گذاشته می‏شود که در حال حاضر در دست اصلاح شواهد مقدماتی با استفاده از تجزیه و تحلیل نمونه بر‌اساس نوع سرمایه‏گذاران (سرمایه‏گذاران فردی در مقابل سرمایه‏گذاران نهادی) است که این عمل با استفاده از مدل معادلات ساختاری برای تست آماری متغیرهای ارائه‌شده و تفاوت‏های آن‎ها در سراسر نمونه انجام خواهد شد

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

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

نویسندگان [English]

  • Abol Jalilvand 1
  • Mojtaba Rostami Noroozabad 2
  • Saman Rahmani 3
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
چکیده [English]

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.

کلیدواژه‌ها [English]

  • Stock exchange
  • Investment
  • Behavioral Factors
  • Rational Factors
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