Abstract
In this study, the stock preferences of foreign investors for their portfolios were analyzed for Istanbul Stock Exchange (ISE) during the period 2006-2011. Analysis results show that foreign investors prefer big companies having large market capitalization while domestic investors prefer small companies having small market capitalization. When the domestic and foreign investors are examined in detail on the basis of investor groups, it is found that especially equity funds prefer investing in companies having high shareholders’ equity. When the foreign investors are analyzed whether they prefer the companies included in the ISE City indexes, the regression results were found to be statistically insignificant. Although the regression results were statistically insignificant, the coefficients for the cities; Ankara, Istanbul, Izmir and Tekirdag was observed to be positive. These results give clues about foreign investors’ preferences for the companies located in these cities.
References
- • Choe, H., Kho, B.-C. ve Stulz, R.M. (1999) “Do foreign investors destabilize stock markets? the Korean experience in 1997” Journal of Financial Economics, 54(2): 227-264.
- • Coval, J.D. ve Moskowitz, T. J. (1999) “Home Bias at Home: Local Equity Preference in Domestic Portfolios” Journal of Finance, 54(6): 2045–2073.
- • Dahlquist, Magnus ve Göran Robertsson (2004) “A Note on Foreigners’ Trading and Price Effects Across Firms” Journal of Banking and Finance, 28: 615-632.
- • French, K.R. ve Poterba, J.M. (1991) “Investor Diversification And International Equity Markets” American Economic Review, 81(2): 222-226.
- • Froot, K. A. ve Ramadorai, T. (2001) “The Information Content of International Portfolio Flows” Working Paper 8472, NBER.
- • Froot, K.A., O’Connell, P.G.J. ve Seasholes, M.S. (2001) “The Portfolio Flows of International Investors” Journal of Financial Economics, 59(2): 151-193.
- • Griffin, J. M., Nardari, F. ve Stulz, R. M. (2004) “Daily Cross-Border Flows: Pushed or Pulled?” The Review of Economics and Statistics, 86(3): 641-657.
- • Grinblatt, M. ve Keloharju, M. (2000) “The investment behavior and performance of various investor types: a study of Finland’s unique data set” Journal of Financial Economics, 55(1): 43-67.
- • Hau, H. (2001) “Location Matters: An Examination of Trading Profits”, Journal of Finance, 56(5): 1959-1983.
- • Kandır, Serkan Yılmaz (2008) “Yabancı Yatırımcıların Türkiye’deki Yatırım Tercihlerinin Araştırılması” Muhasebe ve Finansman Dergisi, 38:199-209.
- • Kang, J.-K. ve Stulz, R.M., (1997) “Why is there a home bias? an analysis of foreign portfolio equity ownership in Japan” Journal of Financial Economics, 46(1): 3• Ko, Kwangsoo, Keunsoo Kim ve Sung Hoon Cho (2007) “Characteristics and Performance of Institutional and Foreign Investors in Japanese and Korean Stock Markets” Journal of the Japanese and International Economies, 21(2): 195-213.
- • Seasholes, M.S., (2000) “Smart foreign traders in emerging markets” Working Paper, University of California at Berkeley.
- • Tesar, L.L. ve Werner, L. M. (1995) “Home Bias and High Turnover” Journal of International Money and Finance, 14(4): 467-492.
- • TSPAKB (2012) “Türkiye Sermaye Piyasası 2011”, TSPAKB Yayın No. 62.
