The present study seeks to explain the impact of accounting good and bad news on stockholder behavior. It is expected that good and bad news issued by financial reports will affect the behavior of shareholders as a result of the information burden. The behavior of the resulting effects can be seen in fluctuations in the volume of stock exchanges of the reporter's firms. In this study, contrary to similar researches, rather than distributing a questionnaire, the behavior of shareholders was evaluated by monitoring the volume of transactions. The sample of this study is the active units of Tehran Stock Exchange. The data was extracted from the databases of Rahavard-e-novin, the site of the stock exchange organization and the Codall system. Based on screening, 124 active reporter firms were selected from 649 reporter firms which were operating under the supervision of the organization from 2011 to 2016. Based on the results, accounting's good and bad news affects the behavior of shareholders and investors. This is while stockholders and investors have behavioral superstitions and do not follow the logical pattern.