Short run Psychological Effects of Joint Comprehensive Plan of Action on Market Index Return of Tehran Stock Exchange

Document Type : Research/Original/Regular Article

Authors

1 asistant professor / shahid beheshti university

2 master in economics/ university of Sharif

Abstract

One of the reasons that can effect on market index return is adoption of international policies. As investors enter stock exchange market to achieving benefit of distinguish promoting abilities, is necessary how swinging market index return before and after of policies adoption. In this paper we had collected index market return of data’s from 1395/04/23 till 1393/09/01 and the results reveal that usage of discontinuity regression method in short term index market return in day of agreement became negative, because of propensity of stockholders to market to gaining high profit. In performing day stockholders who had experience of agreement day, done so well and who were thinking of so high return, didn’t appear in market, to don’t see reduction of return in that day. In long term, usage of difference in differences model with elimination of sanction, trend of returns became better and had increasing if JCPOA didn’t happen.
Keywords: Tehran Stock Exchange, Return of Stock, Discontinuity Regression Method, Joint Comprehensive Plan

Keywords

Main Subjects

References

Bruce, D. (1995). “Natural and Quasi-Experiments in Economics”. Journal of Business and Economic Statistics, 13(2), 151-161. Business. [DOI:10.1016/j.]
Carpenter, Dubkin. (2009). “The Effect of Alcohol Consumption on Mortality Regression Discountinuity Evidence from the Minimum Drinking Age”. Applied Economics, 1(1), 82-164. [DOI:10.1016/S1514-0326]
Chatziantonious, L., Duffy, D., & Filis, G. (2013). “Stock Market Response to Monetary and Fiscal Policy Shocks. Multi- Country Evidence”. Economic Modelling, 30, 754-769. [DOI: 10.1016/J.ECONMOD.2012.10.005]
Gregoriou, A., Kontonikas, A., MacDonald, R., & Montagnoli, A. (2009). “Monetary Policy Shocks and Stock Return: Evidence from the British Market”. University of Glasgow, 23, 401-410. [DOI: 10.1007/S11408-009-0113-2]
Kholodilin, K., Montagnoli, A., Napolitano, O., & SiliverstovsB, B. (2009). “Assessing the Impact of the ECB’s Monetary Policy on the Stock Markets: A sectoral view”. Economic Letters, 105. 211-213. [DOI: 10.1016/J.ECONLET.2020.109344]
Moradi, S., & Najafizadeh, A. (2013). “The impact of monetary policy on the productivity index of shares: The case of Iran”. Paper presented in the first national electronic conference on the economic perspective of Iran considering support of the national production. Isfahan. (Persain)
Pashayi Fam, R., & Omidi Pour, R. (2009). “The impact of inflation on the real productivity fo shares in the economy of Iran”. Quarterly Journal of Economic Research and Policies, 50, 93-114. (Persain)
Quarterly Journal of The Macro and Strategic Policies
Volume 7, Special Issue
January 2020
Pages 26-49

Files

Share

How to cite

Statistics