Investigating the Effect of Investors' Behavior and Management on Stock Returns

The purpose of the present study was to investigate the effects of behavioral variables such as managerial overconfidence, herding behavior and investor sentiment on stock returns. To this end, using the data of 75 companies listed in Tehran Stock Exchange during the seven-year period of 2010-2016,...

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Autores principales:	Kazem Shamsadini (Ph.D), Vahid Daneshi, Fatemeh Seyedi
Formato:	article
Lenguaje:	FA
Publicado:	Shahid Bahonar University of Kerman 2018
Materias:	behavioral variables managerial overconfidence herding behavior investor sentiment stock returns Accounting. Bookkeeping HF5601-5689
Acceso en línea:	https://doaj.org/article/f34e1fd59b234a52be5c061f87b4b2a6
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spelling	oai:doaj.org-article:f34e1fd59b234a52be5c061f87b4b2a62021-11-04T19:53:59ZInvestigating the Effect of Investors' Behavior and Management on Stock Returns2008-89142476-292X10.22103/jak.2018.10916.2497https://doaj.org/article/f34e1fd59b234a52be5c061f87b4b2a62018-07-01T00:00:00Zhttps://jak.uk.ac.ir/article_2048_cb9656743ec73d4756ca85bce00d1a02.pdfhttps://doaj.org/toc/2008-8914https://doaj.org/toc/2476-292XThe purpose of the present study was to investigate the effects of behavioral variables such as managerial overconfidence, herding behavior and investor sentiment on stock returns. To this end, using the data of 75 companies listed in Tehran Stock Exchange during the seven-year period of 2010-2016, the index of managerial overconfidence, herding behavior of investors and the investor sentiment are calculated and their impact on stock returns were examined. To analyze the data and test the hypotheses, the linear regression model has been used by estimating generalized least squares (EGLS). Evidence and empirical results of the research showed that the behavioral variables studied in the research have a reciprocal and significant effect on the stock returns of the companies. Therefore, the greater the degree of reliance on managerial overconfidence, investors’ herding behavior and investor sentiment, the more inverse effect on the companies’ stock returns, we will see.Kazem Shamsadini (Ph.D)Vahid DaneshiFatemeh SeyediShahid Bahonar University of Kermanarticlebehavioral variablesmanagerial overconfidenceherding behaviorinvestor sentimentstock returnsAccounting. BookkeepingHF5601-5689FAمجله دانش حسابداری, Vol 9, Iss 2, Pp 163-189 (2018)
institution	DOAJ
collection	DOAJ
language	FA
topic	behavioral variables managerial overconfidence herding behavior investor sentiment stock returns Accounting. Bookkeeping HF5601-5689
spellingShingle	behavioral variables managerial overconfidence herding behavior investor sentiment stock returns Accounting. Bookkeeping HF5601-5689 Kazem Shamsadini (Ph.D) Vahid Daneshi Fatemeh Seyedi Investigating the Effect of Investors' Behavior and Management on Stock Returns
description	The purpose of the present study was to investigate the effects of behavioral variables such as managerial overconfidence, herding behavior and investor sentiment on stock returns. To this end, using the data of 75 companies listed in Tehran Stock Exchange during the seven-year period of 2010-2016, the index of managerial overconfidence, herding behavior of investors and the investor sentiment are calculated and their impact on stock returns were examined. To analyze the data and test the hypotheses, the linear regression model has been used by estimating generalized least squares (EGLS). Evidence and empirical results of the research showed that the behavioral variables studied in the research have a reciprocal and significant effect on the stock returns of the companies. Therefore, the greater the degree of reliance on managerial overconfidence, investors’ herding behavior and investor sentiment, the more inverse effect on the companies’ stock returns, we will see.
format	article
author	Kazem Shamsadini (Ph.D) Vahid Daneshi Fatemeh Seyedi
author_facet	Kazem Shamsadini (Ph.D) Vahid Daneshi Fatemeh Seyedi
author_sort	Kazem Shamsadini (Ph.D)
title	Investigating the Effect of Investors' Behavior and Management on Stock Returns
title_short	Investigating the Effect of Investors' Behavior and Management on Stock Returns
title_full	Investigating the Effect of Investors' Behavior and Management on Stock Returns
title_fullStr	Investigating the Effect of Investors' Behavior and Management on Stock Returns
title_full_unstemmed	Investigating the Effect of Investors' Behavior and Management on Stock Returns
title_sort	investigating the effect of investors' behavior and management on stock returns
publisher	Shahid Bahonar University of Kerman
publishDate	2018
url	https://doaj.org/article/f34e1fd59b234a52be5c061f87b4b2a6
work_keys_str_mv	AT kazemshamsadiniphd investigatingtheeffectofinvestorsbehaviorandmanagementonstockreturns AT vahiddaneshi investigatingtheeffectofinvestorsbehaviorandmanagementonstockreturns AT fatemehseyedi investigatingtheeffectofinvestorsbehaviorandmanagementonstockreturns
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Investigating the Effect of Investors' Behavior and Management on Stock Returns

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