چکیده:
هدف: هدف این پژوهش بررسی واکنشپذیری تصمیم سرمایهگذاران به فروش سهام، به توصیههای تحلیلگران بنیادی در میان سرمایهگذاران بورس اوراق بهادار در استان فارس است. روش: در این پژوهش با تکیه بر روش آزمایشگاهی ـ میدانی، دو آزمایش طراحی و روی 315 سرمایهگذار در دو گروه کنترل و آزمایش اجرا شد. در گروه کنترل، وجود یا عدم وجود اثر تمایل در بازار سهام ایران بررسی شد. در گروه آزمایش نیز به ارزیابی قدرت استدلال و توصیه تحلیلگران بر تصمیمها و رفتار سرمایهگذاران پرداخته شد. یافتهها: نتایج آزمایش اول نشان داد که در بازار سهام ایران، اثر تمایل وجود دارد. همچنین، نتایج آزمایش دوم نشان داد که در وضعیت مطلوب بازار، سرمایهگذاران سهام برنده را هم با توصیه قوی و هم با توصیه ضعیف تحلیلگر نگهداری میکنند. در وضعیت نامطلوب بازار، سرمایهگذاران تمایل کمتری داشتند که سهام بازنده (با بازده منفی) خود را با توصیه قوی تحلیلگر بفروشند؛ اما با توصیه ضعیف تحلیلگر تمایل به فروش افزایش داشته است. نتیجهگیری: کاهش اثر تمایل در بازار سهام ایران با ارائه مستندات و استدلالهای حمایتی تحلیلگران مالی، ارتباط تنگاتنگی دارد. وجه تمایز و نوآوری این پژوهش نسبت به پژوهشهای گذشته، این است که در پژوهش حاضر تاثیر توصیههای تحلیلگران بنیادی بر تصمیم سرمایهگذاران به فروش سهام با در نظر گرفتن احتمال، بررسی شده است.
Objective: This study investigates how investors in the Fars province react to the recommendations of fundamental analysts when selling shares.Method: In this research, based on the laboratory-field method, two experiments were designed and conducted on 315 investors in two control and experimental groups. In the control group, the presence or absence of the tendency effect in the Iranian stock market was investigated. In the experimental group, the power of reasoning and recommendations of analysts on the decisions and behavior of investors was evaluated.Findings: The results of the first experiment illustrated that there is a tendency effect in the Iranian stock market. Also, the results of the second experiment showed that in favorable market conditions, investors keep the winning stocks with both strong and weak analyst recommendations. In adverse market conditions, investors were less willing to sell their losing stocks (with negative returns) with strong analyst recommendations but increased willingness to sell with weak analyst recommendations.Conclusion: In contrast to previous research, this study examined the effects of fundamental analysts' recommendations on the decision of investors to sell shares concerning probability.Objective: This study investigates how investors in the Fars province react to the recommendations of fundamental analysts when selling shares.Method: In this research, based on the laboratory-field method, two experiments were designed and conducted on 315 investors in two control and experimental groups. In the control group, the presence or absence of the tendency effect in the Iranian stock market was investigated. In the experimental group, the power of reasoning and recommendations of analysts on the decisions and behavior of investors was evaluated.Findings: The results of the first experiment illustrated that there is a tendency effect in the Iranian stock market. Also, the results of the second experiment showed that in favorable market conditions, investors keep the winning stocks with both strong and weak analyst recommendations. In adverse market conditions, investors were less willing to sell their losing stocks (with negative returns) with strong analyst recommendations but increased willingness to sell with weak analyst recommendations.Conclusion: In contrast to previous research, this study examined the effects of fundamental analysts' recommendations on the decision of investors to sell shares concerning probability.Objective: This study investigates how investors in the Fars province react to the recommendations of fundamental analysts when selling shares.Method: In this research, based on the laboratory-field method, two experiments were designed and conducted on 315 investors in two control and experimental groups. In the control group, the presence or absence of the tendency effect in the Iranian stock market was investigated. In the experimental group, the power of reasoning and recommendations of analysts on the decisions and behavior of investors was evaluated.Findings: The results of the first experiment illustrated that there is a tendency effect in the Iranian stock market. Also, the results of the second experiment showed that in favorable market conditions, investors keep the winning stocks with both strong and weak analyst recommendations. In adverse market conditions, investors were less willing to sell their losing stocks (with negative returns) with strong analyst recommendations but increased willingness to sell with weak analyst recommendations.Conclusion: In contrast to previous research, this study examined the effects of fundamental analysts' recommendations on the decision of investors to sell shares concerning probability.