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Investigation the impact of US Unilateral Withdraw from JCPOA on the Market Return of Export-Oriented Companies listed on Tehran Stock Exchange by Emphasis on herding Behavior (semi-parametric approach)
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Ahmadreza Shirzadi   , Ashkan Rahimzade * , Ahmad Naghilu , Zahra Zamani |
| Assistant Professor of Economics, Department of Economics, college of Humanities and Social Siences, Zanjan Branch, Islamic Azad University |
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Abstract: (964 Views) |
Today, export-oriented companies are very important. These companies need a lot of investment to expand their activities, which is one of the best ways to finance the stock market and since market return is one of the factors influencing people's decisions to direct their capital to this market return. Therefore, the analysis of factors affecting this market return is importants and hence the main purpose of this article is to analyze some fundamental, political and behavioral on the market return of export-oriented companies of Tehran stock exchange. The sample includes 41 export-oriented companies of the Tehran stock exchange selected by classification method. The data during 2011-2018 has been collected from the rahavard365.com website and codal.ir website. Empirical results based estimate by Semi-parametric and parametric (GLS) method applying for the stata (16) software. Empirical results shows US unilateral withdraw from JCPOA and herding behavior have a significant positive effect on the market return of export-oriented companies of Tehran stock exchange. Noise trading, size of company, financial leverage and Market-to-Book equity ratio have not significant effect on the market return of export-oriented companies of Tehran stock exchange.
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| Keywords: US unilateral withdraw from JCPOA, Herding behavior, Noise trading, The market return of export-oriented companies of Tehran stock exchange, Semi-parametric |
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Full-Text [PDF 1050 kb]
(210 Downloads)
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Type of Study: Research |
Subject:
Special
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