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Yatırımcı Önyargılarının İşlem Hacmi Üzerine Etkisi: Borsa İstanbul Sektör Endeksleri Üzerinde Bir Araştırma

Yıl 2023, Cilt: 7 Sayı: 2, 671 - 695, 31.05.2023

Sema Nur Ünlübulduk Ömer İskenderoğlu Erdinç Karadeniz

https://doi.org/10.29023/alanyaakademik.1121187

Öz

Davranışsal finansın çalışma alanlarından biri yatırımcıların finansal yatırım tercihlerinin nedenini ve bu tercihlerin piyasa üzerindeki etkisini incelemektir. Bu araştırmanın amacı Borsa İstanbul’da işlem yapan yatırımcıların karar verme süreçlerinde etkili olan önyargıların tespiti ve sektör endekslerinin işlem hacmi üzerindeki etkisini ölçmektir. Bu amaçla Borsa İstanbul sektör endekslerinin 2009-2022 yıllarına ait verileri üzerinde regresyon analizi gerçekleştirilmiştir. Araştırma sonucunda 13 sektör endeksi yatırımcısında aşırı güven, aşırı iyimserlik, aşırı kötümserlik önyargılarının ve rasyonel beklentinin varlığı tespit edilmiş ve işlem hacmi üzerinde belirleyici olduğu sonucuna ulaşılmıştır. İşlem hacmi üzerinde en çok etkili olan önyargının aşırı güven, en az etkili olan önyargının ise aşırı iyimserlik olduğu belirlenmiştir. Teknoloji sektör endeksinin analiz kapsamındaki üç önyargıdan da etkilenen tek sektör endeksi olduğu belirlenmiştir.

Anahtar Kelimeler

Davranışsal Finans Yatırımcı Önyargıları İşlem Hacmi Sektör Endeksleri Borsa İstanbul

Kaynakça

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The Effect of Investor Bias on Trading Volume: A Research on Borsa İstanbul Sector Indices

Yıl 2023, Cilt: 7 Sayı: 2, 671 - 695, 31.05.2023

Sema Nur Ünlübulduk Ömer İskenderoğlu Erdinç Karadeniz

https://doi.org/10.29023/alanyaakademik.1121187

Öz

One of the fields of study of behavioral finance is to examine the reasons for investors' financial investment preferences and the effect of these preferences on the market. The aim of this research is to determine the biases that are effective in the decision-making processes of investors trading in Borsa Istanbul and to measure the effect of sector indices on the trading volume. For this purpose, a regression analysis has been carried out on the data of Borsa İstanbul sector indices for the years 2009-2022. As a result of the research, the presence of overconfidence, excessive optimism, excessive pessimism biases and rational expectations in 13 sector index investors have been determined and it was concluded that they were determinative on the transaction volume. It has been determined that the most effective bias on the trading volume is overconfidence, and the least effective bias is excessive optimism. It has been determined that the technology sector index is the only sector index affected by all three biases within the scope of the analysis.

