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Geleneksel ve Davranışsal Finans: Tarihsel ve Kavramsal Çerçeve

Year 2019, Volume: 2 Issue: 1, 37 - 45, 01.06.2019

Abstract

Davranışsal
finans, kendine ait metodolojisi ve teorisi olan, tarihsel köklerinin 1950’lere
uzandığı bilinen ve insan psikolojisinin finansal karar alma sürecine etkisi
üzerine araştırmalar yapan bir alandır. Davranışsal finans, karar verici
pozisyonundaki kişilerin yalnızca belli bir noktaya kadar rasyonel olabileceği
görüşü ile teorilerini geliştirmiş ve bireylerin sadece kar güdüsü ile hareket
etmeyip başka güdüler ile de karar alabilecekleri noktasında geleneksel finans
teorilerinden ayrılmıştır. Bu çalışma ile davranışsal ve bilişsel psikoloji ile
finans bilimlerini bir araya getiren davranışsal finansın, hangi alanlarda
rasyonelliği savunan klasik finans teorilerinden farklılaştığını finansal
aktörleri etkileyen faktörler ekseninde açıklanmaya çalışılacaktır.

References

  • Abaan, E. D., Teorisi, F., & Seçimler, R. (2002). TCMB Tartışma Tebliği No: 2002/3.
  • Allais, M. (1953). Généralisation des théories de l'équilibre économique général et du rendement social au cas du risque. Econometrie, Colloques Internationaux du Centre National de la Recherche Scientifique, 11, 81-120.
  • Angner, E., & Loewenstein, G. (2006). Behavioral economics. Handbook of the philosophy of science: Philosophy of economic, 641-690.
  • Baigent, G. G., & Acar, W. (2000). The new economy creed: A case of thought contagion. The Journal of Psychology and Financial Markets, 1(3-4), 193-199.
  • Baker, M. & Wurgler, J. (2007). Investor Sentiment in the Stock Market. Journal of Economic Perspectives. 21(2): 129–151
  • Baker, M., & Wurgler, J. (2006). Investor Sentiment and the Cross-Section of Stock Returns. The Journal Of Fınance, 61(4): 1645-1680.Black, F. (1986). Noise. Journal of Finance. 41(3): 529-543
  • Bloomfield, R. (2010). Traditional versus behavioral finance. Behavioral Finance—Investors, Corporations, and Markets, 23-38.
  • Camerer, C.F., & Loewenstein, G. (2002). Behavioral Economics: Past, Present,Future; Advances in Behavioral Economics. Carnegie-Mellon University Working Paper.
  • De Long, J. B., Shleifer, A., Summers, L., & Waldmann, R. (1990). Noise Trader Risk in Financial Markets. Journal of Political Economy. 98:703-738.
  • DeBondt, W. F., & Thaler, R. (1985). Does The Stock Market Overreact?. The Journal of finance. 40(3): 793-805.
  • Ellsberg, D. (1961). Risk, ambiguity, and the Savage axioms. The quarterly journal of economics, 643-669.
  • Fama, E.. (1970). Efficient Capital Markets: A Review Of Theory and Empirical Work. Journal of Finance. 25(2): 383-417.
  • Jain, V. (2012). An Insight into Behavioral Finance Models, Efficient Market Hypothesis and Its Anomalies. Journal Of Arts, Science And Commerce. 3(3): 16-25
  • Kahneman, D.& Tversky A.(1979). Prospect theory: an analysis of decision under risk, 263-292.
  • Lewin, S. (1996). Economics and Psychology: Lessons for Our Own Day from the Early Twentieth Century. Journal of Economic Literature. 34(3): 1293-1323.
  • Lintner, J. (1965). The Valuation of Risk Assets and The Selection of Risky Investments in Stock Portfolios and Capital Budgets. The review of economics and statistics, 13-37.
  • Markowitz, H. (1952). Portfolio Selection. The Journal of Finance. 7(1): 77-91
  • Merton, R.C. (1985). “On the Current State of the Stock Market Rationality Hypothesis”, Italian-Amreican Conference Working Paper. No:1717-85, 1-49
  • Mongin, P. (1997). Expected Utility Theory, Handbook of Economic Methodology. 342-350 https://studies2.hec.fr/jahia/webdav/site/hec/shared/sites/mongin/acces_anonyme/page%20internet/O12.MonginExpectedHbk97.pdf
  • Mossin, J. (1966). Equilibrium in a Capital Asset Market. Econometrica: Journal Of The Econometric Society, 768-783.
  • Olgaç, S. ve Temizel F. (2008). Yatırımcı Duyarlılığı Hisse Senedi Getirileri İlişkisi: Türkiye
  • Qawi, R. B. (2010). Behavioral finance: Is investor psyche driving market performance. IUP Journal of Behavioral Finance, 7(4), 7-19.
  • Ritter, J.R. (2002). Behavioral Finance. Pasific Finance Journal. 2(12): 2-12
  • Sharpe, W. F. (1964). Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk. The journal of finance, 19(3): 425-442.
  • Shefrin, H. (2002). Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing. Oxford University Press, Oxford.
  • Shefrin, H., & Statman, M. (1985). The disposition to sell winners too early and ride losers too long: Theory and evidence. The Journal of finance, 40(3), 777-790.
  • Shiller, R. J. (1984). Stock Prices and Social Dynamics, Connecticut: Cowless Foundation Discussion Paper No.719
  • Shiller, R. J. (1989). Comovements in Stock Prices and Comovements in Dividends. Journal of Finance. American Finance Association. 44(3): 719-29.
  • Shiller, R.J.(1981)" Do Stock Prices Move too Much to be Justified by Subsequent Changes in Dividends?“. American Economic Review, 71:3, 421-736.
  • Shleifer, A. (2003). Inefficient Markets: An Introduction to Behavioral Finance. New York: Oxford University Press.
  • Shleifer, A., & Summers, L. H. (1990). The noise trader approach to finance. Journal of Economic perspectives, 4(2), 19-33.
  • Singh, R. (2010). BEHAVIOURAL FINANCE STUDIES: EMERGENCE AND DEVELOPMENTS. Journal of Contemporary Management Research, 4(2).
  • Subrahmanyam, A. (2007). Behavioral Finance: A Review and Synthesis. Europian Financial Management. 14(1): 12-29.
  • Zweig, J. (2004, April). Lessons and Ideas from Benjamin Graham. In AIMR Conference Proceedings (Vol. 2004, No. 3, pp. 9-17). Association for Investment Management and Research.

