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DAVRANIŞSAL FINANS MODELLERİ, ETKİN PİYASA HİPOTEZİ VE ANOMALİLERİNE İLİŞKİN BİR DEĞERLENDİRME

BEHAVIORAL FINANCE MODELS, EFFICIENT MARKET HYPOTHESIS AND AN ASSESSMENT OF ITS ANOMALIES

Journal Name:

  • Trakya Üniversitesi Sosyal Bilimler Dergisi

Publication Year:

  • 2013

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Keywords (Original Language):

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Abstract (2. Language): 
In this article, we tried to make some considerations about the research done on efficient market hypothesis and behavioral finance, and anomalies of different trading strategies.In the first part of our study we mentioned about relationship between Psychology and Behavioral Finance. Then, we explained how securities prices reflect all the information without giving a profit opportunity to investor. Furthermore we tried to answer the question of how the information takes place in different market forms. In addition to that, we studied on important concepts of behavioral finance models such as; the Expectations Theory, Expected Utility Theory, Rationality, Over-Confidence, Over and Under-reaction, Loss Aversion, Framing Effect, Disjunction Effect, such as Limits of Arbitrage Theory. We touched to different trading strategies and tried to figure out these strategies with contribution of behavioral finance.we concluded that Momentum Strategy and Contrarian Strategies are more preferred by investors and academics.
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Abstract (Original Language): 
Bu yazında davranışsal finans ve anomalileri ile etkin piyasa hipotezi ve farklı alım-satım stratejileri üzerine yapılmış araştırmalarla ilgili bazı değerlendirmeler yapmaya çalıştık.Çalışmamızın ilk kısımında, Psikoloji ve Davranışsal Finans ilişkisinden bahsettik. Daha sonra menkul kıymet fiyatlarının yatırımcılara kar etme fırsatı vermeden tüm bilgiyi nasıl yansıttığını açıkladık. Ayrıca bilginin farklı piyasa formlarında ne şekilde yer aldığı sorusuna cevap aradık. Buna ek olarak; Beklenti Teorisi, Beklenen Fayda Teorisi, Rasyonalite, Aşırı güven, Aşırı Reaksiyon, Düşük Reaksiyon, Kayıptan Kaçınma, Çerçeveleme Etkisi, Ayrılma Etkisi, Sınırlı Arbitraj gibi davranışsal finansta önemli kavramlar üzerinde çalıştık.Farklı alım-satım stratejilerine değindik ve davranışsal finans yardımıyla bu stratejileri açıklamaya çalıştık. Momentum stratejisinin ve Zıtlık Stratejinin yatırımcılar ve akademisyenler tarafından daha çok tercih edildiği sonucuna vardık.
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