University of Mohaghegh Ardabili Journal of School Psychology 22520821 10 2 2021 06 22 The role of cognitive bias in the behavior of investors (teachers) in the stock market The role of cognitive bias in the behavior of investors (teachers) in the stock market 44 66 1248 10.22098/jsp.2021.1248 FA B Saadatzadeh Hesar Ph.D. Student of Accounting, Islamic Azad University, Bonab Branch, Bonab. Iran R Abdi Assistant Professor, Department of Accounting, Bonab Branch, Islamic Azad University, Bonab, Iran H Mohammadzadeh Salteh Associate Professor, Department of Accounting, Marand Branch, Islamic Azad University, Marand, Iran M Narimani Distinguished Professor, Department of Psychology, University of Mohaghegh Ardabili Journal Article 2021 07 31 The aim of this study was to investigate the role of cognitive bias components in the behavior of investors (teachers) in the Tehran Stock Exchange. The research method is descriptive-correlation. The statistical population of the study included all teachers investing in companies listed on the Tehran Stock Exchange, which was selected by available sampling method 384 people. Measurement tools also included researcher-made questionnaires that after design and validation, its validity and reliability were evaluated by professors and statistical methods. Pearson correlation coefficient and simultaneous regression analysis were used to identify and compare the severity and effect of cognitive bias components. The results showed that except for severe bias, all components of self-confidence, conservatism, ambiguity, mental accounting, stress, behavioral disorder and eventfulness (retrospective) affected the behavior of investors and entered the regression model (p<0.01). Given the level of significance, these components play a significant role in predicting investor behavior. It should be noted that irrational decisions, influenced by cognitive biases, cause the inefficiency of financial markets by creating price bubbles and ultimately to the detriment of all investors. The aim of this study was to investigate the role of cognitive bias components in the behavior of investors (teachers) in the Tehran Stock Exchange. The research method is descriptive-correlation. The statistical population of the study included all teachers investing in companies listed on the Tehran Stock Exchange, which was selected by available sampling method 384 people. Measurement tools also included researcher-made questionnaires that after design and validation, its validity and reliability were evaluated by professors and statistical methods. Pearson correlation coefficient and simultaneous regression analysis were used to identify and compare the severity and effect of cognitive bias components. The results showed that except for severe bias, all components of self-confidence, conservatism, ambiguity, mental accounting, stress, behavioral disorder and eventfulness (retrospective) affected the behavior of investors and entered the regression model (p<0.01). Given the level of significance, these components play a significant role in predicting investor behavior. It should be noted that irrational decisions, influenced by cognitive biases, cause the inefficiency of financial markets by creating price bubbles and ultimately to the detriment of all investors.

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