پیوندهای مفید
اخبار و اعلانات
آمار
| تعداد نشریات | 25 |
| تعداد شماره‌ها | 960 |
| تعداد مقالات | 7,934 |
| تعداد مشاهده مقاله | 13,424,761 |
| تعداد دریافت فایل اصل مقاله | 9,542,851 |
ارزش‌گذاری رفتاری سهام با استفاده از گروه‌بندی سه‌بعدی | ||
| راهبرد مدیریت مالی | ||
| مقاله 1، دوره 5، شماره 2 - شماره پیاپی 17، شهریور 1396، صفحه 1-26 اصل مقاله (1.27 M) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/jfm.2017.13177.1224 | ||
| نویسندگان | ||
| غلامرضا عسکرزاده1؛ مریم خلیلی عراقی* 2؛ هاشم نیکومرام3؛ فریدون رهنمای رودپشتی4 | ||
| 1دانشجوی دکتری رشته مدیریت مالی، دانشگاه آزاد اسلامی، واحد علوم و تحقیقات، تهران، ایران | ||
| 2استادیار دانشکده مدیریت و اقتصاد- واحد علوم وتحقیقات تهران،دانشگاه آزاد اسلامی ،تهران، ایران | ||
| 3استاد دانشکده مدیریت و اقتصاد- واحد علوم وتحقیقات تهران، دانشگاه آزاد اسلامی ،تهران،ایران | ||
| 4استاد دانشکده مدیریت و اقتصاد- واحد علوم وتحقیقات تهران، دانشگاه آزاد اسلامی تهران، ایران | ||
| چکیده | ||
| هدف این پژوهش آزمون روش ارزش‌گذاری است که در آن علاوه بر توجه به ویژگی‌های بنیادی سهام، به احساسات و تأثیر آن در قیمت‌گذاری سهام توجه کند. در راستای انجام این پژوهش، اطلاعات بنیادی و قیمت سهام 95 شرکت از شرکت‌های تولیدی و صنعتی پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های 1388 تا 1392 جمع‌آوری و در ارزش‌گذاری با استفاده از مدل رفتاری تصویر سهام و مدل‌های سنتی (سود باقیمانده، تنزیل سود نقدی و جریان نقدی آزاد) بکار گرفته‌شده‌اند. این پژوهش با به‌کارگیری داده‌های تابلویی و تدوین روابط رگرسیونی هر مدل، عملکرد مدل‌ها را بر مبنای شاخص آکاییک (معیاری جهت سنجش عدم اطمینان مدل) هر مدل مورد مقایسه قرار داده است. نتایج مدل رفتاری ارائه‌شده در مقایسه با مدل‌های سنتی ارزش‌گذاری سهام، حاکی از عدم اطمینان کمتر این مدل بوده و به عبارتی از قابلیت اطمینان بیشتری در امر ارزش‌گذاری سهام برخوردار است. مدل ارائه‌شده می‌تواند نقش عامل ادراک و احساسات در قیمت‌گذاری سهام را تبیین کرده و درزمینه مدیریت فعال‌تر پرتفوی سرمایه‌گذاران مؤثر واقع شود. | ||
| کلیدواژه‌ها | ||
| ارزش گذاری؛ مالی رفتاری؛ تصویر سهام؛ سود باقیمانده؛ جریانات نقدی آزاد سهامداران | ||
| عنوان مقاله [English] | ||
| Behavioral Stock Valuation Using 3d Grouping | ||
| نویسندگان [English] | ||
| Gholamreza Askarzade1؛ Maryam Khalili Araghi2؛ Hashem Nikomaram3؛ Fereyoon Rahnama Rodposhti4 | ||
| 1islamic azad university of tehran | ||
| 2islamic azad university of tehran | ||
| 3islamic azad university of tehran | ||
| 4islamic azad university of tehran | ||
| چکیده [English] | ||
| The aim of this study is to test the valuation method in which in addition to the fundamental features of the stock, pay attention to investor sentiment and its impact on stock pricing. in this regard ,Fundamental information and stock prices of 95 manufacturing and industrial companies listed in the Tehran Stock Exchange during the years 2009 to 2013 are collected and valued using the behavioral model stock image and traditional models (residual income, discount dividend and free cash flow) .This research using panel data and regression equations developed for each model, has compared the performance of models based on Akaike(ACI) index. The results of the proposed model compared to traditional models implies less uncertainty of this model .The proposed behavioral model can explain the role of behavioral factors in stock pricing and helpful for stockholders in the active portfolio management because they can buy or sell their securities based on this model JEL classification codes: G12 | ||
