Buradasınız

Anasayfa » Content

KÜRESEL FİNANSAL KRİZİN DAVRANIŞSAL FİNANS PERSPEKTİFİNDEN DEĞERLENDİRİLMESİ

Journal Name:

  • İstanbul Üniversitesi İktisat Fakültesi Mecmuası

Publication Year:

  • 2012

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
Financial liberalization and deregulation of financial markets since the 1980s have increased the volatility of financial markets in global scale. Financial crises together with the financial liberalization and deregulation of the markets have begun to occur more often in the integrated markets, spread very faster and their effects have become more serious on the economies compared to past. Inadequacy of the evaluation of traditional finance for market conjonctures causes increases in fragility, uncertainty and unpredictability of the financial markets. This study discusses global financial crisis by taking into consideration the propositions of behaviorial finance paradigm which is a response to difficultues faced by the traditional paradigm to answer conjonctures.
Bookmark/Search this post with
Abstract (Original Language): 
1980’li yıllardan itibaren başlayan finansal serbestleşme ve finansal piyasaların deregülasyonu, küresel ölçekte finansal piyasalarda volatiliteyi arttırmıştır. Finansal serbestleşme ve deregülasyon ile birlikte finansal krizler, bütünleşen piyasalarda daha sık yaşanmaya ve çok daha hızlı yayılmaya başlamış ve krizlerin etkileri geçmişe göre ekonomilere daha fazla zarar verir konuma gelmiştir. Geleneksel finansın söz konusu piyasa konjonktürlerinin değerlendirilmesinde yetersiz kalması, finansal piyasaların kırılganlığının, belirsizliğinin ve öngörülmezliğinin artmasına yol açmaktadır. Bu çalışmada küresel finansal kriz, geleneksel paradigmanın karşı karşıya kaldığı güçlüklere cevap olarak ortaya çıkan davranışsal finans paradigmasının başlıca önermeleri kullanılarak değerlendirilecektir.
FULL TEXT (PDF): 
PDF icon 14.pdf
  • 2
177-195
  • Turkish

REFERENCES

References: 

