Investigating the role of arbitrage costs and feelings in the relation-ship between fundamental power strategy and stock returns

الموضوعات :

Mohsen Hashemigohar ¹ (Assistant Professor, Accounting, Islamic Azad University, Shahr-e Qods Branch, Tehran, Iran.)
Mojdeh Mansouri ² (Master of Accounting Student, Islamic Azad University, Shahr-e Qods Branch, Tehran, Iran.)

تاريخ الإرسال : 08 الثلاثاء , رمضان, 1442 تاريخ التأكيد : 19 الأحد , رجب, 1443 تاريخ الإصدار : 11 الإثنين , شوال, 1444

الکلمات المفتاحية: Future Stock Returns, Arbitrage Cost, Investor Feelings, Fundamental Power Strategy,

ملخص المقالة :

The aim of present study was to investigate the fundamental power strategy in the stock market with the role of arbitrage cost versus feelings in companies listed on the Tehran Stock Exchange. The spatial domain of this research was the compa-nies listed on the Tehran Stock Exchange and the temporal domain was the years between 2014 and 2019. The present research is among the applied studies and it is descriptive in terms of nature and correlational in term of method. In this study, a library method was used to collect data and information. Based on the systemat-ic elimination method, 139 companies were selected as a statistical sample. De-scriptive and inferential statistics were used to describe and summarize the collect-ed data. To analyze the data, first the variance heterogeneity test, F-Limmer test, Hausman test and Jarque-Bera test were used. Then, multivariate regression test was used to confirm and reject the research hypotheses (Eviews software). The results showed that the fundamental power strategy could predict future returns, and shareholder feeling and arbitrage cost strengthen the relationship between the fundamental power strategy and stock returns.

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