Document Type : Research Paper
Authors
1 Faculty of Economics, Management And Accounting, Yazd University, Yazd, Iran
2 Assistant Professor of Economics, Faculty of Economics, Management And Accounting, Yazd University, Yazd, Iran
Abstract
Behavioral aspect has always been of interest to academic scholars, investors, as well as institutional investors. Herd behavior as one of the aspects of behavior is one of the important issues in behavioral finance that can affect investor decisions as well as devastating effects on financial markets. With the onset of a significant growth in Tehran's stock market index from the range of approximately 76894 units in 2017 to the range of 2103310 units in 2020, as well as market fall to 1135367 units as well as historical stock falls in 2019 and 2020 the Iranian market has fluctuated over this period of time. Hence, market review is important in terms of herd behavior at this time interval. So far, no comprehensive research has been carried out on herd behavior at this period. As a result, the purpose of this study is to investigate the herd behavior in the period from 2016 to 2022. The study was also conducted using the daily price data of Tehran Stock Exchange companies. The results of the research indicate that investors have had a herd of behavior during the course of the study. In addition, with a separate review of the growth and decline of the capital market, the authors concluded that investors had made a little more logical in the era of market growth than in the decline of the capital market.
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