1
Master of Science of Accounting, Central Tehran Branch, Islamic Azad University, Iran
2
Associate Professor, Central Tehran Branch, Islamic Azad University, Iran
Abstract
In decision making model for herding behavior, investors in TSE tend to suppress their private information and mimic the actions of other investors, rather than use quantitative techniques to assess stock value and make investment choices. These decisions lead to the influx of investors to trade the stock and fluctuation in prices that causes inefficiency, instability and fragility of the market. On the other hand intangible information, which is often obtained from the unofficial sources, causes information asymmetry in the capital market. This information will primarily create advantages for some investors; however, over time, with the release of intangible information and turning it from underhand information to revealed information, the value and power of this information advantage will be reduced. In this study, the effect of intangible information on herding behavior of institutional investors has been studied in Tehran Stock Exchange during 2010 to 2014. In this regard, the effect of intangible information on herding behavior of institutional investors was analyzed. The results indicate that, confirming the impact of intangible information on herding behavior of institutional investors.
Shayestehmand, H., & Pourzamani, Z. (2018). The Effect of Intangible Information by Lakonishok, Shleifer and Vishny Model on Institutional Investors Herding Behavior. Accounting and Auditing Research, 10(40), 147-158.
MLA
Hossein Shayestehmand; Zahra Pourzamani. "The Effect of Intangible Information by Lakonishok, Shleifer and Vishny Model on Institutional Investors Herding Behavior". Accounting and Auditing Research, 10, 40, 2018, 147-158.
HARVARD
Shayestehmand, H., Pourzamani, Z. (2018). 'The Effect of Intangible Information by Lakonishok, Shleifer and Vishny Model on Institutional Investors Herding Behavior', Accounting and Auditing Research, 10(40), pp. 147-158.
VANCOUVER
Shayestehmand, H., Pourzamani, Z. The Effect of Intangible Information by Lakonishok, Shleifer and Vishny Model on Institutional Investors Herding Behavior. Accounting and Auditing Research, 2018; 10(40): 147-158.
)