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The Factors Affecting on Instability Index in Tehran Stock Exchange (The Case: Base Metals Industry)

Document Type : Research Paper

Authors

1 Ph.D. Candidate, Department of Financial engineering, Tabriz Branch, Islamic Azad University, Tabriz, Iran

2 Associate Professor, Department of Economics, Tabriz Branch, Islamic Azad University, Tabriz, Iran

3 Assistant Professor, Department of Management, Tabriz Branch, Islamic Azad University, Tabriz, Iran

Abstract

The capital market, especially the stock market, is as risky as any other investment activity and is affected by overflow fluctuations and instabilities from other markets. In the face of other macroeconomic variables, this causes instability in the stock market. In the present study, using conditional turbulence method, the factors affecting on instability index in basic metals industry sector of Tehran Stock Exchange was investigated and presented. For this purpose, monthly data from April 2009 to April 2020 were used. The results of the present study indicate that fluctuations in the industrial sector are caused by factors such as political conflicts and international problems in Iran and are strengthened by fluctuations in parallel markets such as oil, gold and currency. According to the results of the research, factors outside the stock market industry due to the underdevelopment of the stock market in Iran; From the point of view of the analyzes performed, the most important effect and factor causing fluctuations is the section of political tensions and international relations in Iran, which has effects. It is uncontrollable on parallel markets in Iran and ultimately the effect of all of them is reflected in the stock market.

Keywords

References
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Industrial Management Studies
Volume 19, Issue 61
August 2021
Pages 181-207
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