The aim of the current research was to develop a stock return model of active listed banks based on the components of risk aversion, investors' willingness and monetary policy shocks. In terms of approach, the present research is a mixed research, and in terms of method, a combination of thematic analysis and interpretive structural model has been used. In the qualitative part of the studied community of this research, there were university professors in the field of financial management and financial planning in the banking industry. Through purposeful sampling, of criterion-oriented type, the desired sample was selected and sampling continued until the theoretical saturation of data was reached. Therefore, the participants in the research included 22 professors and administrators. The data collection tool in this research is a semi-structured interview. The process of analyzing the data obtained from the text of the interviews, considering its importance in Atride-Sterling's theme analysis approach, was done simultaneously with the data collection in three stages of open coding, and they were classified in the form of themes and sub-categories. ATLASTI software is used in the theme analysis method. In the following, in order to design the model, the quantitative expert method of interpretive structural model has been used. The community used in this technique is also shared with the qualitative community. This technique was performed in MICMAC software. The results showed that the influence of various components, including risk aversion, investors' willingness and monetary policy shocks, is very important in formulating the stock return model of active listed banks. Credit policy shocks can have a large impact on bank stock returns. Sudden changes in the growth rate of money and exchange rate can also be important factors in the formation of stock returns.