بررسي مالي رفتاري در بورس اوراق بهادار تهران با تاكيد بر خوشه بندي قيمت در شاخص كل بورس تهران و قيمت سكه

The formation of market interactions is directly affected by the decision-making of market players. This paper seeks to assess the presence of behavioral finance in the Tehran Stock Exchange’s as a factor influencing market participants’ decisions. The current study eva‎luates the existence of behavioral finance on the Iranian capital market by focusing on the phenomena of “price clustering” in the total index of the Tehran Stock Exchange. It proposes a new criterion for identifying behavioral bias in the financial market. One of the reasons for the lack of uniformity in the distribution of data in the total index of Tehran securities is the propensity of individuals to make individual decisions based on the index of total securities of Tehran. People use the total index as a criterion for making decisions, and when the total index reaches round numbers, their purchasing and selling behavior changes. In the second part of the research, the effect of psychological factors in the market on coin price flucations in two periods of 1396-1392 and 1400-1396 has been investigated. The results of the study validate the phenomena of price clustering in round numbers in Tehran’s total stock index. In actuality, the lack of uniform distribution in the total index numbers of Tehran stock is an appropriate indicator of the existence of behavioral finance on the Tehran Stock Exchange. The main differentiating aspect of this study is the introduction of the overall index as a new measure compared to individual symbols for demonstrating behavioral bias in the financial market, which has been employed in previous studies. The result of the research confirm the existence of the phenomenon of the price accumulation for coins in the period of 1396-1400. The results show that the dispersion of numbers in prices was not the same. The hypothesis of the existence of price accumulation in rund numbers, or price clustering in rund numbers, is confirmed for the coine price, and on the other hand, the existence of this psychological phenomenon causes a coin bubble or the distance of the price of coin from the price equivalent to the approximately 10 grams of gold.

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