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بررسی تاثیر ناهمگونی سرمایه‌گذاران بر همزمانی قیمت سهام و بازده سهام | ||
| راهبرد مدیریت مالی | ||
| مقاله 10، دوره 11، شماره 3 - شماره پیاپی 42، مهر 1402، صفحه 219-236 اصل مقاله (979.26 K) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/jfm.2023.32907.2409 | ||
| نویسندگان | ||
| مهدی حاج ابراهیمی1؛ حسین شفیعی بافتی* 2؛ عباس شیبانی تذرجی2 | ||
| 1گروه حسابداری ، واحد زاهدان، دانشگاه آزاد اسلامی، زاهدان ، ایران | ||
| 2استادیار حسابداری ، واحد سیرجان ،دانشگاه آزاد اسلامی، سیرجان ، ایران | ||
| چکیده | ||
| سرمایه‌گذاران دارای باورهای قبلی ناهمگون در ارزش یک شرکت هستند. همگن‌سازی سرمایه‌گذار فرض بسیار مهم در فرضیه بازار کارا است. با این حال، بازارهای مالی از دیدگاه سرمایه‌گذار حرفه‌ای کارا نمی‌باشد. بازارهای مالی از سرمایه‌گذاران ناهمگن شکل گرفته است که هدف آن‌ها حدس و گمان است. بسیاری از ناهنجاری‌ها اغلب به دلیل فاصله بیش از حد تئوری و واقعیت رخ می‌دهد. در همین راستا، ادبیات نظری بیشتر بر تحرکات ناشی از اعتقادات سرمایه‌گذاران یا ناهگونی سرمایه‌گذاران متمرکز است. حرکت قیمت سهام به عنوان یکی از ناهنجاری‌های رایج بیشتر مورد توجه محققان و متخصصان قرار گرفته است که نشان‌دهنده حرکت ناشی از اعتقادات افتراقی سرمایه‌گذاران یا ناهمگونی سرمایه‌گذاران است. لذا، بر پایه این استدلال، در این پژوهش تاثیر ناهمگونی سرمایه‌گذاران بر بازده و همزمانی قیمت سهام بررسی می‌شود. بدین منظور، برای اندازه‌گیری ناهمگونی سرمایه‌گذاران مطابق با پژوهشهای صورت گرفته از مدل قیمت‌گذاری دارایی‌های سرمایه‌ای استفاده گردید. به منظور آزمون فرضیه‌ها از تحلیل رگرسیون با استفاده از داده‌های ترکیبی 96 شرکت پذیرفته‌شده طی بازه زمانی 1390 الی 1397 در بورس اوراق بهادار استفاده شده است. یافته‌های پژوهش نشان داد که ناهمگونی سرمایه‌گذاران بر همزمانی قیمت سهام شرکت‌ها تأثیرگذار است. همچنین، نتایج در برگیرنده تاثیر ناهمگونی سرمایه‌گذاران بر بازده سهام شرکت‌ها است. | ||
| کلیدواژه‌ها | ||
| ناهمگونی سرمایه‌گذاران؛ همزمانی قیمت سهام؛ رفتار سرمایه‌گذار | ||
| عنوان مقاله [English] | ||
| Investigating the Effect of Investor Heterogeneity on the Concurrence of Stock Prices andStock Returns | ||
| نویسندگان [English] | ||
| Mehdi Hajebrahimi1؛ Hossein Shafie Bafty2؛ Abbas Sheybani2 | ||
| 1Department Of Accounting . Zahedan Branch, Islamic Azad University, Zahedan, Iran | ||
| 2Assistant Professor of Accounting, Islamic Azad University, Sirjan Branch, Sirjan, Iran. | ||
| چکیده [English] | ||
| Investors have heterogeneous beliefs about the value of a company. Investor homogenization is a very important assumption in the efficient market hypothesis. However, Many anomalies often occur due to too much distance between theory and reality. In this regard, the theoretical literature focuses more on the movements resulting from the beliefs of investors or the heterogeneity of investors. Stock price movements have been considered by researchers and experts as one of the most common anomalies, which indicates the movement caused by differential beliefs of investors or investor heterogeneity. The purpose of this paper is to investigate the effect of investor heterogeneity on the concurrence of stock prices and stock returns of companies. to investigate the issue, based on multivariate regression, data of 96 companies listed on the Tehran Stock Exchange during the period 2011-2018 were collected from the new Rahavard software, financial statements and the official website of the Tehran Stock Exchange and used to test research hypotheses. According to the research findings, investors who have high heterogeneity in their investments increase the synchronization of stock prices and stock returns. Heterogeneous beliefs of investors affect the concurrence of stock prices and stock returns of companies. | ||
| کلیدواژه‌ها [English] | ||
| Investor Heterogeneity, Stock Price Synchronicity, Investor Behavior | ||
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