نوع مقاله : مقاله پژوهشی
نویسندگان
1 گروه حسابداری، واحد اصفهان (خوراسگان)، دانشگاه آزاد اسلامی، اصفهان، ایران.
2 گروه حسابداری، واحد اصفهان(خوراسگان)، دانشگاه آزاد اسلامی، اصفهان، ایران.
چکیده
کلیدواژهها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
Determining and evaluating prices is an extremely sensitive yet complex process influenced by multiple factors. Since long ago, various techniques and models have been proposed to explain this pricing mechanism. While modern financial theory assumes that most market participants act rationally, in reality, assets may deviate—even slightly—from their fundamental values. This deviation from intrinsic value is known as mispricing, which can stem from factors such as uncertainty, market emotions, and investors’ irrational behaviors.
In this study, the moderating effect of earnings management on the relationship between the financial crisis risk anomaly and stock misvaluation is examined. The statistical population consists of firms listed on the Tehran Stock Exchange, and the sample includes data from 105 companies over an 11‑year period from 2012 to 2022. A systematic elimination sampling method is employed to select a representative sample of firms. For data analysis and model estimation, multivariate regression using panel data methodology is applied, allowing for the examination of complex relationships among variables.
The findings indicate that the financial crisis risk anomaly has a positive and significant effect on stock misvaluation. This implies that under financial crisis conditions, investors may misvalue stocks due to heightened uncertainty and market sentiment.
کلیدواژهها [English]
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