An Explanation of Financial Market Anomalies by Emphasizing Financial Constraints based on Risk-Based Perspective and Behavioral Perspective

This article investigates the impact of financial market anomalies with an emphasis on finan-cial constraints based on Risk- Based Perspective and Behavioral Perspectives. This is a post-event descriptive applied paper. The statistical population includes all active companies listed on Tehran Stock Exchange, whose shares were traded in Tehran Stock Exchange from 2011 to 2020. The statistical sample was selected based on the method of systematic elimination of 182 companies. The primary and secondary data including reports of financial statements and audited financial statements of stock exchange companies for a period of 10 years have been used to collect the required data and financial information and analyzed by eviews9 and SPSS software. Various statistical tests were used for the inferential analysis of the variables, including the F Limer and Hausman test, regression test, and panel data. The research results showed that financial anomalies have a positive effect on Iran's capital market Risk Premium, and financial constraints have a positive effect on Iran's capital market Risk Premium. In oth-er words, incorrect pricing leads to an underreaction or overreaction in stock prices from the investor's psychological deviation, such as the investor's misunderstanding of the company's profit, and affects the financial risk and constraint and ultimately financial crisis.