Document Type : Original Article
Authors
1
1. Assistant Professor, Department of Accounting, Faculty of Management, Economics and Accounting, Payam Noor University, Tehran, Iran. Corresponding Author:M.Khorramabadi@pnu.ac.ir
2
Accounting Department, Parandak University, Iran2. Assistant Professor of Accounting Department, Faculty of Accounting, Parandak Institute of Higher Education, Tehran, Iran.
3
3. Msc.student of Accounting , Faculty of Accounting, Parandak Institute of Higher Education, Tehran, Iran
10.22034/iaas.2024.393920.1457
Abstract
The purpose of the present study is to investigate the relationship between the divergence of investors' opinions and stock specific volatility. The current research is applied and from the methodological point of view, the correlation is causal type (post-event). The statistical population of the research is all the companies admitted to the Tehran Stock Exchange, and using the systematic elimination sampling method, 149 companies were selected as the research sample and were examined in a 10-year period between 2012 and 2021. In order to measure the dependent variable of the research (specific volatility of stocks), two measurement methods were used: the capital asset pricing method, as well as the Fama and French three-factor model. The results of the research hypothesis test showed that in the method of measuring the dependent variable using the capital asset pricing method, the divergence of investors' opinions has a direct and significant relationship with the specific volatility of stocks, but in the method of measuring the dependent variable with the Fama and French three-factor model It was observed that the divergence of investors' opinions has no effect on the specific volatility of stocks. In general, by bringing the beliefs and opinions of investors closer to each other, extreme fluctuations in stock returns can be controlled in a way.
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