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This is to certify that your paper entitled «Asymmetric Reaction of Investors to Market Risk, Illiquidity Risk, and Credit Risk: Evidence from Tehran Stock Exchange (TSE)» was indexed with 22 pages, in the CIVILICA citation database, code COI:JR_IJFIFSA-4-4_003, after evaluation and approval of the referees of the "Iranian Journal of Finance Vol 4, Issue 4 , Year 2022.

While offering our congratulations on the indexation of your paper, please be informed that this certificate is prepared based on the information submitted by the secretariat of the above journal and the information contained in the CIVILICA database, and the accuracy of its content can be inquired at any time through link provided at the bottom of the page or scanning the code image.