Investment objectives and strategies in behavioural portfolio: empirical study in the Iran capital market

• Esfandyar Shahmansuri ^[1] ; Fereydon Rahnamay-Roodposhti ^[1] ; Hashem Nikoimaram ^[1]
  1. [1] Islamic Azad University

     Islamic Azad University

     Irán

     
• Localización: ECORFAN Journal-Spain, ISSN 2444-3204, Vol. 2, Nº. 3, 2015, págs. 198-210
• Idioma: inglés
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• Resumen

  • Objectives and strategies have a significant relation with investor’s performance. In this research, we classified strategies and objects of individual investors in Tehran stock exchange during (2011-2015). Investor’s objectives divided to 5 groups such as financial capital growth, Building financial buffer, saving for retirement, hobby and speculation. Then their strategies classified in 3 conventional strategies: fundamental, technical and heuristically. Finally according to behavioral characteristics like risk taking, aspiration levels and over confidence we tested relation among these objectives and strategies with their investors’ performance. Results show that behavioral characteristic of investor’s has a significant effect on objectives and investing strategies and their performance. There is a relation between aspiration level and risk taking with investor’s objectives, especially there is a strong significant relationship for investors whose object is makes capital grow and investors with technical strategy, has higher aspiration and risk taking level but the average yield of this approach is lower than average yield of fundamental strategy