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

Sema Nur Ünlübulduk; Ömer İskenderoğlu; Erdinç Karadeniz

Makale detayları

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

Yazarlar:

Sema Nur Ünlübulduk | Ömer İskenderoğlu | Erdinç Karadeniz

Yayıncı:

Alanya Alaaddin Keykubat Üniversitesi

Ana Başlıklar:

Finans

Dergi:

Alanya Akademik Bakış Vol.7 Issue 2, pp.671-695

Belge Tipi:

Makale

Yayın Tarihi:

5/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001290640

pISSN:

2651-4192

Anahtar kelimeler:

Özet:

 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.

 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.

 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.

 Davranışsal finansın çalışma alanlarından biri yatırımcıların finansal yatırım tercihlerinin nedenini ve bu tercihlerin piyasa üzerindeki etkisini incelemektir. Bu araştırmanın amacı Borsa İstanbulda 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.

Makale detayları

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

Yazarlar:

Sema Nur Ünlübulduk | Ömer İskenderoğlu | Erdinç Karadeniz

Yayıncı:

Alanya Alaaddin Keykubat Üniversitesi

Ana Başlıklar:

Finans

Dergi:

Alanya Akademik Bakış Vol.7 Issue 2, pp.671-695

Belge Tipi:

Makale

Yayın Tarihi:

5/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001290640

pISSN:

2651-4192

Behavioral Finance

Investor Biases

Trading Volume

Sector Indices

Borsa İstanbulDavranışsal Finans

Yatırımcı Önyargıları

İşlem Hacmi

Sektör Endeksleri

Borsa İstanbul

Sayı

Makale detayları

Yazarlar: Sema Nur Ünlübulduk | Ömer İskenderoğlu | Erdinç Karadeniz

Yayıncı: Alanya Alaaddin Keykubat Üniversitesi

Ana Başlıklar: Finans

Dergi: Alanya Akademik Bakış Vol.7 Issue 2, pp.671-695

Belge Tipi: Makale

Yayın Tarihi: 5/2023

Belge Dili: Türkçe

Document ID (Org No.): 2001290640

pISSN: 2651-4192

Sayı

Yazarlar:

Sema Nur Ünlübulduk | Ömer İskenderoğlu | Erdinç Karadeniz

Yayıncı:

Alanya Alaaddin Keykubat Üniversitesi

Ana Başlıklar:

Finans

Dergi:

Alanya Akademik Bakış Vol.7 Issue 2, pp.671-695

Belge Tipi:

Makale

Yayın Tarihi:

5/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001290640

pISSN:

2651-4192