مطالب

The publication of financial statements, a vital corporate communication tool, significantly influences behavioral biases in both individuals and organizations. While the importance of behavioral factors for investors is well recognized, the impact of financial statement releases on these biases in the Iranian capital market has yet to be thoroughly examined. This study investigates the effect of financial statement releases on two key biases: loss aversion and overconfidence among investors. By employing both quantitative and qualitative research methods, comprehensive data was collected from the Iranian stock market. For the analysis of loss aversion, a sample of 111 companies over six years (2017–2022) was selected using the systematic elimination method, while overconfidence bias was assessed at the market level. An event study method was used to measure the impact of financial statement releases on these biases. To analyze loss aversion, a regression model using the Dynamic Panel Data (GMM) method was applied, and for overconfidence, a Vector Autoregression (VAR) model was estimated during the financial statement release period at the market level. The findings show that investor’s exhibit heightened loss aversion during financial statement releases, and overconfidence bias was also evident, with investors attributing positive market outcomes to themselves and acting more aggressively in subsequent transactions. Based on the results, investors should consider behavioral bias patterns in their decision-making and incorporate technical analysis. Additionally, companies should ensure transparency and accuracy in their financial statements while remaining attentive to market behaviors and reacting promptly to changes.

Background: Heart rate variability (HRV) as a non-invasive indicator measures the activity level of the autonomic nervous system. Exercise has significant positive effects in increasing HRV indicators, which ultimately leads to cardiovascular health. People with panic disorder (PD) generally have low HRV indices and are more exposed to cardiovascular risks. Aim: The aim of the present study is investigating the effect of 12 weeks of hiking training on HRV of women with PD. Materials and Methods: In this semi-experimental clinical trial, 18 women with PD with average panic scores (45.00±19.55) as determined by Albany Panic and Phobia Questionnaire (APPQ) in two training group (12 weeks of hiking training with 70% to 80% MHR, three sessions a week, each one an-hour, and control group (without any regular physical activity) participated randomly. HRV of subjects was measured by Holter monitoring device (with 7 leads VX3+ SN 17570 made in USA) while resting and lying back for 20 min before and after 12 weeks. Results: The results of covariance analysis showed that panic scores (P≤0.001) and HRV factors including: SDNN (P≤0.05), SDNN index (P≤ 0.01) and TP (P≤0.03) of the subjects in the training group improved significantly but HF, LF, LF/HF, did not show significant changes (P≥0.05). Conclusion: It seems that 12 weeks of hiking training improves some of the HRV indices of women, which prevents the risk of cardiovascular diseases, and also reduces the symptoms of panic in women.

The dominant thought in the Western environment laid the necessary foundations for the formation of Western civilization. In fact, the Renaissance's approach to God, humanity, and the surrounding environment gradually caused profound changes in human lifestyles at various levels, eventually replacing the traditional, meaning-oriented relationship between humans and their surroundings with a modern, meaning-deficient one. This study presents a critique of Western civilization from the perspective of Mahdist teachings. The article is written using a descriptive and analytical approach. Today, the West faces numerous challenges at various levels, to the extent that, according to Western thinkers, these issues were not resolved even with the emergence of postmodernism. This is because the civilizational system, grounded in Renaissance thought, adopts a materialistic worldview and denies the unseen in its perception of God, self, and existence.