Anahtar Kelimeler

Behavioral Finance Investor Biases Trading Volume Sector Indices Borsa İstanbul

Kaynakça

  • ACKERT, L., & DEAVES, R. (2010). Behavioral finance: Psychology, decision-making, and markets. South Western, Cengage Learning.
  • ADEL, B., & MARIEM, T. (2013). “The Impact of Overconfidence on Investors' Decisions”, Business and Economic Research, 3(2), 53.
  • AHMAD, Z., IBRAHIM, H., & TUYON, J. (2017). “Institutional Investor Behavioral Biases: Syntheses of Theory and Evidence”, Management Research Review.
  • ALPERT, M., & RAIFFA, H. (1982). “A Progress Report on the Training of Probability Assessors. In Judgment under Uncertainty: Heuristics and Biases”, edited by Daniel Kahneman, Paul Slovic, and Amos Tversky. Cambridge: Cambridge Univ. Press.
  • ALSABBAN, S., & ALARFAJ, O. (2020). “An Empirical Analysis of Behavioral Finance in The Saudi Stock Market: Evidence of Overconfidence Behavior”, International Journal of Economics and Financial Issues, 10(1), 73.
  • ALSHALABI, L. (2020). “The Effect of Investors Behavioral Biases on the Trading Volume in G7 and BRICS Stock Markets”, Yayımlanmamış Yüksek Lisans Tezi, İstanbul: İstanbul Ticaret Üniversitesi.
  • ANDERSEN, T.G. (1996). “Return Volatility and Trading Volume: An Information Flow Interpretation of Stochastic Volatility”, Journal of Finance. 51, 169-204.
  • APERGIS, N. (2021). “Overconfidence and US stock market returns. Finance Research Letters”, 45, 102186.
  • ASAD, H., KHAN, A., & FAIZ, R. (2018). “Behavioral Biases Across the Stock Market Investors”, Pakistan Economic and Social Review, 56(1), 185-209.
  • ASPARA, J. (2013). “The Role of Product and Brand Perceptions in Stock Investing: Effects on Investment Considerations, Optimism and Confidence”, Journal of Behavioral Finance, 14(3), 195-212.
  • AYDIN, S., & GÜNEYSU, Y. (2022). “Aşırı Güven Eğilimi ile Yatırım Performansı Arasında Risk Eğiliminin Aracılık Rolü: Borsa İstanbul’da Bir Araştırma”, International Journal of Economic & Administrative Studies, (37).
  • AZAM, M. Q., HASHMI, N. I., HAWALDAR, I. T., ALAM, M. S., & BAIG, M. A. (2022). “The COVID-19 Pandemic and Overconfidence Bias: The Case of Cyclical and Defensive Sectors.” Risks, 10(3), 56.
  • BAKER, H. K., & NOFSINGER, J. R. (Eds.). (2010). Behavioral Finance: Investors, Corporations, and Markets, (Vol. 6). John Wiley & Sons.
  • BAKER, H. K., & RICCIARDI, V. (2014). Investor Behavior: The Psychology of Financial Planning and Investing, John Wiley & Sons.
  • BAKER, M., RUBACK, R. S., & WURGLER, J. (2007). Behavioral Corporate Finance. In Handbook of Empirical Corporate Finance, (pp. 145-186). Elsevier.
  • BARBER, B. M., & ODEAN, T. (2000). “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors”, The Journal of Finance, 55(2), 773-806.
  • BARBER, B. M., & ODEAN, T. (2001). “Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment”, The Quarterly Journal of Economics, 116(1), 261-292.
  • BARBERIS, N., & THALER, R. (2003). “A Survey of Behavioral Finance” Handbook of the Economics of Finance., 1, 1053-1128.
  • BARBOSA, T. E. M. (2019). “The Impact of a Managerial Overconfident Narrative on Capital Structure Decisions”, Master Thesis, Lisboa: Universidade Catolica Portuguesa.
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  • KAHNEMAN, D., & RIEPE, M. W. (1998). “Aspects of Investor Psychology”, Journal Of Portfolio Management, 24(4), 52.
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  • KUMAR, S., & GOYAL, N. (2015). “Behavioural Biases in Investment Decision Making–A Systematic Literature Review”, Qualitative Research in financial markets.
  • KÜÇÜKDURMAZ, F.S. (2019). “Bireysel Yatırımcıların Davranışsal Hata Ve Yanlılıklarının Portföy Getirileri Üzerine Etkisi”, Yayımlanmamış Yüksek Lisans Tezi, Gaziantep: Hasan Kalyoncu Üniversitesi.
