Marzieh Sadat Sajadi; Rahman Khosh Akhlagh; Saeed Samadi; Mohammad Vaez Barzani
Abstract
With the inclusion of Bitcoin in the portfolio of individuals, it is necessary to evaluate this asset from different financial aspects. In this research, first the relationship between the Bitcoin price, S&P500 and Nasdaq Composite is evaluated using VAR model. Since in VAR models individual coefficients ...
Read More
With the inclusion of Bitcoin in the portfolio of individuals, it is necessary to evaluate this asset from different financial aspects. In this research, first the relationship between the Bitcoin price, S&P500 and Nasdaq Composite is evaluated using VAR model. Since in VAR models individual coefficients do not lead to statistical inferences, IRFs are being evaluated. It was found that one standard deviation shock on the value of the Nasdaq Composite has a gradual incremental effect on the price of Bitcoin. Also, one standard deviation shock on the value of S&P 500 has a negative downward effect on the price of Bitcoin while one Bitcoin's standard deviation shock is ineffective on S&P500 and Nasdaq Composite. In addition, considering the Granger causality test, S&P500 and Nasdaq Composite cause bitcoin price changes, but the opposite is not true. Having concluded statistical causality of S&P500 and Nasdaq Composite in the previous steps, the price of Bitcoin based on diagnostics being done is regressed as a dependent variable and influenced by the S&P500 and Nasdaq Composite indexes and also needed dummy variable using the ARDL model. The short-term to long-term estimated adjustment coefficient in ECM model is -0.009 and is significant. The overall explanatory power of the model is 99%. Since the normality test and homoscedasticity test were not supported, considering the ability of Robust estimation method to adjust these conditions, this method was used to regress ARDL model. The explanatory power of the model is between 64% and 99%
, Behavioral Economics
Raheleh Dabiri; Mohammad Vaez Barzani; Saeed Samadi
Abstract
Decision-making on financing methods is one of the most important decisions of managers that can be affected by their behavioral biases. Behavioral biases can cause managers to make irrational decisions and select the optimal financing method with difficulty. Recognizing and evaluating biases is an important ...
Read More
Decision-making on financing methods is one of the most important decisions of managers that can be affected by their behavioral biases. Behavioral biases can cause managers to make irrational decisions and select the optimal financing method with difficulty. Recognizing and evaluating biases is an important step to control them and improve decision making. Given the importance of this issue, the present study has analyzed the pathology of evaluation methods of behavioral biases, specifically in research on financing methods. In this study, for the first time, research onion is used to review studies on evaluation of behavioral biases by research onion. In order to select the articles, related keywords such as behavioral finance, evaluation of behavioral biases, and financing methods were searched in reliable databases and articles related to the research topic were collected. More than 200 articles have been studied and 33 related articles have been selected to examine the methods of evaluating behavioral biases. The study results showed the low variety of statistical analysis methods for evaluating behavioral biases in financing. The application of research onion shows that the methodology of these studies was mainly based on the philosophy of positivism, practical orientation, and comparative approach. Also, it was mainly conducted by the quantitative research and survey strategy, and the data was collected by the library documents.
Saeed Samadi; Mostafa Mobini Dehkordi; Alireza Kamalian; Ehsan Mohammadzade; Mehdi Karname Haghighi
Abstract
One of the important socioeconomic tasks of governments is regulation. Regulation literature focuses on government intervention in the market for regulating the amount of production and distribution of a commodity, which can lead to the determination of the structure and rules governing the market. A ...
Read More
One of the important socioeconomic tasks of governments is regulation. Regulation literature focuses on government intervention in the market for regulating the amount of production and distribution of a commodity, which can lead to the determination of the structure and rules governing the market. A commodities exchange is one of the most important regulatory agencies, which, by providing a convenient, transparent and observable trading system, is customary for the flow of government-specific regulations on commodities. The aim of the present study is to test the regulatory results of supply of products in the commodities exchange. To this end, the percentage increase in the price of 12 commodities traded on the commodities exchange was compared with 21 off-exchange trades using the Propensity Score Matching technique, Caliper and Radius Matching technique, and Bootstrap Standard Deviation. According to the obtained results, the supply of commodities on the Iran mercantile exchange has led to a decrease in their price growth compared to similar commodities outside the Iran mercantile exchange. As a result, using regulatory agencies such as the commodities exchange will increase production and welfare of the society.