| کلیدواژه‌ها [English] | ||
| Valuation, Behavioral Finance, Stock Image, Residual Income, Free Cash Flow to Equity | ||
| مراجع | ||
|
- Aghaee, M. A. and Koosha, S. (2009), Investigating the efficiency of valuation models in predicting stock prices in Tehran Stock Exchange. Financial Accounting Quarterly, 5, p. 36. [In Persian] - Ahmad Pour, A. and SarafrazYazdi, M.R. (2005), Comparing the expected prices to the price of the stock market. Humanities and Social Sciences, 19, p. 17. [In Persian] - Amin Investment Banking (2009), the valuation of stock. Tehran, Kayhan, p. 215. [In Persian] - Askari, M.haji hasan memar,H. matin,M.(2015). Impact of investor sentiment on free cash flow and return in companies listed in Tehran stock exchange, second conf in management and economic and accounting. [In Persian] - Badri, A. andFarhadi, R. (2014), advanced corporate finance. P. 314. [In Persian] - Baghi, M. and Ebrahimi, M. (2014), Comparing the dividend discount model, free cash flow and residual income in the valuation of the shares of companies listed on Tehran Stock Exchange. Financial Accounting Quarterly, 22, p. 93. [In Persian] - Bakhshiani, Ab. And Bakhshiani, As. (2012), Risk management and financial institutions. Industrial Management Institute of Tehran, p. 483. [In Persian] - Bakhshiani, A.and Raee, R. (2014), Stock valuation and market analysis. Industrial Management Institute of Tehran, p. 177. [In Persian] - Charumati, B. andSuraj, E. (2014), Comparing stock valuation models for Indian bank stocks. International journal of accounting and taxation, 2, pp. 111-127. - Chi X and yanxia W. (2017).does online investor sentiment affect the asset price movement?evidence frome the Chinese stock market. mathematical problems in engeneering .p 11 - Chunpeng, Y. and Jinfang, (2013), Investor sentiment. Information and asset pricing model, economic modeling, 35, pp. 436-442. - Darabi, D .and Kaboli, M. (2009), comparing the dividend discount model with Ohlson's model in firm valuation. Journal of Economics and Business, 1, p. 17. [In persian] - Dastgir, M. and Izadi, R. (2003), Value-based management. Journal of Accounting, 155, pp. 16-25. [In Persian] - Dehqan, A. (2008), Psychological factors affecting the investment in stock exchange. Tadbir, 218, p. 65. [In Persian] - Eslami, Q. R. and Bajalan, S. (2008), Investigating the performance of valuation models in stock exchange. Financial investigation, 26, p. 21. [In Persian] - Eslami, Q. R. and Chitsazan, H. (2007), Modern financial theories. Tehran University Press, p. 93. [in persian] - Farhadi, R. and Shariatpanahi, S. M. (2012), Investing management, Stock, p. 164. [In Persian] - Fathi, Z. (2013), Economic value added and comparing it to other financial operational approaches for explaining companies market value in different industries in Tehran stock exchange. European online journal of natural and social sciences, 2 (3), pp. 418-423. - GholamzadehLadari, M. (2007), Free cash flow, a criterion to measure companies' performance. Stock, 46. [In Persian] - Greenfinch, P. (2007), Stock image coefficients model, www. Stock image.perso.orange.fr - Hashemi, A. and Kamali, E. (2014), Assessing the model based on risk fundamental factors in predicting stock price, Investing knowledge Quarterly, 12, p. 117. [In Persian] - Heidarpour, F and mojaradi,M.(2013). The impact of investor sentiment on stock return. Financial knowledge quarterly. 