Traditional vs. Behavioral Finance: A Historical and Conceptual Framework

Year 2019, Volume: 2 Issue: 1, 37 - 45, 01.06.2019

Abstract

Behavioral finance is a fully developed
discipline that has its own theoıy base as well as methods and methodology. Its
area of research is human psychology on financial decision-making, and it is
known that its roots go back as far as the 1950s. Behavioral finance developed
theories with the view that people in decision-making positions could only be
rational up to a certain point and separated from traditional finance theories
in that individuals could not only act with a profit motive but could also make
decisions with other motives. This study is an attempt to examine the factors
affecting the financial actors in terms of where behavioral finance, which
combines behavioral and cognitive psychology and financial sciences, differs
from classical finance theories defending rationality.

References

  • Abaan, E. D., Teorisi, F., & Seçimler, R. (2002). TCMB Tartışma Tebliği No: 2002/3.
  • Allais, M. (1953). Généralisation des théories de l'équilibre économique général et du rendement social au cas du risque. Econometrie, Colloques Internationaux du Centre National de la Recherche Scientifique, 11, 81-120.
  • Angner, E., & Loewenstein, G. (2006). Behavioral economics. Handbook of the philosophy of science: Philosophy of economic, 641-690.
  • Baigent, G. G., & Acar, W. (2000). The new economy creed: A case of thought contagion. The Journal of Psychology and Financial Markets, 1(3-4), 193-199.
  • Baker, M. & Wurgler, J. (2007). Investor Sentiment in the Stock Market. Journal of Economic Perspectives. 21(2): 129–151
  • Baker, M., & Wurgler, J. (2006). Investor Sentiment and the Cross-Section of Stock Returns. The Journal Of Fınance, 61(4): 1645-1680.Black, F. (1986). Noise. Journal of Finance. 41(3): 529-543
  • Bloomfield, R. (2010). Traditional versus behavioral finance. Behavioral Finance—Investors, Corporations, and Markets, 23-38.
  • Camerer, C.F., & Loewenstein, G. (2002). Behavioral Economics: Past, Present,Future; Advances in Behavioral Economics. Carnegie-Mellon University Working Paper.
  • De Long, J. B., Shleifer, A., Summers, L., & Waldmann, R. (1990). Noise Trader Risk in Financial Markets. Journal of Political Economy. 98:703-738.
  • DeBondt, W. F., & Thaler, R. (1985). Does The Stock Market Overreact?. The Journal of finance. 40(3): 793-805.
  • Ellsberg, D. (1961). Risk, ambiguity, and the Savage axioms. The quarterly journal of economics, 643-669.
  • Fama, E.. (1970). Efficient Capital Markets: A Review Of Theory and Empirical Work. Journal of Finance. 25(2): 383-417.
  • Jain, V. (2012). An Insight into Behavioral Finance Models, Efficient Market Hypothesis and Its Anomalies. Journal Of Arts, Science And Commerce. 3(3): 16-25
  • Kahneman, D.& Tversky A.(1979). Prospect theory: an analysis of decision under risk, 263-292.
  • Lewin, S. (1996). Economics and Psychology: Lessons for Our Own Day from the Early Twentieth Century. Journal of Economic Literature. 34(3): 1293-1323.