İSTANBUL MENKUL KIYMETLER BORSASI'NDA FİNANSAL KRİZ DÖNEMİNDE YABANCI YATIRIMCILARIN HİSSE SENEDİ TERCİHLERİNİN ANALİZİ
Abstract
Bu çalışmada yabancı yatırımcıların İstanbul Menkul Kıymetler Borsası'nda (İMKB) 2006-2011 döneminde, portföy yatırımları için tercih ettikleri hisse senetleri analiz edilmiştir. Analiz sonuçları, yabancı yatırımcıların piyasa değeri büyük olan firmaları, yerli yatırımcıların ise piyasa değeri küçük olan firmaları tercih ettiğini göstermiştir. Yerli ve yabancı yatırımcılar, yatırımcı grupları bazında detaylı olarak incelendiğinde, yatırım fonlarının özellikle özsermayesi yüksek firmaları tercih ettiği görülmüştür. Yabancı yatırımcıların firma tercihlerinin İMKB şehir endeksleri içerisinde yer alan firmalar ile ilişkisini incelemek için kukla değişkenler yardımı ile regresyon denklemi oluşturulmuş, İMKB şehir endeksi hesaplanan şehirler kukla değişken olarak kullanılmıştır. Regresyon analizi sonuçları istatistiksel olarak anlamlı çıkmamış ancak regresyon denklemindeki katsayılar Ankara, İstanbul, İzmir ve Tekirdağ şehirleri için pozitif olarak gözlenmiştir. Analiz sonucu bu şehirlerde yer alan firmaların yabancı yatırımcılar tarafından tercih edildiği şeklinde yorumlanmıştır.
References
- • Choe, H., Kho, B.-C. ve Stulz, R.M. (1999) “Do foreign investors destabilize stock markets? the Korean experience in 1997” Journal of Financial Economics, 54(2): 227-264.
- • Coval, J.D. ve Moskowitz, T. J. (1999) “Home Bias at Home: Local Equity Preference in Domestic Portfolios” Journal of Finance, 54(6): 2045–2073.
- • Dahlquist, Magnus ve Göran Robertsson (2004) “A Note on Foreigners’ Trading and Price Effects Across Firms” Journal of Banking and Finance, 28: 615-632.
- • French, K.R. ve Poterba, J.M. (1991) “Investor Diversification And International Equity Markets” American Economic Review, 81(2): 222-226.
- • Froot, K. A. ve Ramadorai, T. (2001) “The Information Content of International Portfolio Flows” Working Paper 8472, NBER.
- • Froot, K.A., O’Connell, P.G.J. ve Seasholes, M.S. (2001) “The Portfolio Flows of International Investors” Journal of Financial Economics, 59(2): 151-193.
- • Griffin, J. M., Nardari, F. ve Stulz, R. M. (2004) “Daily Cross-Border Flows: Pushed or Pulled?” The Review of Economics and Statistics, 86(3): 641-657.
- • Grinblatt, M. ve Keloharju, M. (2000) “The investment behavior and performance of various investor types: a study of Finland’s unique data set” Journal of Financial Economics, 55(1): 43-67.
- • Hau, H. (2001) “Location Matters: An Examination of Trading Profits”, Journal of Finance, 56(5): 1959-1983.
- • Kandır, Serkan Yılmaz (2008) “Yabancı Yatırımcıların Türkiye’deki Yatırım Tercihlerinin Araştırılması” Muhasebe ve Finansman Dergisi, 38:199-209.
- • Kang, J.-K. ve Stulz, R.M., (1997) “Why is there a home bias? an analysis of foreign portfolio equity ownership in Japan” Journal of Financial Economics, 46(1): 3• Ko, Kwangsoo, Keunsoo Kim ve Sung Hoon Cho (2007) “Characteristics and Performance of Institutional and Foreign Investors in Japanese and Korean Stock Markets” Journal of the Japanese and International Economies, 21(2): 195-213.
- • Seasholes, M.S., (2000) “Smart foreign traders in emerging markets” Working Paper, University of California at Berkeley.
- • Tesar, L.L. ve Werner, L. M. (1995) “Home Bias and High Turnover” Journal of International Money and Finance, 14(4): 467-492.
- • TSPAKB (2012) “Türkiye Sermaye Piyasası 2011”, TSPAKB Yayın No. 62.
Details
| Primary Language | Turkish |
|---|---|
| Journal Section | Articles |
| Authors | |
| Publication Date | December 11, 2013 |
| Published in Issue | Year 2013 Issue: 48 |
