Davranışsal Finans
Özet
Davranışsal finans insanların karar verme davranışlarını geleneksel finansın tam rasyonalite varsayımının aksine sınırlı rasyonalite ile açıklamaya çalışan bir yaklaşımdır. Davranışsal finansa göre piyasa katılımcılarının tutumları, algıları, önyargıları ve bilginin sunuluş şekli gibi birçok faktör karar alma mekanizmasını ve piyasayı sistematik olarak etkilemektedir. Bu durum, bireylerin rasyonel olduğu ve faydasını maksimize etmeye çalıştığı varsayımdan uzaklaşarak irrasyonel davranışların ve tahminlerde öngörülebilir hataların daha fazla önem kazandığı bir bilimsel çerçeveyi ifade etmektedir. Bu kitap bölümü temel olarak davranışsal finansın geleneksel finans teorilerinden ayrıştığı konuları, yatırımcıların karar alırken maruz kaldıkları önyargıları, fiyat anomalilerini, fiyat balonlarını ve aşırı volatiliteyi konu almaktadır.
Referanslar
Ackert, L. F., & Deaves, R. (2011). Understanding Behavioral Finance . Delhi: Cengage Learning India Private Limited.
Altman, M. (2010). Prospect Theory and Behavioral Finance. Behavioral Finance: Investors, Corporations and Markets (s. 191-211). içinde New Jersey: John Wiley & Sons, Inc.
Baker, H. K., & Nofsinger, J. R. (2010). Behavioral Finance: An Overview. H. K. Baker, & J. R. Nofsinger (Dü) içinde, Behavioral Finance : Investors, Corporations and Markets (s. 3-23). New Jersey: John Wiley&Sons, Inc.
Barber, B. M., & Odean, T. (2005). Individual Investors. R. H. Thaler içinde, Advences in Behavioral Finance (s. 543-570). New York: Princeton Univestiy Press.
Barberis, N., & Thaler, R. H. (2005). A Survey of Behavioral Finance. R. H. Thaler içinde, Advances in Behavioral Finance (s. 1-78). New York : Princeton University Press.
Ben-David, I. (2010). Dividend Policy Decisions. Behavioral Finance: Investors, Corporations and Markets (s. 435-453). içinde New Jersey : John Wiley & Sons, Inc.
Camerer, C. (1989). Bubbles and Fads in Assets Prices. Journal of Economics Surveys, 3-41.
Daniel, K., Hirshleifer, D., & Subrahmanyam, A. (2005). Investor Psychology and Security Market Under- and Overreaction. R. H. Thaler (Dü.) içinde, Advances in Behavioral Finance (s. 460-502). New Jersey : Princeton University Press.
Daxhammer, R. J., Fascar, M., & Papp, Z. (2023). Behavioral Finance: Limited Rationality in Financial Markets (3. b.). München : UVK Verlag.
Diba, B. T., & Grossman, H. I. (1988). Explosive Rational Bubbles in Stock Prices? The American Economic Review, 520-530.
Dowling, M., & Lucey, B. (2010). Other Behavioral Biases. Behavioral Finance: Investors , Corporations and Markets (s. 313-331). içinde New Jersey : John Wiley & Sons, Inc.
Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 2(25), 383-417.
Flood, R. P., & Hodrick, R. J. (1990). On Testing for Speculative Bubbles. Journal of Economic Perspectives, 85-101.
Froot, K. A., & Obstfeld, M. (1991). Intrinsic Bubles: The Case of Stock Prices. The American Economic Review, 1189-1214.
Gervais, S., & Odean, T. (2001). Learning to Be Overconfident. The Review of Financial Studies, 1-27.
Jarrow, R. A. (2015). Asset Price Bubbles. The Annual Review of Financial Economics, 201-2018.
Kahneman, D., & Riepe, M. W. (1998). Aspects of Investor Psychology. The Journal of Portfolio Management, 52-65.
Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision Under Risk. Economtrica, 47(2), 263-292.
Kothari, S. P., & Shanken, J. (2002). Anomalies and Efficient Portfolio Formation . virginia : The Research Foundation of AIMR.
Mongin, P. (1998). Expected Utility Theory. J. B. Davis, D. W. Hands, & U. Mäki (Dü) içinde, Handbook of Economic Methodology (s. 343-350). Edward Elgar Publishing.
Montier, J. (2002). Behavioral Finance: Insights into Irrational Minds and Markets. England: John Wiley & Sons, Ltd. .
