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The Objectives, Strategies and Characteristics of Individual Investors in the Tehran Stock Exchange

Indonesian Capital Market Review

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Title The Objectives, Strategies and Characteristics of Individual Investors in the Tehran Stock Exchange
 
Creator Shahmansuri- Esfandyar; Department of Accounting, Pardis Branch, Islamic Azad University, Iran
Fereydon Rahnamay Roodposhti; Department of Financial Management, Science and Research Branch, Islamic Azad University, Tehran
Nikoumaram- Hashem; Department of Financial Management, Science and Research Branch, Islamic Azad University, Tehran
Vakilifard-Hamid Reza; Department of Management, Science and Research Branch, Islamic Azad University, Tehran
 
Subject Investment strategies; Investment objectives; Overconfidence; Risk appetite; Aspiration level
 
Description The present study aims to investigate and classify individual investors' objectives and strategies in the Tehran Stock Exchange. This study used two sets of data, investors' questionnaire and real data in TSE to comparing individual investors' strategies versus market strategies and used T-test, ANOVA and (LSD) to test hypotheses. Investment objectives are classified into five groups: building a financial buffer, capital growth, saving for retirement, investing as a hobby, and speculation; and three most common investment strategies are fundamental, technical and intuitive. Ultimately,t he correlation between objectives and strategies is examined with the behavioral characteristics of investors, such as risk appetite, aspiration level and overconfidence. The results show that, investors with technical strategies have higher aspiration levels and appetite for risk than other investors. In addition, Investors with overconfidence have capital growth and building financial buffer objectives, and monthly average return of the fundamental strategy is higher than other strategies.
 
Publisher Management Research Center, Department of Management, Faculty of Economics and Business, U
 
Contributor —
 
Date 2017-01-31
 
Type Peer-reviewed Article
 
Format application/pdf
 
Identifier http://journal.ui.ac.id/index.php/icmr/article/view/6472
 
Source Indonesian Capital Market Review; Vol 9, No 1 (2017): January 2017 (Forthcoming); 11-26
 
Language en
 
Relation http://journal.ui.ac.id/index.php/icmr/article/download/6472/12361
http://journal.ui.ac.id/index.php/icmr/article/download/6472/14415
http://journal.ui.ac.id/index.php/icmr/article/download/6472/14416