There are changes in stock prices associated with voluntary disclosure by managers. Investors' feelings and emotions that lead to biased behavior and decisions are also associated with the voluntary disclosure of companies. The present study examines the relationship between investors' emotional tendencies and stock price changes with voluntary disclosure. This study is applied in purpose and is causal (post-event) correlation methodology. The statistical population of the study consisted of all listed companies in Tehran Stock Exchange. Using systematic elimination sampling method, 116 companies were selected as research sample in the 6-year period between 2012-2012. The method used for data collection was a library and data were collected for measuring variables from the coding site and corporate financial statements. In Excel the initial calculations were then performed to test the research hypotheses using statata software and multiple regression with panel data model. Used. The results show that there is a direct and significant relationship between emotional orientation and voluntary disclosure. Also, there is a direct and significant relationship between stock price changes and voluntary disclosure.