University of Tehran Press Interdisciplinary Journal of Management Studies 2981-0795 16 2 2023 04 01 Energy Prices and Investor’s Sentiments in the Tehran Stock Exchange: An ARDL Bounds Testing Approach قیمت انرژی و احساسات سرمایه‌گذاران در بورس اوراق بهادار تهران: کاربرد آزمون کرانه-ای ARDL 535 547 89178 10.22059/ijms.2022.337642.674913 EN Mohammad Nadiri Department of Finance and Accounting, Faculty of Management and Accounting, College of Farabi, University of Tehran, Qom, Iran Seyed Hasan Masoudi Alavi Department of Finance and Accounting, Faculty of Management and Accounting, College of Farabi, University of Tehran, Qom, Iran Journal Article 2021 02 08 ­The main purpose of this study is to examine the relationship between energy prices (oil and natural gas) and individual investor sentiments on the Tehran stock exchange. Oil and natural gas are two strategic commodities among the world’s most important energy sources. Energy price fluctuations, directly and indirectly, affect the economy and financial markets, especially those oil-exporting and importing countries. We monthly examined the relationships between energy prices and investor sentiment using the Autoregressive Distributed Lag (ARDL) technique from 2010 to 2020. The results showed that crude oil prices positively affect investor sentiment both in the long and short run, which is consistent with the oil-exporting structure of the Iranian economy. Moreover, the results demonstrated neither a short-run nor a long-run association between gas prices and investor sentiment. The study’s findings suggest that oil prices could be used to predict investor sentiments and optimize an investor’s portfolio. https://ijms.ut.ac.ir/article_89178_8f9157515b12419e23328cc85d450647.pdf