The Seasons Effect on the Total Stock Prices for 50 Active Companies in Tehran Stoch Exchange

Subject Areas : Financial Knowledge of Securities Analysis

Zohre Hajiha ¹ (ندارد)

Received: 2009-09-11 Accepted : 2009-12-16 Published : 2009-09-23

Keywords: Behavioral Finance, Visceral inferences, the effect of seasons, 50&#x0D, &#x0D, active companies, average of share prices, abnormal return, total price,

Abstract :

This research is on a new field of investment management titledbehavioral finance. The research is about one of the anomalies of theinvestment market named “Visceral inferences “, that proposes there aresome differences and anomalies in the basic variables in the market likeshare prices ,in different seasons .therefore, investors can obtainabnormal return in certain seasons. In this study total share prices for 50active companies produced by TSE are examined for the period of 1382to 1386 to compare the reasons if there are any differences betweenprices in any season.The results show significant differences between prices of 50 activecompanies in Tehran Stock Exchange for spring and atom and in theatom average of prices are higher than other seasons .