Introduction a conceptual model of the effective factors of contrarian trading strategy in the formation of a profitable portfolio using the Grounded theory

Creating a profitable investment portfolio is an important issue for market investors. Contrary to the efficient market hypothesis, excess returns are likely to be achieved if the investment strategy is chosen appropriately. The main purpose of this study is to provide a conceptual model of the effective factors of contrarian trading strategy in the formation of a profitable portfolio using the Grounded theory in the Iran capital market. Data collected through interviews with 12 university experts who selected by theoretical sampling method using snowball technique. The results using the Grounded theory suggest that the investors characteristics of the causal type, macroeconomic factors, capital market factors, corporate factors and managerial factors of the intervening type, market constraints and regulatory processes of the contextual type, published news and financial statement features of the strategy type and stock returns and market performance criteria of the consequence type that are effective in forming a profitable portfolio in the stock market.