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The Effect of Real Investors on the Inefficiency of Stock Returns of Tehran Stock Exchange

机译：真正投资者对德黑兰证券交易所股票收益效率效率的影响

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Fluctuations in stock returns and the factors that affect them are controversial in financial research. Institutional investors, as a group of investors, play an important role in the economic development of the capital market through their access to huge financial resources. But real investors may not be able to achieve the return and profitability due to the scarcity of their financial resources. Accordingly, the study of the role of real investors in the volatility of stock returns is very important. The present study aims to find evidence for the relationship between real investors in open volatility of ten stocks. Few studies of financial market irregularities and the behavior of capital market investors have focused on the results. By challenging the efficient market hypothesis, it is clear that real investors raise the stock price of companies that have been successful over time. The real price and the price of unsuccessful stocks are lower than the real price, but over time the market realizes its mistake and the prices return to equilibrium. Acceptance of stock returns is irregular (Tehran Stock Exchange). In order to achieve the research goal, ten-year information (2009-2019) of 140 companies by judicial sampling method was studied. This research is applied in terms of purpose and testing the hypotheses of logit and cross-sectional regression. Fama and French three-factor model and Carhart's four-factor model were used. The results indicate that the relationship between stock price jump and real investors has been explained and finally practical suggestions have been provided.
机译：股票回报的波动和影响它们的因素在金融研究中存在争议。作为一群投资者的机构投资者通过他们获得巨额财政资源，在资本市场的经济发展中发挥着重要作用。但由于其财务资源稀缺，实际投资者可能无法实现回报和盈利能力。因此，研究真实投资者在股票回报波动中的作用非常重要。本研究旨在找到现实投资者在十股股票开放波动之间关系的证据。少数对金融市场违规行为的研究和资本市场投资者的行为集中在结果。通过挑战高效的市场假设，很明显，真正的投资者提高了随着时间的推移成功的公司的股票价。实际价格和不成功的股票价格低于实际价格，但随着时间的推移，市场意识到其错误，价格回归均衡。接受股票回报是不规则的（德黑兰证券交易所）。为了实现研究进展，研究了140家公司的十年信息（2009-2019）通过司法采样方法。本研究应用于目的而言，并测试Logit和横截面回归的假设。 FAMA和法国三因素模型和Carhart的四因素模型被使用。结果表明，股价跳跃与实际投资者之间的关系已经解释，最后提供了实际建议。

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