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Paper Information

Journal:   IRANIAN JOURNAL OF BUSINESS AND ECONOMICS   JUNE 2014 , Volume 1 , Number 2; Page(s) 0 To 0.
 
Paper: 

THE INVESTIGATION OF RELATIONSHIP BETWEEN HERDING BEHAVIOR WITH CHARACTERISTICS OF INVESTMENT COMPANIES IN TEHRAN STOCK EXCHANGE

 
 
Author(s):  SHAMS SHAHABEDDIN*, ESFANDIARI MOGHADDAM AMIR TEYMOOR
 
* DEPARTMENT OF BUSINESS MANAGEMENT (FINANCE), MAZANDARAN UNIVERSITY, IRAN
 
Abstract: 

In this paper, the relationship between herding behaviour and characteristics of investment companies in Tehran stock exchange and also high big minus low (HML) and book value to market value (SMB) in these companies is investigated and the Koch model has been used. LSV model has been used to calculate herding and the Eviews software to do the related statics tests. Also OLS and GLS methods have been used to analyze and explain the data and also test the hypotheses. Besides, in this paper the data has been calculated and evaluated quarterly. The results of the research show the significant relationship between herding behaviour and characteristics of investment companies. Besides, these results show there is no significant relationship between the herding of the companies and the variables of the high big minus low and the ratio of book value to market value. But the market returns is positively related to the herding behaviour in the investment companies.

 
Keyword(s): BOOK VALUE TO MARKET VALUE. CHARACTERISTICS, HERDING, INVESTMENT COMPANIES., SIZE
 
References: 
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