unexpected economic and political events are considered important elements impacting investment decisions of the investors during stock transactions and changing the stock price in desirable or undesirable ways. the current study aims to provide a review on investors’ reaction to unexpected events in tehran stock exchange market. for this purpose, the daily returns of the period spanning 1386-1...

This paper examines the relationship between the stock crash risk of REITs and different types of institutional investors. First, when we classify REIT institutional investors by their legal type, we find that the ownership of pension funds (bank trusts) is negatively (positively) related to REIT crash risk. In addition, the trading of investment companies, including mutual funds, has become po...

this study empirically investigates the relationship between the timeliness of the financial reporting and the corporate governance proxies for companies listed on the tunisian stock exchange during 2009.it investigates the role of the corporate governance mechanisms on the timeliness of corporate financial reporting besides; it investigates the relationship between the company size, leverage, ...

This paper examined the factors that affect investor herd behavior. Herd behavior bias is a well- known phenomenon in financial markets which individuals blindly follow investing decisions of others without understanding fundamental principles investment. While extensive research has explored markets, there remains significant gap herding at level individual investors. Previous studies have pri...

The behavior of institutional investors in money market securities, as exemplified by changes in assets allocated to money market mutual funds, is examined using a unique transaction data set and partial adjustment framework in order to validate fund managers and traders expectations. Individual transaction data is aggregated and separated into a low and high frequency component. The low freque...

We study a standard consumption based asset pricing model with rational investors who entertain subjective prior beliefs about price behavior. Optimal behavior then dictates that investors learn about price behavior from past price observations. We show that this imparts momentum and mean reversion into the equilibrium behavior of the price dividend ratio, similar to what can be observed in the...