1 دانشگاه تربیت مدرس، تهران، ایران
2 استادیار مدیریت مالی، دانشگاه پیام نور، تهران، ایران
عنوان مقاله [English]
Capital markets play important roles in economic development of countries and financial policy makers are very interested to have more information about the stock markets attractiveness for investors. One of the most important questions about the stock markets is about the relationship between the attraction of stock market investments with out-of-stock market investments. This paper aimed at investigating the relationship between the out of stock investments (bank deposits and governmental industrial development bonds investments) with the attractiveness of investing in Tehran Stock Exchange (market liquidity and capitalization). The results, at 95% confidence level, revealed that there is a significant positive association between these two markets (monetary and capital markets). The results also implied that investment in these two markets not only is not competitive but complementary.Accordingly, it is concluded that out-of-stock market investments do not reduce stock market investment attraction. This finding is very important when investors will build up a portfolio investment in Iranian markets.