evaluation of multiple bubbles in the stock market of tehran

Inability to identify asset price bubbles and the type of them (single and multiple), cause collapsing effect on economy. new economic instrument, not only make possible the analysis of mildly explosive behavior of bubbles but also provide determination of origination and termination of bubbles. therefore, the point of this study is detection of tehran bourse and otc stock price bubbles and date stamping of origination, explosion and complete deletion of bubbles in the period of 1389/01 to 1395/01. to this end, the study use total, industry, 50 firms and total otc indexes. the results show that bourse and otc markets have experienced 2 and 5 bubble periods respectively. the results also show that bourse and otc markets were bubbling in 59% and 57% of sample period, respectively. therefore, in this markets exist bubbles in more than half of the sample period that show large instability in the stock prices.