Macroeconomics
Ali Akbar Jafarizadeh Malmiri; Gholmreza Askarzadeh; Hamid Khajeh Mahmoodabadi; Yahya Abtahi
Abstract
The purpose of this study is to investigate the effectiveness of ETF funds on Iran's stock market. The index investigated in this research is the degree of fragility of the stock market in Iran. For this purpose, a model has been used at first, which shows how much the entry of an ETF market fund can ...
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The purpose of this study is to investigate the effectiveness of ETF funds on Iran's stock market. The index investigated in this research is the degree of fragility of the stock market in Iran. For this purpose, a model has been used at first, which shows how much the entry of an ETF market fund can affect the stability and fragility of the stock market. Then, in order to analyze the issue, a series of ETF funds in Iran has been selected. We used price data of 21 different stocks included in ETF funds and the price of related ETF from 30-Jan 2022 till 28-Dec 2022. Using OLS regression analysis, the results and analysis give a pattern that with the entry of ETF funds, the nonsystematic value has increased values. Therefore, we conclude that the entry of ETF funds into the market increases the fragility in the Iranian stock market.
Monetary economics
Ali Cheshomi; Fariba Osmani
Abstract
Despite the recession in global financial markets, the Tehran stock Exchange experienced significant growth during the COVID-19 outbreak. Therefore, this article tries to solve this puzzle by analyzes the effect of three Coronavirus waves on the total index of Tehran stock Exchange, its sub-indices, ...
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Despite the recession in global financial markets, the Tehran stock Exchange experienced significant growth during the COVID-19 outbreak. Therefore, this article tries to solve this puzzle by analyzes the effect of three Coronavirus waves on the total index of Tehran stock Exchange, its sub-indices, and the different industries with daily data of Iran and the regression method with multiple breakpoints. The results show that each wave of COVID-19 have different effects on the stock market. COVID-19 in the first wave had a negative effect on the index of industries such as refined petroleum, chemical, Metals and transportation but had a positive effect on industries such as medicine and food. But in subsequent waves, response of different industries to the new pandemic is complicated for two reasons. First, the nominal exchange rate has positive and significant effect on main industries such as motor mehicles, banks, refined petroleum, metals and chemical (which have a considerable weight in the Tehran Stock Exchange), can show the positive trend of the index, especially in the first and second waves of the COVID-19. Second, the government's manipulatian in raising the stock prices of these main industries to finance its budget deficit caused the Tehran Stock Exchange index to move in the opposite direction in some periods in response to the Corona virus.