Montier, J. (2007). Behavioral Investing. England: John Wiley & Sons, Ltd. .
Nofsinger, J. (2005). The Psychology of Investing. New Jersey : Pearson Education, Inc. .
Olsen, R. A. (1998). Behavioral Finance and Its Implications for Stock-Price Volatility. Financial Analysts Journal, 10-18.
Pompian, M. M. (2006). Behavioral Finance and Wealth Management. New Jersey: John Wiley & Sons, Inc.
Pompian, M. M. (2012). Behavioral Finance and Investor Types: Managing Behavior to Make Better Investment Decisions. New Jersey: John Wiley&Sons, Inc.
Pzena, R. S. (1995). Behavioral Biases and Investment Research. A. S. Wood (Dü.) içinde, Behavioral Finance and Decision Theory in Investment Management: An Overview (s. 37-40). Virginia : AIMR (CFA Institute).
Rau, R. (2010). Market Inefficiency . H. K. Baker, & J. R. Nofsinger (Dü) içinde, Behavioral Finance: Investors, Corporations and Markets (s. 333-351). New Jersay: John Wiley & Sons, Inc.
Samuelson, W., & Zeckhauser, R. (1988). Status Quo Bias in Decision Making. Journal of Risk and Uncertainty, 7-59.
Schwartz, H. (2010). Heuristics or Rules of Thumb. H. K. Baker, & J. R. Nofsinger (Dü) içinde, Behavioral Finance: Investors, Corporations and Markets (s. 57-73). New Jersey: John Wiley & Sons, Inc. .
Schwert, G. W. (2003). Anomalies and Market Efficiency. G. M. Constantinides, M. Harris, & R. M. Stulz (Dü) içinde, Handbook of the Economics of Finance (s. 939-970). Amsterdam: Elsevier.
Singal, V. (2003). Beyond the Random Walk: A Guide to Stock Market Anomalies and Low-Risk Investing. New York : Oxford University Press, Inc.
Statman, M., Thorley, S., & Vorkink, K. (2006). Investor Overconfidence and Trading Volume. The Review of Financial Studies, 1531-1565.
Thaler, H. R. (1999). Mental Accounting Matters. Journal of Behavioral Decision Making(12), 188-206.
Tversky, A., & Kahneman, D. (1974). Judgement Under Uncertainty: Heuristics and Biases. Science, New Series, 185(4157), 1124-1131.
Tversky, A., & Kahneman, D. (1981). The Framing of Decision and the Psychology of Choice. Science, 453-458.
Yazdipour, R., & Howard, J. A. (2010). Behavioral Finance: Application and Pedagogy in Business Education and Training. H. K. Baker, & J. R. Nofsinger (Dü) içinde, Behavioral Finance: Investors, Corporations and Markets (s. 39-57). New Jersey: John Wiley & Sons, Inc.
Referanslar
Ackert, L. F., & Deaves, R. (2011). Understanding Behavioral Finance . Delhi: Cengage Learning India Private Limited.
Altman, M. (2010). Prospect Theory and Behavioral Finance. Behavioral Finance: Investors, Corporations and Markets (s. 191-211). içinde New Jersey: John Wiley & Sons, Inc.
Baker, H. K., & Nofsinger, J. R. (2010). Behavioral Finance: An Overview. H. K. Baker, & J. R. Nofsinger (Dü) içinde, Behavioral Finance : Investors, Corporations and Markets (s. 3-23). New Jersey: John Wiley&Sons, Inc.
Barber, B. M., & Odean, T. (2005). Individual Investors. R. H. Thaler içinde, Advences in Behavioral Finance (s. 543-570). New York: Princeton Univestiy Press.
Barberis, N., & Thaler, R. H. (2005). A Survey of Behavioral Finance. R. H. Thaler içinde, Advances in Behavioral Finance (s. 1-78). New York : Princeton University Press.
Ben-David, I. (2010). Dividend Policy Decisions. Behavioral Finance: Investors, Corporations and Markets (s. 435-453). içinde New Jersey : John Wiley & Sons, Inc.
Camerer, C. (1989). Bubbles and Fads in Assets Prices. Journal of Economics Surveys, 3-41.
Daniel, K., Hirshleifer, D., & Subrahmanyam, A. (2005). Investor Psychology and Security Market Under- and Overreaction. R. H. Thaler (Dü.) içinde, Advances in Behavioral Finance (s. 460-502). New Jersey : Princeton University Press.
Daxhammer, R. J., Fascar, M., & Papp, Z. (2023). Behavioral Finance: Limited Rationality in Financial Markets (3. b.). München : UVK Verlag.
