Investigating the relationship between investors' inclinations on excess cash flows and the company's stock valuation patterns

In this study, the relationship between investors' tendencies on excess cash flows and the company's stock valuation patterns was investigated. In order to measure the tendencies of investors, investor trading patterns were used. Also, two models (P / E) and EV / EBIT were used to measure stock valuation patterns. The statistical sample of this research includes 120 companies of Tehran Stock Exchange in the period 1391-1397. In order to test the research hypotheses from soft Eviews tool and combined data method have been used. The results of studies at the level of 5% error showed that the tendency of investors increases the cash flow of excess in the company. Also the results showed that between the tendencies of investors and the valuation of company stocks There is a positive and significant relationship using the two models (P / E) and EV / EBIT. Based on the results, it can be stated that investors' tendencies lead to relative demand for speculative investments and this factor expresses the hypothesis. Messaging is on the Tehran Stock Exchange.