كاركرد مالي رفتاري در تبيين پايگاه علمي براي تجزيه و تحليل سهام

Financial Behavioural Output in Explanation of Scientific Data Base for Stock Analysis

The broad financial research and unusual phenomena and exceptions in the stock market and investment decision making that common models in modern investment theories failed to represent them, was caused researchers is led to behavioral theories. Technical analyses as a method to analyze stock which was arised by Dow pays attention to the trend of prices to decision making and investing and has offered a key and practical solution to evaluation and to gain returns in short term, however for a weakness in scientific base, it doesnʹt have an academic fundament. In the late past decade the new branch of finance that is a composition of psychological and social theories with finance theories has been born and could be a new base for the technical analyses. In this paper some behavioral finance theories which is related to assumptions of the technical analyses, like Prospect Theory, Accessibility, Salience Loss Aversion and Regret theory, is suggested and analyzed and on this base, the paper present a behavioral modeling framework which examines the existence of unusual noisy investors in Tehran Exchange Stock. The existence such a noise in the market is caused that behavioral modeling would be proper case to analyze stock and to predict the trend of market prices. The results show evidence from existence of predictable trends related to behavioral finance in Tehran Exchange Stock that can prove the appropriate prediction behavioral models in the market and presents a sound defensible base to technical analyses in Iranian stock market