Almanidis, Pavlos (2010), “Banking Crises, Early Warning Models,
and Efficiency”, (Çevrimiçi), http://www.ruf.rice.edu/~pa1/Banking%20
Crises,%20Early%20Warning% 20Models,%20and%20Efficiency.pdf,
11.04.2011.
Baker, H. Kent & John R. Nofsinger (2010), “Behavioral Finance: An
Overview”, Behavioral Finance: Investors, Corporations and Markets,
Ed.by H. Kent Baker ve John R. Nofsinger, New Jersey, John Wiley &
Sons, pp.3–20.
Baltussen, Guido (2009), “Behavioral Finance: An Introduction”,
(Çevrimiçi) http://papers. ssrn.com/sol3/papers.cfm? abstract_id=1488110,
27.03.2011, pp.1–43.
Barberis, Nicholas (2011), “Psychology and the Financial Crisis of
2007–2008”, National Bureau of Economic Research (NBER), Working
Papers Series, pp.1–16.
Barberis, Nicholas & Andrei Shleifer & Robert W. Vishny (1998), “A
Model of Investor Sentiment”, Journal of Financial Economics, Vol.
XLIX, No.3, pp.307-343.
Barberis, Nicholas & Ming Huang (2008), “Stocks as Lotteries: The
Implications of Probability Weighting for Security Prices”, American
Economic Review, Vol.XCVIII, No.5, pp.2066-2100.
193
Yılmaz BAYAR, Cüneyt KILIÇ
Barberis, Nicholas & Ming Huang & Tano Santos (2001), “Prospect
Theory and Asset Prices”, Quarterly Journal of Economics, Vol.CXVI,
No.1, pp.1-53.
Barberis, Nicholas & Richard Thaler (2003), “A Survey of Behavioral
Finance”, Handbook of the Economics of Finance Volume 1B: Financial
Markets and Asset Pricing, Ed. George Constantinides, Milton Harris ve
René Stulz, Amsterdam, North Holland, pp.1053–1128.
Cecchetti, Stephen G. & Marion Kohler & Christian Upper (2009),
“Financial Crises and Economic Activity” NBER Working Paper, No.
w15379, MA 02138, Cambridge, pp.1–36.
Crotty, James (2009), “Structural Causes of the Global Financial Crisis:
A Critical Assessment of the ‘New Financial Architecture’”, Cambridge
Journal of Economics, Vol.XXXIII, No.4, pp.563-580.
Daniel, Kent & David Hirshleifer & Avanidhar Subrahmanyam (1998),
“Investor Psychology and Security Market Under- and Overreactions”,
Journal of Finance, Vol.LIII, No.6, pp.1839-1885.
Greenwood, Robin (2010) Samuel Gregory Hanson (2010), “Issuer
Quality and Corporate Bond Returns”, Working Paper, Harvard University,
pp1–65.
Grosse, Robert (2010), “The Global Financial Crisis - A Behavioral
View”, (Çevrimiçi) SSRN-id1537744.pdf, 05.07.2011, pp.1–27.
Harrison, J. Michael & David M. Kreps (1978), “Speculative Investor
Behavior in a Stock Market with Heterogeneous Expectations”, Quarterly
Journal of Economics, Vol.XCII, No.2, pp.323-336.
Hong, Harrison & Jeremy C. Stein (2007), “Disagreement and the Stock
Market”, Journal of Economic Perspectives, Vol.XXI, No.2, pp.109-128.
Kahneman, Daniel & Amos Tversky (1974), “Judgment Under Uncertainty:
Heuristics and Biases”, Science, Vol.CLXXXV, No.4157, pp.1124-1131.
Kahneman, Daniel & Amos Tversky (1979), “Prospect Theory: An
Analysis of Decision under Risk”, Econometrica, Vol.XLVII, No.2, pp.263-
194
Küresel Finansal Krizin Davranışsal Finans Perspektifinden Değerlendirilmesi
292.
Kishore, Rohit (2006), “Theory of Behavioural Finance and its Application
to Property Market: A Change in Paradigm”, Twelfth Annual Pacific Rim
Real Estate Society Conference, Auckland, New Zealand, pp.1–17.
Lakonishok, Josef & Andrei Shleifer & Robert W. Vishny (1994),
“Contrarian Investment, Extrapolation, and Risk”, Journal of Finance,
Vol.XLIX, No.5, pp.1541-1578.
Miller, Edward M. (1977), “Risk, Uncertainty, and Divergence of
Opinion”, Journal of Finance, Vol.XXXII, No.4, pp.1151-1168.
Mishkin, Frederic S. (2009), “Is Monetary Policy Effective During
Financial Crises?”, NBER Working Paper, No. 14678, pp.1–15.
Mishkin, Frederic S. (2010), “Over the Cliff: From the Subprime to the
Global Financial Crisis”, NBER Working Paper, Paper No:16609, pp.1–32.
Nofsinger, John R. (2010), The Psychology of Investing, The Prentice
Hall Series in Finance 4.bs., Prentice-Hall.
Radu, Turcan & Turcan Ciprian Sebastian & Dedu Vasile (2011), “A
Behavioral Approach to the Global Financial Crisis”, (Çevrimiçi) distance.
iduoradea.ro/conf/papers/B1OXMZA KFD42.doc, 10.07.2011.
Reinhart, Carmen M. & Kenneth S. Rogoff (2009), This Time is Different:
Eight Centuries of Financial Folly, Princeton, Princeton University Pres.
Rizzi, Joseph V. (2008), Behavioral Basis of the Financial Crisis”, Journal
of Applied Finance, Vol. XVIII, No.2, pp.84–96.
Scheinkman, Jose A. & Wei Xiong (2003), “Overconfidence and
Speculative Bubbles”, Journal of Political Economy, Vol.CXI, No.6,
pp.1183-1219.
Shefrin, Hersh (2002), Beyond Greed and Fear: Understanding
Behavioral Finance and the Psychology of Investing, Oxford University
Press, New York.
Shleifer, Andrei (2000), Inefficient Markets: An Introduction to
195
Yılmaz BAYAR, Cüneyt KILIÇ
Behavioral Finance, Oxford University Press, New York.
Slovic, Paul (1969), “Analyzing the Expert Judge: A Study of a
Stockbroker’s Decision Process”, Journal of Applied Psychology, Vol.
LIII, pp.255-363.
Slovic, Paul (1972), “Psychological Study of Human Judgment:
Implications for Investment Decision Making”, The Journal of Finance,
Vol.XXVII, No.4, pp.779-799.
Statman, Meir (1995), “Behavioral Finance Versus Standard Finance”,
Behavioral Finance and Decision Theory in Investment Management,
Ed. by Arnold S. Wood, The Association for Investment Management and
Research, Virginia, pp.14–22.
Statman, Meir (1999), “Behavioral Finance: Past Battles and Future
Engagements”, Financial Analysts Journal, Vol.LV, No.6, pp.18-27.
Szyszka, Adam (2010), “Behavioral Anatomy of the Financial Crisis”,
Journal of Centrum Cathedra, Vol.III, No.2, pp.121-135.
Thaler, Richard H. & Eric J. Johnson (1990), “Gambling with the House
Money and Trying to Break Even: The Effects of Prior Outcomes on Risky
Choice”, Management Science, Vol.XXXVI, No.6, pp.643-660.
Wargo, Donald T. & Norman Baglini & Kate Nelson (2009), “The
Global Financial Crisis—Caused by Greed, Moral Meltdown and Public
Policy Disasters”, Forum on Public Policy, Oxford Roundtable, Oxford,
Vol. No. 1, pp.1–24.
Zhou, Yueshen (2010), “Credit Crisis: An Empirical Analysis from
Synthetic Collateralized Debt Obligations”, (Çevrimiçi) http://www.tinbergen.
nl/~yzhou/Files/CDO.pdf, 19.06. 2011.

Thank you for copying data from http://www.arastirmax.com