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Paper Information

Journal:   JOURNAL OF ACCOUNTING KNOWLEDGE AND MANAGEMENT AUDITING   summer 2016 , Volume 5 , Number 18 ; Page(s) 55 To 62.

Analysis of Myopia Phenomenon in Iran Stock Market By Using A Clean Surplus Accounting Based Model

Author(s):  MORADI MEHDI, Bagherpour Mohammad Ali, AHMADI AHMAD*
This paper tests myopia phenomenon in Iran Stock Market. The myopia means overvaluing short-term earnings and undervaluing long-term earnings by market’ s active investors. Tests of research, rely on a clean surplus accounting based model. This model has some predictions based on market efficiency hypothesis and shows how firm value affects by book value, long-term and near-term expected future earnings. To test the myopia phenomenon, we examined 250 accepted firms in Tehran Stock Exchange from 2005 to 2012. The research hypothesis is estimated by using fixed effects panel data method. By estimating the model and also using Wald test and t-test, we find that myopia phenomenon exists in Iran Stock Market. This shows, Iranian investors give more importance to firm’ s past and its near-term future earnings and they pay less attention to long-term future earnings.
Keyword(s): Market Myopia,Market Efficiency Hypothesis,Clean Surplus Accounting,Earnings,Wald Test
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