Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange

This paper investigates stock valuation in Tehran Stock Exchange with regard to behavioral heterogeneity and bounded rational behavior of agents. The related information of the fundamental factors are disseminated and become available for the public, and investors assess the stock with different mod...

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Autores principales:	Reza Raee, Gholam Reza Eslami Bidgoli, Mahdi Mirzabayati
Formato:	article
Lenguaje:	FA
Publicado:	Shahid Bahonar University of Kerman 2011
Materias:	heterogeneity theory agency theory stock valuation behavioral finance Accounting. Bookkeeping HF5601-5689
Acceso en línea:	https://doaj.org/article/f704a192d1b24f8588960d87125b90da
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id	oai:doaj.org-article:f704a192d1b24f8588960d87125b90da
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spelling	oai:doaj.org-article:f704a192d1b24f8588960d87125b90da2021-11-04T19:41:36ZStock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange2008-89142476-292X10.22103/jak.2011.28https://doaj.org/article/f704a192d1b24f8588960d87125b90da2011-04-01T00:00:00Zhttps://jak.uk.ac.ir/article_28_2a0bfb8886e6292a748f5b76b8eac4d8.pdfhttps://doaj.org/toc/2008-8914https://doaj.org/toc/2476-292XThis paper investigates stock valuation in Tehran Stock Exchange with regard to behavioral heterogeneity and bounded rational behavior of agents. The related information of the fundamental factors are disseminated and become available for the public, and investors assess the stock with different models, for example Gordon model. However, because of different expectations of investors, the amount of deviation from the fundamental value and the lengthiness of this deviation are viewed important. In this study, behavior of two groups of investors is examined. First, the fundamentalists who believe in movement of stock prices toward the fundamental value. Second, the chartists who think stock prices should be different from the fundamental value. Results by monthly data show that investors switch between different strategies and sometimes the chartists force the fundamentalists to change their strategies and coexist with them.Reza RaeeGholam Reza Eslami BidgoliMahdi MirzabayatiShahid Bahonar University of Kermanarticleheterogeneity theoryagency theorystock valuationbehavioral financeAccounting. BookkeepingHF5601-5689FAمجله دانش حسابداری, Vol 2, Iss 5, Pp 103-126 (2011)
institution	DOAJ
collection	DOAJ
language	FA
topic	heterogeneity theory agency theory stock valuation behavioral finance Accounting. Bookkeeping HF5601-5689
spellingShingle	heterogeneity theory agency theory stock valuation behavioral finance Accounting. Bookkeeping HF5601-5689 Reza Raee Gholam Reza Eslami Bidgoli Mahdi Mirzabayati Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange
description	This paper investigates stock valuation in Tehran Stock Exchange with regard to behavioral heterogeneity and bounded rational behavior of agents. The related information of the fundamental factors are disseminated and become available for the public, and investors assess the stock with different models, for example Gordon model. However, because of different expectations of investors, the amount of deviation from the fundamental value and the lengthiness of this deviation are viewed important. In this study, behavior of two groups of investors is examined. First, the fundamentalists who believe in movement of stock prices toward the fundamental value. Second, the chartists who think stock prices should be different from the fundamental value. Results by monthly data show that investors switch between different strategies and sometimes the chartists force the fundamentalists to change their strategies and coexist with them.
format	article
author	Reza Raee Gholam Reza Eslami Bidgoli Mahdi Mirzabayati
author_facet	Reza Raee Gholam Reza Eslami Bidgoli Mahdi Mirzabayati
author_sort	Reza Raee
title	Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange
title_short	Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange
title_full	Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange
title_fullStr	Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange
title_full_unstemmed	Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange
title_sort	stock valuation and behavioural heterogeneity in tehran stock exchange
publisher	Shahid Bahonar University of Kerman
publishDate	2011
url	https://doaj.org/article/f704a192d1b24f8588960d87125b90da
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_version_	1718444688609902592

Stock Valuation and Behavioural Heterogeneity in Tehran Stock Exchange

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