On the Behavioral Difference Between Institutinos and Individuals Investors after the Weekend

Subject Areas : Futurology

M. Khaliliaraghi ¹ , F. Rahnamaye roud poshti ² , A. Joudaki ³

1 - نویسنده مسئول یا طرف مکاتبه:
2 - ندارد
3 - ندارد

Received: 2008-06-01 Accepted : 2008-12-20 Published : 2009-12-22

Keywords: Behavioral Finance, Heuristics, framing, MarketInefficiencies, Transactions Volume, Transactions&#x0D, &#x0D, Time, Investors behavior,

Abstract :

This paper compares the trading patterns of individuals and institutions investors during the datefollowing the weekend. The comparison is based on transactions of a large sample of investors who dosell and purchase stocks for 166 weeks in a major brokerage hall in Tehran from 2004 Mar. 27th to2007 Feb. 5th.This paper is based on applied goal and on the basis of data collecting is casual comparretive, due tocomparison survey of investor’s behavior before and after weekend.We find that weekends influence both individuals and institutions investors, however they affect themin opposite directions.Individuals increase both their buy and sell accctivities after weekend.On the other hand institutions tend to perform fewer buy as well as sell trades after the weekend, butunlike individuals, the drops in their activity are almost the same for buy and sell trades.We find out collectively volume of transaction institutions investors is more than individuals becauselots of exchanges are dedicated to them.