Author/Authors :
Zare، Reza نويسنده Young Researchers Club, Darion Branch, Islamic Azad University, Darion, Iran Zare, Reza , Kavianifard، Hashem نويسنده Accounting Department, Darion Branch, Islamic Azad University, Darion, Iran Kavianifard, Hashem , Sadeghi، Leila نويسنده Seed & Plant Certification and Registration Institute (SPCRI) , , Rasouli، Fatemeh نويسنده M.A. in Accounting, Marvdasht Branch, Islamic Azad University, Marvdasht, Iran Rasouli, Fatemeh
Abstract :
Present article is to examine the ordinary shareholders’ overreaction and the effect of the investment periods in Tehran stock exchange. So all the companies listed in Tehran stock exchange were examined in 2007-2010 and having limited someones 152 companies were selected as the sample. The findings indicated that the companies’ shares that had inappropriate function in view of cash flow variable in both short–and long–terms are considered as appropriate opportunity to invest. If such investment strategy is applied to other variables, the loser portfolio return is more than the winner one only after grouping the companies into leverage and non-leverage ones.
