Presenting the model of investment anomalies’ measurement based on management efficiency
نویسندگان
1 Department of Finance, Faculty of Management and Economy, Science and Research Branch, Islamic Azad University, Tehran, Iran
2 Department of Finance, Faculty of Management and Economy, Science and Research Branch, Islamic Azad University, Tehran, Iran
3 Department of Finance, Faculty of Management and Economy, Science and Research Branch, Islamic Azad University, Tehran, Iran
4 Department of Management and Economy, Payame Noor University, Tehran, Iran
doi
10.22075/ijnaa.2024.33283.4953چکیده
This article aims to explain how determining a company’s efficiency may explain investment anomalies. Investment anomalies point to a negative relation between company growth, adjusted rate of return, and future risk. When companies grow with plenty of investments, the market assumes this growth is positive news, but if the companies do not have the required skills for financing, the prices shall be lowered. The findings show that NSI, dAA, and IA anomalies are concentrated in companies with low returns. Furthermore, there is strong evidence that there is a strong relation between Manager-based efficiency and NSI anomaly and there is limited evidence that shows NOA efficiency plays a role in NSI, IA and NOA anomalies.
