Abstarct: The present study explains the role of corporate investments and current (past) returns, or in other words, a momentary and inverse effect on the returns of future periods of shares of companies listed on the stock exchange. In this research, momentum variables and returns of future periods and investment as dependent and independent variables as well as debt ratio, company size and return on assets have been used as control variables. The statistical sample of this research includes 785 data from 88 companies listed on the Tehran Stock Exchange for the years 1391-1389. Multiple regression method was used to test the hypotheses and Excel and Eviews software were used to analyze the data. According to the first hypothesis test, the research results showed that corporate investments have the opposite effect on future periods. On the other hand, the results of testing the second hypothesis of the momentum effect show that the performance of future periods has a significant effect on previous periods. Also, the results of supplementary tests for control variables showed that the return on assets has an inverse effect on all four periods of return in the next quarter, the debt ratio has a negative effect only on the return of the first quarter and the size of the company on the return of three periods of the second, third and fourth quarters. The dimension has a positive effect that represents a momentum behavior.