تاثیرگذاری وضعیت روحی سرمایه گذار بر بازگشت سرمایه مورد انتظار

مهندسی مالی و مدیریت اوراق بهادار

مقاله 14، دوره 11، شماره 42، فروردین 1399، صفحه 362-386   

نوع مقاله: مقاله پژوهشی

نویسندگان

مصطفی حیدری هراتمه^{* 1}؛ محسن عامری شهرابی²

¹گروه اقتصاد، واحد نراق، دانشگاه ازاد اسلامی، نراق، ایران.

²گروه مدیریت، واحد نراق، دانشگاه ازاد اسلامی، نراق، ایران.

چکیده

مطالعات متعددی به بررسی ارتباط وضعیت روحی سرمایه گذار با شرایط اقتصادی پرداخته اند این مقاله با ایجاد تغییراتی جزئی در الگوی « لوکاس » تاثیرگذاری وضعیت روحی سرمایه گذار بر بازگشت سرمایه مورد انتظار را مورد بررسی قرار می دهد که با توجه به قیمت های سهام و دارایی در بازار سرمایه در چارچوب مدل های قیمت گذاری و در چارچوب تغییرات جزیی، چگونگی تاثیرگذاری تغییرات جزئی در فاکتورهای وضعیت روحی ( اولویت زمانی و ریسک گریزی بر قیمت سهام تعیین و محاسبه می گردد . نتایج نشان می دهد : الف ) میزان مورد انتظار برای بازگشت سهام با وضعیت روحی سرمایه گذار رابطه معکوس دارد. ب ) زمانیکه سرمایه گذار وضعیت روحی خوبی دارد میزان تاثیر وضعیت روحی بر میزان مورد انتظار برای بازگشت سرمایه افزایش می یابد. ج ) متغیرهای وضعیت روحی بر بازارهای سرمایه گذاری تاثیر بیشتری دارد تا بر بازار اوراق بهادار د ) وضعیت روحی سرمایه گذار عاملی اساسی در رابطه با بازگشت سهام است ه ) یکپارچه سازی وضعیت روحی سرمایه گذار با الگوهای قیمت گذاری دارایی می تواند به تفسیر شواهد موجود از ناهنجاری های درحال رشد مربوط به رفتار سرمایه گذار کمک کند.

کلیدواژه‌ها

کلید واژه ها : " وضعیت روحی سرمایه گذار "؛ " بازگشت سرمایه مورد انتظار "؛ " مالی رفتاری "؛ " نگرش خطر "؛ " اولویت های زمانی

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