摘要：Empirical studies indicate that fund managers with lower experience in comparison to managers with higher experience, yield significantly higher return. In this research in order to study professional experience of managers and also risk and return of their investment, we dealt with studying impact of risk taking, overconfidence and herding behavior (as important behavior on investment decision) of fund managers in Tehran Stock Exchange. In order to gather data, questionnaires were used, and in order to analyze them single variable regression model and ordered probit and tobit regression were used. Results of research indicated that there is an inverse relationship between experience and risk taking of managers and there is a direct relationship between experience and herding. Also, relationship between experience and overconfidence defers based on the type, but it can be said that there is an inverse relationship between experience and overconfidence. Managers with lower experience had higher overconfidence and lower herd behavior, higher risk taking and get higher return. Totally, it can be said that there is an inverse relationship between professional experience and return of fund managers in Tehran Stock Exchange.
关键词：Experience; risk taking; overconfidence; herding; fund managers; stock market
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