Document Type : Original Article

Authors

• mahshid bdosalami ¹
• neda bayat ²
• Rozbeh Balo Nejad Nouri ³
• Baitullah Akbari Moghadam ⁴

¹ Qazvin Islamic Azad University

² azad university

³ Azad University

⁴ Azad university

Abstract

One of the most important factors in the financial field is to calculate the effectiveness of the stock market from ‎behavioral factors and macro-deterministic factors. Many studies believe that investors' emotions do not have a ‎significant impact on the stock market and macroeconomic factors, especially cash flows, are a very important ‎factor in the growth of the stock index. . In order to respond to these ‎assumptions, this study has used the MS-VAR method in the period of 1389-1402 in the form of seasonal data. ‎The results of this study indicate that when there was optimism among investors and the growth of liquidity was ‎high, prosperity prevailed in the stock market. During this period, the growth of liquidity has been very positive ‎and investors' sentiments have led to a decrease in the return of the stock market (due to the herd effect). On the ‎other hand, when pessimism prevailed in the market, stagnation prevailed in the stock market even despite the ‎growth of positive liquidity. In this period, emotions do not have a significant impact on the stock market, and the ‎growth of liquidity also leads to the deepening of the stock market stagnation‏.‏

Keywords

• Stock Market
• Liquidity Growth
• Investor Sentiments
• MS-VAR.‎

Main Subjects

• Monetary Economics