17, p 14 - hu changsheng and wang yangfeng,( 2012),investor sentiment and asset valuation, systems engineering procedia 3,pp166-171 - hui-chu,S and jung-hsien C.(2015).investor sentiment and financial market volatility. Journal of behavioral finance .volume 16,issue 3 - Jalili, M. (2008), Scientific principles and modern methods of calculating economic value added and its application to assess the financial performance and capital management in Tehran Stock Exchange. Strategic Management Journal, 40, pp. 31-50. [In Persian] - Lin Sun, (2014), a test of the role of behavioral factors for asset pricing, university of California. - Mahmoudi, M. (2009), Investigating and assessing the economic value added and market value added in the management of shareholders' value added. Institute for Humanities and Cultural Studies, 10, p. 15. [In Persian] - Mehrani, K. and Mehrani, K. (2010), Stock assessment. MehrabanNashr, p. 202. [In Persian] - Nikoomaram, H. and Amir Hosseini, Z. (2013), financial economy (based on securities analysis). Termeh, Tehran, p. 529. [In Persian] - Nikoomaram, H. and Saeedi, A. (2008), Measuring the behavioral reaction of investors in the stock market, Economic Essays Quarterly, 9, p. 237. [In Persian] - Parsaeian, A. and Khodarahmi, B. (2005), Modern investment theory. Termeh Publications, p. 85. [In Persian] - Paudel and Laux, J. (2010), a behavioral approach to stock pricing. The journal of applied business research, the finasia journal of applied finance, 2, pp. 22-28. - Raee, R. and Talangi, A. (2004), Advanced investment management, SAMT, Tehran, p. 421. [In Persian] - Rahgozar, R.( 2005), Valuation models and their efficacy predicting stock prices. Iranian accounting and auditing review, 45, pp. 114-130. - RahnamayeRoodposhti, F. and Salehi, A. (2010), Schools and theories of finance and accounting. Tehran Azad University, p. 573. [In Persian] - RahnamayeRoodposhti, F., Nikoomaram, H. and Shahoordiani, Sh. (2006), Strategic financial management (value making). Kasakavosh, Tehran, p. 73. [In Persian] - Roohi, A. and Shabahang, R. (2004), comparing the dividend discount model with residual income in the process of description and prediction of stock price fluctuations. Economy and management, 66. [In Persian] - Setayesh,M and shamsadini K.(2016).relationship between investor sentiment and stock price in companies listed on Tehran stock exchange. Accounting development. 1, pp103-125. [In Persian] - Statman, M, L. Fisher K and Anginer, D (2008), Affect in a behavioral asset pricing model. Financial Analysts Journal, Vol. 64, No. 2, pp. 20-29 - Szyszka, A. (2006), Generalized behavioral asset pricing model, Paznan university of economics, pp. 23-40 - Taraqi, M. A. (2012), is residual income model really superior to dividend discount model? A misconception. Journal of business and management, 5 (6), pp. 36-44. - Tehrani, R. and Noorbakhsh, A. (2003), Investment management. Tehran, Negah-e-Danesh, p. 186. [In Persian] - Utka uygur and oktay tas, (2014), the impacts of sentiment on different economic sectors:evidence from Istanbul stock exchange.borsa Istanbul review,pp 4-14 - Xin-ke, J. (2014), Comparison and analysis of CAPM and BAPM models. International conference on electronic, industrial and control engineering, pp. 62-65. | ||
|
آمار تعداد مشاهده مقاله: 1,320 تعداد دریافت فایل اصل مقاله: 1,965 |
||