AU - Shams, Shahabeddin AU - Golbabaei, Ali TI - The Relationship between Investors Herding and Volatility: Evidence from Tehran Stock Exchange PT - JOURNAL ARTICLE TA - JSE JN - JSE VO - 6 VI - 22 IP - 22 4099 - http://jemr.khu.ac.ir/article-1-1109-en.html 4100 - http://jemr.khu.ac.ir/article-1-1109-en.pdf SO - JSE 22 ABĀ  - This study examines the effect of Herding in different states (low, high and extreme volatility) in Tehran Stock Exchange during the years 2009-2013 using Chang et al (2000) and Balcilar et al (2013) models. In this survey herding are tested under 3 market regimes in selected industries: Cement, Chemical, Pharmaceutical and Investment. The results don't show evidence of herding in 4 industries using static model (Chang et al, 2000). So dynamic model (Balcilar et al, 2013) was used to analyze Herding under 3 regimes in which our results support the presence of herding under 2 market regimes (high and extreme) . The results also demonstrate evidence of herding behavior under the high volatility regime for all of the selected industries. Herding under the extreme volatility regime is only found in investment and cement industries. CP - IRAN IN - Babolsar LG - eng PB - JSE PG - 161 PT - Applicable YR - 2015