The main purpose of the research is to identify and analyze the asymmetric relationship between the amount of changes of shares' price and the amount of changes of transactions' volume based on the assessment logarithmic model in the stock exchange of Tehran. To do so, a sample of 45 firms was selected from the population of firms accepted in the stock exchange of Tehran during the years starting from 2005 to 2009. Having investigated the issues related to the abovementioned asymmetric relationship, three hypotheses were put forward to be analyzed. Considering the coefficients acquired in the first hypothesis, it was shown that the coefficient related to positive changes is significant at the p-value of 5%. This means that positive changes in the price of shares will lead to the increase in the volume of transactions. The analyses performed on the second hypothesis also showed that negative changes in the price of shares are effective on the decrease of transactions' volume. Thus, the second hypothesis was also accepted. The analyses on third hypothesis showed that negative and positive changes of shares' price do not have equal and similar effects on the changes occurring in the volume of transactions. In fact, the results indicated that there is an asymmetric relationship between the independent and dependent variable in the stock exchange of Tehran, thus approving the third hypothesis.
کلید واژگان :Change of Shares' Price, Volume of Transactions, Asymmetric Relationship, Assessment Logarithmic Model.
ارزش ریالی : 500000 ریال
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