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Stock price synchronicity and herd behavior of shareholders (Real and legal):Emphasizing the role of liquidity mediator
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Mohammad Javad Zare Bahnamiri *1   , Ladan Kashiri |
| 1- Qom university |
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Abstract: (2953 Views) |
| In different researches, have been made significant efforts to study and understand the investment behavior of market participants and the impact of these factors on the price of securities, because the behaviors that affect the investment decisions of participants in market have an important role. This study examines the effect of liquidity as a mediator on the relationship between the Stock price synchronicity and herd behavior of shareholders (real and legal). The sample companies in this study belong to the companies admitted in the Tehran Stock Exchange from 2011 to 2016. In this study the Pyotrosky and Roleston models (2004) have been used to measure the price synchronization and the Lakonishok model (1992) for measuring the behavior of the consumers as well as the models of Chai et al (2010) for the liquidity criteria. Findings show that there is a positive and significant relationship between Stock price synchronicity and herd behavior of shareholders (real and legal); Also the results show the mediating role of liquidity criteria in the relationship between Stock price synchronicity and herd behavior of shareholders (real and legal); This effect is partly related to the Stock price synchronicity and herd behavior of legal shareholders and full in the relationship between stock price synchronicity and herd behavior of real shareholders. |
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| Keywords: Herd behavior of legal shareholders, Herd behavior of real shareholders, Stock price synchronicity, Liquidity |
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Full-Text [PDF 899 kb]
(2682 Downloads)
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Type of Study: Research |
Subject:
Special
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