  • Lintner, J. (1965). The Valuation of Risk Assets and The Selection of Risky Investments in Stock Portfolios and Capital Budgets. The review of economics and statistics, 13-37.
  • Markowitz, H. (1952). Portfolio Selection. The Journal of Finance. 7(1): 77-91
  • Merton, R.C. (1985). “On the Current State of the Stock Market Rationality Hypothesis”, Italian-Amreican Conference Working Paper. No:1717-85, 1-49
  • Mongin, P. (1997). Expected Utility Theory, Handbook of Economic Methodology. 342-350 https://studies2.hec.fr/jahia/webdav/site/hec/shared/sites/mongin/acces_anonyme/page%20internet/O12.MonginExpectedHbk97.pdf
  • Mossin, J. (1966). Equilibrium in a Capital Asset Market. Econometrica: Journal Of The Econometric Society, 768-783.
  • Olgaç, S. ve Temizel F. (2008). Yatırımcı Duyarlılığı Hisse Senedi Getirileri İlişkisi: Türkiye
  • Qawi, R. B. (2010). Behavioral finance: Is investor psyche driving market performance. IUP Journal of Behavioral Finance, 7(4), 7-19.
  • Ritter, J.R. (2002). Behavioral Finance. Pasific Finance Journal. 2(12): 2-12
  • Sharpe, W. F. (1964). Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk. The journal of finance, 19(3): 425-442.
  • Shefrin, H. (2002). Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing. Oxford University Press, Oxford.
  • Shefrin, H., & Statman, M. (1985). The disposition to sell winners too early and ride losers too long: Theory and evidence. The Journal of finance, 40(3), 777-790.
  • Shiller, R. J. (1984). Stock Prices and Social Dynamics, Connecticut: Cowless Foundation Discussion Paper No.719
  • Shiller, R. J. (1989). Comovements in Stock Prices and Comovements in Dividends. Journal of Finance. American Finance Association. 44(3): 719-29.
  • Shiller, R.J.(1981)" Do Stock Prices Move too Much to be Justified by Subsequent Changes in Dividends?“. American Economic Review, 71:3, 421-736.
  • Shleifer, A. (2003). Inefficient Markets: An Introduction to Behavioral Finance. New York: Oxford University Press.
  • Shleifer, A., & Summers, L. H. (1990). The noise trader approach to finance. Journal of Economic perspectives, 4(2), 19-33.
  • Singh, R. (2010). BEHAVIOURAL FINANCE STUDIES: EMERGENCE AND DEVELOPMENTS. Journal of Contemporary Management Research, 4(2).
  • Subrahmanyam, A. (2007). Behavioral Finance: A Review and Synthesis. Europian Financial Management. 14(1): 12-29.
  • Zweig, J. (2004, April). Lessons and Ideas from Benjamin Graham. In AIMR Conference Proceedings (Vol. 2004, No. 3, pp. 9-17). Association for Investment Management and Research.
There are 34 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Gozde Turkmen Müldür

Publication Date June 1, 2019
Submission Date June 29, 2019
Published in Issue Year 2019 Volume: 2 Issue: 1

Cite

APA Turkmen Müldür, G. (2019). Geleneksel ve Davranışsal Finans: Tarihsel ve Kavramsal Çerçeve. Artıbilim Adana Alparslan Türkeş Bilim Ve Teknoloji Üniversitesi Sosyal Bilimler Dergisi, 2(1), 37-45.