The effect of investors' sentiments on return, cash flow, discount rate and performance of companies listed in Tehran Stock Exchange

The purpose of this research is to investigate the impact of investors' sentiments on returns, cash flow, discount rates and performance of companies listed on the Tehran Stock Exchange. The research method used in this study is a quasi-experimental method with a retrospective design. The statistical population includes all the active companies listed on the Tehran Stock Exchange from the beginning of 2013 to the end of 2019, of which 115 companies are selected as a sample by purposeful sampling method (systematic elimination method) according to the existing limitations. In order to test the hypothesis, the method of generalized moments (GMM) is used. The results of data analysis and hypothesis testing show that investors' sentiments, with different measurement methods, affect total return, cross-sectional returns, free cash flow, discount rate and performance of companies listed on the Tehran Stock Exchange.