Document Type : Research Paper
Authors
1 Department of Business Economics , Faculty of Economics , Allameh Tabatabai University
2 Department of Theoretical Economics,Faculty of Economics , Allameh Tabatabai University
3 allameh tabatabaei university
Abstract
Several factors are effective in the growth and development of the stock market. One of these factors is the behavior and performance of individual investors in these markets. Individual investors are interested in investing in the stock market for various reasons, such as long-term capital growth, dividends, and hedging against the decline in purchasing power caused by inflation. But their performance in this market, in addition to the general economic and stock market conditions, depends on the individual characteristics of the investor. Therefore, in this study, an attempt has been made to determine the significance of demographic characteristics such as age and gender, risk-taking and degree of patience, behavioral biases such as overconfidence and loss aversion, and investment characteristics such as experience and investing skill, and frequency of portfolio restructuring on the individual investor performance in the Tehran stock market. For this purpose, using systematic sampling, the required information was collected from 240 questionnaires from the population of individual investors in the Tehran stock market. Data analysis using the ordinal logit model showed that the variables of age, gender, and degree of risk taking do not have a significant effect on the performance of real investors. The degree of patience of people has a positive and significant effect on the performance of investors, and more patient people get more returns. Overconfidence and loss aversion have a negative and significant effect on investors' performance, and finally, investment experience and skill have a positive and significant effect on investors' performance.
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