Türkiye'de yatırımcıların bölgesel yakınlık, sürü davranışı ve aşırı güven eğilimlerine yönelik bir inceleme

---

Thesis Type: Doctorate

Institution Of The Thesis: İstanbul Ticaret University, Finans Enstitüsü, FİNANS ANABİLİM DALI, Turkey

Approval Date: 2020

Thesis Language: Turkish

Student: SETENAY YAĞANOĞLU

Supervisor: ÇANKAYA SERKAN

Open Archive Collection: AVESIS Open Access Collection

Abstract:

In this thesis, three behavioural biases of stock investors in Turkey are analysed; distance effect(between the years of 2010-2015), herd-behaviour and over-confidence (between the years of 2010-2016) using the transaction data from Borsa Istanbul Stock Exchange and investor based portfolio data from the central securities depository of Turkey, Merkezi Kayit Kurulusu. 11 cities are taken into scope for the herd-behaviour analysis and according to the analysis results, distance effect stands out more in the cities which have less company-centres and in the cities which have less homogenous population. As for the herd-behaviour analysis, a causality relationship between local individual investors and foreign institutional investors is found for the stocks that are positioned as pioneers in their own sectors. Over-confidence bias in this thesis is discussed on the basis of number of transactions. Thesis findings state that number of transactions have a positive but a low effect on the return vales gained by the investors. The findings of the thesis are uniquely important and contribute to the behavioural finance literature in respects of its data scope and size in addition with the length of the term analysed. This study is among the very few examples of investor based works that consists of examples from Turkey. Key words: behavioural finance, distance effect, herd-behaviour, over-confidence, Turkey