  • LAI, L. (2011). “Behavioral Biases in Corporate Financial Decision Making”, Bachelor Thesis Finance, Tilburg University, International Business.
  • LEI, V. U., SO, S., & ZOU, M. (2012). “Investor Sentiment-Relationship between VIX and Trading Volume, Available at SSRN 2136802.
  • LIMONGI CONCETTO, C., & RAVAZZOLO, F. (2019). “Optimism in Financial Markets: Stock Market Returns And Investor Sentiment”, Journal of Risk and Financial Management, 12(2), 85.
  • MOHAMED, E., & ABDELFATTEH, B. (2012). “Portfolio Selection Between Rational and Behavioral Theories Emergent Markets Case”, Management Science Letters, 2(4), 1219-1232.
  • MUHAMMAD, N. M. N., & ABDULLAH, M. (2009). “Investment Decision-Making Style: Are Malaysian İnvestors Rational Decision Makers”, Interdisciplinary Journal of Contemporary Research in Business, 1(3), 96-108.
  • MUSHINADA, V. N. C., & VELURI, V. S. S. (2018). “Investors Overconfidence Behaviour at Bombay Stock Exchange”, International Journal of Managerial Finance.
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  • OLGAÇ, S., & TEMİZEL, F. (2008). “Yatırımcı Duyarlılığı Hisse Senedi Getirileri İlişkisi: Türkiye Örneği”, TISK Academy/TISK Akademi, 3(6).
  • OLIVIER, J., JOHNSON, W. D., & MARSHALL, G. D. (2008). “The Logarithmic Transformation and the Geometric Mean in Reporting Experimental Ige Results: What are They and When and Why to Use Them?”, Annals of Allergy, Asthma & Immunology, 100(4), 333-337.
  • OPREAN, C., & TANASESCU, C. (2014). “Effects of Behavioural Finance on Emerging Capital Markets”, Procedia Economics and Finance, 15, 1710-1716.
  • OTLUOĞLU, E. (2009). “Davranışsal Finans Çerçevesinde Aşırı Güven Hipotezinin Test Edilmesi”, Yayımlanmamış Yüksek Lisans Tezi, İstanbul: İstanbul Üniversitesi.
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  • PARVEEN, S., SATTI, Z. W., SUBHAN, Q. A., RIAZ, N., BABER, S. F., & BASHIR, T. (2021). “Examining Investors' Sentiments, Behavioral Biases and Investment Decisions During COVID-19 in The Emerging Stock Market: A Case of Pakistan Stock Market”, Journal of Economic and Administrative Sciences.
  • POMPIAN, M. M. (2006). Behavioral Finance and Wealth Management: How to Build Investment Strategies That Account for Investor Biase, (Vol. 667), John Wiley & Sons.
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  • TEKİN, B. (2015). “Firmaların Finansal Kararları Üzerinde Davranışsal Önyargıların Etkisi”, Yayımlanmamış Doktora Tezi, Sakarya: Sakarya Üniversitesi.
  • TEKİN, B. (2019). “Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi”, Sosyoekonomi, 27(42), 145-162.
  • TRIFAN, R. (2020). “Behavioural biases and stock market reaction: evidence from six post-communist countries”, Ekonomicky Casopis, 68(08), 811-826.
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  • UYGUR, U., & TAŞ, O. (2014). “The Impacts Of Investor Sentiment on Different Economic Sectors: Evidence from Istanbul Stock Exchange”, Borsa Istanbul Review, 14(4), 236-241.
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  • ZAIANE, S., & ABAOUB, E. (2009). “Investor Overconfidence and Trading Volume: The Case of an Emergent Market”, International Review of Business Research Papers, 5(2), 213-222.
Toplam 107 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm Makaleler
Yazarlar

Sema Nur Ünlübulduk 0000-0002-8973-8305

Ömer İskenderoğlu 0000-0002-3407-1259

Erdinç Karadeniz 0000-0003-2658-8490

Yayımlanma Tarihi 31 Mayıs 2023
Kabul Tarihi 22 Şubat 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 7 Sayı: 2

Kaynak Göster

APA Ünlübulduk, S. N., İskenderoğlu, Ö., & Karadeniz, E. (2023). Yatırımcı Önyargılarının İşlem Hacmi Üzerine Etkisi: Borsa İstanbul Sektör Endeksleri Üzerinde Bir Araştırma. Alanya Akademik Bakış, 7(2), 671-695. https://doi.org/10.29023/alanyaakademik.1121187