THE EFFECT OF LEARNING BEHAVIOR ON HERDING BIAS: AN ANALYSIS ON INDIVIDUAL INVESTORS TRADING IN BORSA ISTANBUL

Year 2024, Volume: 14 Issue: 28, 913 - 934

Bekir Elmas , Salih Aydın

https://doi.org/10.53092/duiibfd.1494584

Abstract

Herding bias, one of the investor tendencies frequently encountered in financial markets, can be expressed as investors giving more importance to the information of other investors than to their own information. Investors who invest in line with the herd trend may not see many investment opportunities offered by the market. However, if investors learn from their past trading experiences and increase their individual and social learning levels, they can act according to their own investment strategies, not according to the herd. In this study, a survey was applied to individual investors investing in Borsa Istanbul in order to measure the effect of individual investors' learning behavior on herding bias. Path Analysis from AMOS Structural Equation Models was used to test the research model. As a result of the study, it was determined that individual investors' self-confidence behavior and desire to learn had an impact on herding biases.

Keywords

Individual Investors, Learning Behavior, Herd Bias, Behavioral Finance, Investor Trends

ÖĞRENME DAVRANIŞININ SÜRÜ EĞİLİMİNE ETKİSİ: BORSA İSTANBUL’DA İŞLEM YAPAN BİREYSEL YATIRIMCILAR ÜZERİNE BİR ANALİZ

Abstract

Finansal piyasalarda sıklıkla karşılaşılan yatırımcı eğilimlerinden birisi olan sürü eğilimi, yatırımcıların kendi bilgilerine göre diğer yatırımcıların bilgilerine daha fazla önem vermesi olarak ifade edilebilir. Sürü eğilimi doğrultusunda yatırım yapan yatırımcılar piyasanın sunduğu birçok yatırım fırsatını göremeyebilir. Ancak yatırımcılar geçmiş ticaret deneyimlerinden ders alıp, bireysel ve sosyal öğrenme düzeylerini artırırlarsa sürüye göre değil kendi yatırım stratejilerine göre hareket edebilirler. Bu çalışmada bireysel yatırımcıların öğrenme davranışının sürü eğilimine etkisini ölçmek amacıyla Borsa İstanbul’da yatırım yapan bireysel yatırımcılara anket uygulanmıştır. Araştırma modelinin test edilmesinde AMOS Yapısal Eşitlik Modellerinden Yol Analizi kullanılmıştır. Çalışmanın sonucunda bireysel yatırımcıların kendine güven davranışlarının ve öğrenme isteklerinin sürü eğilimleri üzerinde etkisinin olduğu tespit edilmiştir.

Keywords

Bireysel Yatırımcı, Öğrenme Davranışı, Sürü Eğilimi, Davranışsal Finans, Yatırımcı Eğilimleri

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