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This is to certify that your paper entitled «Investigating the Effect of Excess Stock Returns Volatility on Investors’ Heterogeneous Perceptions: Investment Horizons Test» was indexed with 14 pages, in the CIVILICA citation database, code COI:JR_IJFMA-5-20_005, after evaluation and approval of the referees of the "International Journal of Finance and Managerial Accounting Vol 5, Issue 20 , Year 2021.

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.