نشریه تحلیل بازار سرمایه
سال سوم شماره 2 (پیاپی 9، تابستان 1402)

Behavioral psychologists believe that people consistently tend to act in erratic ways when making decisions about their investments. In the other words, these researchers believe that investors are actually irrational and show behavioral biases. The purpose of this article is to investigate the effect of the dimensions and functions of financial literacy on the behavioral biases, including overconfidence bias and herding behavior bias, and to analyze their effect on each other and on the performance of investors in the Tehran Stock Exchange. For this purpose, a statistical sample was collected through a questionnaire from among 509 investors in the Tehran Stock Exchange. Also, PLS software was used to analyze the model. The results of this research showed that financial literacy has a significant effect on overconfidence behavioral biases and herding behavior among investors. Also, the results showed that the mentioned biases have a significant effect on the performance of investors.

The main objective of this research is to compare the status of Islamic banking in Iran with selected countries in the Islamic world. The present study is considered as an applied research in terms of its research objective, and a retrospective study in terms of its temporal dimension. The data collection was descriptive and correlational in nature, utilizing quantitative research methods to test hypotheses. Linear regression model was employed to test the hypotheses, and panel data econometrics using statistical software Eviews was utilized for data analysis.In this research, the statistical population consists of Islamic banks in the Islamic world, and the sample includes banks from Iran, Malaysia, Indonesia, Pakistan, and Bahrain, within the time frame of 2017 to 2021. To compare the status of Islamic banking in Iran with selected countries, the collected data is derived from statistics provided by the Securities and Exchange Organization for Iran, and data from the International Bank (Bank Scope) for the selected banks in Malaysia, Indonesia, Pakistan, and Bahrain.The appropriate research method employed in this study is a descriptive research method. It falls under the category of quantitative and descriptive research in the field of finance in terms of its purpose and applicability. Furthermore, considering that historical information has been used in testing its hypotheses, it can be regarded as past-oriented in terms of the temporal dimension. Additionally, in terms of data collection methods, it can be classified as a retrospective research.

The aim of this study is to develop a stock trading strategy using regression learning algorithms. The researcher utilized the Yahoo Finance database to collect the necessary data using Python programming. Key technical analysis indicators and oscillators were calculated and incorporated into the model. The performance of the regression algorithms was evaluated using indicators such as determination coefficient, mean error of the mean, and square root of the error. Advanced statistical methods and software including Python, Spider, SPSS, and Excel were employed to analyze the differences between the evaluation indices of the designed algorithms. The Kruskal-Wallis test was used for meaningful comparison. Additionally, a diversified research sample consisting of companies from various sectors was chosen to generalize the findings. The selected companies were actively traded on the New York Stock Exchange with an average volume greater than 1 million and a market value larger than 200 trillion dollars. The sample was determined using a filter writing method on 28/06/2021 equal to 41 numbers as the sample of this research . The research was completed by the end of February 2023, and the random forest trading strategy model was identified as the most suitable approach.

Uncertainty can have profound consequences for both companies and individuals hoping to make optimal decisions for their benefit. Economic agents in financial markets are generally concerned about uncertainty in the political, economic and environmental spheres. When prior expectations are compromised by the increased likelihood of uncertain outcomes, agents must wait for the waves of uncertainty to dissipate before making sound financial decisions. In this research, the relationship between economic uncertainty shock and illiquidity of the stock market has been analyzed using the Time-Varying Structural Vector Auto-regressive model TVSVAR during the years 2008:4-2020:3. The obtained results indicate that the effect of the economic uncertainty shock on illiquidity was positive and increasing in most of the periods and years under investigation, and the effect of the shock of liquidity volume growth on illiquidity had a decreasing effect in most of the periods and years. The effect of inflation shock on illiquidity increased in all the studied periods and years, but in 2016 and 2020, it had a decreasing effect in the final period.

Based on behavioral studies, managers’ personality traits are effective in their decision-making and behaviors. The objective of this research was to study the impact of managers’ monetary personality on decisions of companies’ capital structure. The questionnaire and the audited financial statements have been used to collect data in this research. The study population includes the financial managers of companies listed on the Tehran Stock Exchange in 2021. Also, the studied sample was selected using the convenience sampling method. Using Morgan's table, the research sample size was estimated as 183 subjects; however, 141 usable questionnaires were ultimately collected. The multivariate regression technique with a cross-sectional data structure was used for data analysis. The results failed to find a significant relationship between the money-avoider personality using debt and stock in the capital structure of companies. Moreover, the money-worship personality was found to have a positive relationship using the stock in the capital structure, while the money-status personality showed a negative relationship using the stock in the capital structure. In addition, a money-vigilance personality revealed a positive relationship using the debt in the capital structure. By taking into account the monetary personality of the managers besides other criteria and becoming aware of its impact on the capital structure policies, capital market actors would be able to make more accurate predictions of the company's future and reduce the conflict of interest between shareholders and managers. Hence, the research results can improve the decision-making of people.

The aim of this study is to investigating the relationship between bank attributes and financial performance considering the moderating role of investing in information technology among the banks listed on Tehran Stock Exchange. The research method is descriptive-post event and the 21 number of accepted banks at Tehran Stock Exchange during the period of 2017 to 2022 were elected as statistical sample. The data was collected via financial statements of banks and were analyzed via Excel and Eviews V.12 software. The results showed that there is a significant relationship between capital adequacy and management efficacy with financial performance. Aslo there is a significant relationship between investing in information technology and financial performance. Moreover the results showed that the moderating role of investing in information technology on the relationship between bank attributes and financial performance is significant (p<0.05). . . . . . . . . . . . . .

The concept of stock price simultaneity and the factors affecting it, which represents a part of stock price awareness, has been the target of many researches in the capital market. Various factors can affect the simultaneity of stock prices. Institutional investors, with their active monitoring of company managers, not only affect the performance of the company, but also the quality of profits and reduce the efforts of senior managers to manage profits. The purpose of this research is to investigate the effect of management ability on stock price concurrency with emphasis on the moderating role of institutional investors. In terms of cognitive method, this research is descriptive and in terms of purpose, it is of applied type and it is among quasi-experimental, correlational and post-event researches. The sample of the study included 140 companies listed in Tehran Stock Exchange during the years 2014-2021. We used the documentary research method to collect information on theoretical foundations and background of the research and Rahavardnovin Software and information available on the Tehran Stock Exchange website to collect the required data. Finally, we tested the research hypotheses using a multivariate linear regression model and panel data and Eviews12 software. Findings of the research indicate that the management ability has a negative and significant effect on the stock price concurrency. Also, institutional investors do not have a moderating effect on the relationship between management ability and stock price concurrency.

The purpose of this research is to determine the factors of interest to the users of financial information through the timely presentation of the auditor's report, which has a significant contribution in influencing the success of the financial performance and development of companies by attracting investors. With this aim, the impact of financial report quality, managerial ownership and research and development investment on audit report delay was investigated. In this regard, a sample of 154 companies listed in the Tehran Stock Exchange was examined during the period of 2017 to 2021. Multivariate regression was used to test the hypothesis and Eviews software was used for statistical analysis. The results showed that the quality of the financial report and managerial ownership have a direct positive and significant relationship with the delay of the audit report, and research and development investment has no significant effect on the delay of the audit report.