One of the characteristics of the financial market, especially the stock market, is the effects of behavioral factors and on other financial and non-financial markets. There are several factors that affect the return of a stock exchange. We can refer to political, socio-cultural, technological and finally economic factors. A stock market is an economic market in which securities are traded under specific rules and regulations. Accordingly, in this study, the effect of behavioral financial arguments and other financial markets on stock market returns based on quantitative analysis has been studied. This article tries to examine how exchange rates, gold, and oil as key factors of a model can explain fluctuations of the stock market index. so the effect of those variables on the stock market index in the period 2008 to the first six months of 2018 has been analyzed using the FIAPGARCH-X model. The results of the analysis show that the effect of exchange rates on the stock market fluctuations is greater than the other two factors. The results also indicate that there are asymmetric effects of increased returns on the stock market, which is consistent with behavioral bias in behavioral finance.
