RELATIONSHIP BETWEEN INVESTORS SENTIMENT INDEX WITH FIRST AND SECOND MARKET INDEXES IN TEHRAN STOCK EXCHANGE (TSE)

Authors

  • Hadi Fayyazi M. A. of Finance, Science and Research Branch, Islamic Azad University, Iran.
  • Rasoul Goshtasbi Maharlouei M. A. of Finance and lecturer, department of Accounting and management, Islamic Azad University , Beyza Branch , Iran

DOI:

https://doi.org/10.5902/2179460X19424

Keywords:

Behavioral Finance, Equity Market Sentiment Index, Tehran Stock Exchange

Abstract

http://dx.doi.org/10.5902/2179460X19424

The process of being affected of the investors in decision making from their sentiment has been considered in many recent researches in the field of the financial assets pricing. Some authors suggest that shifts in investor sentiment may in some instances better explain shortterm movement in asset prices than any other set of fundamental factors. The present study tries to investigate the relation between the investors sentiment index and First and Second Market Indexes in Tehran Stock Exchange Market. This paper, an index was used in order to measure the available data on sentiment of the investors in facing the risks in a 142-month period (2001 – 2014) in Tehran Stock Exchange. The used index can reveal and present the situation of the Iranian capital Market in terms of the Investors Sentiments. The results obtained from the present study reveal a positive and significant relation between the investors’ sentiment Index of the Tehran Exchange First and Second Market Indexes; and also by using from Granger Causality Test, it was revealed that there is a mutual causality relation between the investors’ sentiment Indexes of the TEFMIX and TESMIX.

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Published

2015-09-14

How to Cite

Fayyazi, H., & Maharlouei, R. G. (2015). RELATIONSHIP BETWEEN INVESTORS SENTIMENT INDEX WITH FIRST AND SECOND MARKET INDEXES IN TEHRAN STOCK EXCHANGE (TSE). Ciência E Natura, 37, 16–24. https://doi.org/10.5902/2179460X19424

Issue

Vol. 37 (2015): SPECIAL EDITION - UNIVERSITY OF THE ISLAMIC REPUBLIC OF IRAN

Section

Special Edition

License

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