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

Year 2023, Volume: 7 Issue: 2, 671 - 695, 31.05.2023

Sema Nur Ünlübulduk , Ömer İskenderoğlu , Erdinç Karadeniz

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

Abstract

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.

Keywords

Davranışsal Finans, Yatırımcı Önyargıları, İşlem Hacmi, Sektör Endeksleri, Borsa İstanbul

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

Abstract

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.

Keywords

Behavioral Finance, Investor Biases, Trading Volume, Sector Indices, Borsa İstanbul

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