Iranian Journal of Finance

Abstract The correct understanding of behavioral factors affecting individual investment decisions in the stock market is one of the main goals of this research. This accurate knowledge will increase the efficiency of the market, and the financial resources will be adequately equipped and allocated. Finally, it will save resources in this market. Therefore, the current research seeks to investigate and test the effect of risk aversion based on the past performance of stocks in the financial behavior of investors. In this research, a regression model was used to test the hypotheses. The statistical population of this research is all the firms accepted in the Tehran Stock Exchange over 7 years, from 2016 to 2022. Considering the research period, the total number of data points is 980 years—firm (observation). Also, in this research, the stock price was used to evaluate the variable of past stock performance, which has not been paid attention to in past behavioral financial research due to its importance for investors' decision-making. The analysis of the research hypotheses showed that risk aversion has a positive relationship with investors' decision-making. In addition, the study of research data indicates that the past performance of stocks has a positive moderating role in the relationship between risk aversion and investors' decision-making.

Abstract Women have been trying to gain independence throughout history. In recent years, advances in technology and business have helped women to achieve this goal. According to women's personality and psychological characteristics, there are differences in their trading styles. One of the factors influencing the choice of this type of strategy is stress. In the last few years, stress and anxiety caused by Corona have become epidemic. In order to test the hypotheses, women traders active in the financial markets of Iran were examined using a Likert questionnaire in 2022, and interesting results were obtained. In order to carry out the research of this study, an interview was conducted first to find suitable questions and validity. Then, the statistical population and sample were selected, and the final questionnaire was distributed among them. MATLAB software was used to identify the number of common descriptive characteristics of the respondents, and finally, using EViews software, statistical analysis related to hypothesis testing was performed. The result shows that women play more conservatively and are risk-averse during the period of coronavirus infection. It has no effect on the volume and capital used in the transaction. The Corona anxiety has significant effects on the three dependent variables of conservatism, trading style, and trading (volume, capital, and number of transactions).

Abstract Asset allocation has always been a challenging issue / for individuals and businesses to survive in our competitive world. One of the famous businesses, which has an enormous impact on people's lives worldwide, is the pension industry. Pension funds- as Defined Benefit, Defined Contribution, or others- accept reserves from contributors and try to invest them in a way to keep up with their obligations in the future or even pay more than that. The equity market has been one of the good choices for investment as pension funds try to reach a particular rate of return to maximize their wealth while considering not crossing red lines in taking risks. This paper will detail the new mathematical model for finding optimal stock portfolios using Generalized Co-Lower Partial Moment as a risk measure to minimize portfolio optimization. On the other hand, it introduces new tailored Expected Utility as a performance metric to maximize in this model. The proposed model's issue against previous studies is considering risk aversion and target rate of investment return as two significant investor characteristics. This is based on price returns' simulation of candidate stocks in TSE while using accurate and nonparametric Probability Density Function in historical data analysis.