Migration In Tehran Stock Exchange (1377-1386)

Part of financial market dynamic is due to variation of inner ingredients in such systems. Variation in firm's properties leads to variation in market flows and investors expectations in stock market. In this study mutation of firm's positions from book value to market value ratio and size is called "Migration". Our purpose is surveying the migration effect on stock returns in Tehran stock exchange. Findings show that investor's wealth and firm's value can be improved by migration based on the three factor model