Diba, B. T., & Grossman, H. I. (1988). Explosive Rational Bubbles in Stock Prices? The American Economic Review, 520-530.
Dowling, M., & Lucey, B. (2010). Other Behavioral Biases. Behavioral Finance: Investors , Corporations and Markets (s. 313-331). içinde New Jersey : John Wiley & Sons, Inc.
Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 2(25), 383-417.
Flood, R. P., & Hodrick, R. J. (1990). On Testing for Speculative Bubbles. Journal of Economic Perspectives, 85-101.
Froot, K. A., & Obstfeld, M. (1991). Intrinsic Bubles: The Case of Stock Prices. The American Economic Review, 1189-1214.
Gervais, S., & Odean, T. (2001). Learning to Be Overconfident. The Review of Financial Studies, 1-27.
Jarrow, R. A. (2015). Asset Price Bubbles. The Annual Review of Financial Economics, 201-2018.
Kahneman, D., & Riepe, M. W. (1998). Aspects of Investor Psychology. The Journal of Portfolio Management, 52-65.
Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision Under Risk. Economtrica, 47(2), 263-292.
Kothari, S. P., & Shanken, J. (2002). Anomalies and Efficient Portfolio Formation . virginia : The Research Foundation of AIMR.
Mongin, P. (1998). Expected Utility Theory. J. B. Davis, D. W. Hands, & U. Mäki (Dü) içinde, Handbook of Economic Methodology (s. 343-350). Edward Elgar Publishing.
Montier, J. (2002). Behavioral Finance: Insights into Irrational Minds and Markets. England: John Wiley & Sons, Ltd. .
Montier, J. (2007). Behavioral Investing. England: John Wiley & Sons, Ltd. .
Nofsinger, J. (2005). The Psychology of Investing. New Jersey : Pearson Education, Inc. .
Olsen, R. A. (1998). Behavioral Finance and Its Implications for Stock-Price Volatility. Financial Analysts Journal, 10-18.
Pompian, M. M. (2006). Behavioral Finance and Wealth Management. New Jersey: John Wiley & Sons, Inc.
Pompian, M. M. (2012). Behavioral Finance and Investor Types: Managing Behavior to Make Better Investment Decisions. New Jersey: John Wiley&Sons, Inc.
Pzena, R. S. (1995). Behavioral Biases and Investment Research. A. S. Wood (Dü.) içinde, Behavioral Finance and Decision Theory in Investment Management: An Overview (s. 37-40). Virginia : AIMR (CFA Institute).
Rau, R. (2010). Market Inefficiency . H. K. Baker, & J. R. Nofsinger (Dü) içinde, Behavioral Finance: Investors, Corporations and Markets (s. 333-351). New Jersay: John Wiley & Sons, Inc.
Samuelson, W., & Zeckhauser, R. (1988). Status Quo Bias in Decision Making. Journal of Risk and Uncertainty, 7-59.
Schwartz, H. (2010). Heuristics or Rules of Thumb. H. K. Baker, & J. R. Nofsinger (Dü) içinde, Behavioral Finance: Investors, Corporations and Markets (s. 57-73). New Jersey: John Wiley & Sons, Inc. .
Schwert, G. W. (2003). Anomalies and Market Efficiency. G. M. Constantinides, M. Harris, & R. M. Stulz (Dü) içinde, Handbook of the Economics of Finance (s. 939-970). Amsterdam: Elsevier.
Singal, V. (2003). Beyond the Random Walk: A Guide to Stock Market Anomalies and Low-Risk Investing. New York : Oxford University Press, Inc.
Statman, M., Thorley, S., & Vorkink, K. (2006). Investor Overconfidence and Trading Volume. The Review of Financial Studies, 1531-1565.
Thaler, H. R. (1999). Mental Accounting Matters. Journal of Behavioral Decision Making(12), 188-206.
Tversky, A., & Kahneman, D. (1974). Judgement Under Uncertainty: Heuristics and Biases. Science, New Series, 185(4157), 1124-1131.
Tversky, A., & Kahneman, D. (1981). The Framing of Decision and the Psychology of Choice. Science, 453-458.
Yazdipour, R., & Howard, J. A. (2010). Behavioral Finance: Application and Pedagogy in Business Education and Training. H. K. Baker, & J. R. Nofsinger (Dü) içinde, Behavioral Finance: Investors, Corporations and Markets (s. 39-57). New Jersey: John Wiley & Sons, Inc.
