Efficiency, Behavioral Anomalies and Emerging Technologies in Financial Markets: A Systematic Review of International Literature and the Position of the Tehran Stock Exchange

The present research has been conducted with the aim of a systematic review of the international literature on efficiency, behavioral anomalies and emerging technologies in financial markets, as well as explaining the position of the Tehran Stock Exchange. By systematic searching in the Google Scholar database, ۷۴ reputable articles between the years ۲۰۰۰ and ۲۰۲۵ were selected and analyzed. The findings show that the efficient market hypothesis is valid under normal conditions for developed markets, but crises and cognitive biases such as loss aversion and herding behavior create serious inefficiencies. Emerging technologies, especially machine learning, have increased prediction accuracy, but face the challenge of interpretability. Also, domestic studies confirm informational inefficiency and the strong effect of behavioral biases on the Tehran Stock Exchange. It is concluded that the development of hybrid and interpretable models and strengthening regulatory frameworks are a future necessity for research and financial policymaking.

کلیدواژه ها:

Forex market ، technical analysis ، risk management ، monetary policies