درخت حوزه‌های تخصصی

It became significant in finding development in Iran after the emergence of the new industrial order in the West that leads to a debate on how Iran should confront the phenomenon of high economic development. In contemporary Iranian history, Western-oriented elites have attributed Iran's backwardness to not following the methods that the West used to achieve development. Therefore, especially during the Pahlavi era, development planning with a Western-centric approach was implemented to address this backwardness. Undoubtedly, the realization of the Islamic Revolution can be considered as a confrontation with this style of modernization, which has led to serious criticisms from some thinkers. The present study examines the Sayyid Mortaza Avini’s thoughts on development economics, who is one of these intellectuals. This paper aims to investigate the question of ‘What components Avini's thought on development is based on?’ The findings indicated that Avini has criticized Western development while also aligning with some post-development thinkers. Although he goes beyond the post-development approach and, influenced by the ideas of the Islamic Revolution and based on Islamic and indigenous elements such as religious identity and Islamic justice, he presents an alternative version of development (progress accompanied by spirituality). This way, he addresses his most important concern regarding the issue of progress positively. The method of this article will be grounded theory and data collection based on library research. 

Herd behavior, the tendency of individuals to mimic the actions of a larger group, significantly impacts capital markets by influencing stock prices, market liquidity, and overall market stability. This phenomenon has garnered significant attention in financial studies due to its implications for both institutional and individual investors, contributing to increased market volatility and potential crashes. Various methodologies have been developed to assess herd behavior, revealing its presence across diverse market conditions, including periods of high distress and volatility. This study examines macro herding in the Tehran Stock Exchange from March 2016 to February 2024, using weekly asset returns to measure herd behavior among listed companies. For the first time in Iran, we employ the TV method to calculate herding. The TV method offers two primary advantages: it is adept at identifying macro herding because it captures the collective trading direction of investors, and it operates independently of asset pricing models, minimizing biases associated with those models. Focusing on the collective trading direction, we aim to detect significant deviations in stock price movements indicative of herd behavior. Our findings indicate that herd behavior is more pronounced during extreme market conditions, both positive and negative, with a particularly notable increase during periods of negative market returns. This study provides insights into the dynamics of investor behavior in the Tehran Stock Exchange, highlighting the importance of monitoring such behavior to mitigate its potential adverse effects on market stability.