Investment as a financial decision always comprises two elements, investment risk and rate of return. The interchange of these two provides different compound of investment. Therefore, the aim of this research is to investigate the impacts of changes in uncertainty, unexpected earning per share, positive and negative profit forecast for each share in different economic conditions on investment risks. The research covers a period between 2009 and 2013 and the statistical sample is comprised of 108 companies, which consists of 324 data-years. For hypothesis evaluation, we used linear regression and correlation coefficient on Eview7 software. The outcome of research indicates a significant relation between the stock market uncertainty changes in an economic boom and the investment risk in general, which is not significant in terms of the economic turndown. The Investment risk during both economic boom and recession is decreased by the unexpected increase in profit of each share and propagation of positive news. Although the risk is increased by the spread of negative forecast in relation to shares.