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Examining the Effect of Initial Public Offerings on the Behavior and Learning Process of Individual Investors in the Tehran Stock Exchange
,
M.Sc. Thesis
Sharif University of Technology
;
Ebrahimnejad, Ali
(Supervisor)
Abstract
Individuals’ cognitive and behavioral biases can be strengthened or weakened by various factors. When these biases manifest in financial markets, they influence trading behavior and portfolio returns of investors, and from a macro perspective, they affect market efficiency. During 2020–2021, some Tehran Stock Exchange brokerage firms automatically placed purchase orders for initial public offerings on behalf of their clients. Observing the returns generated by these IPO purchases can strengthen self attribution bias and foster overconfidence among traders, encouraging more aggressive trades. This study uses transaction level stock market data and a difference in differences statistical model...