MARKET FRICTION AND PRICE DELAY: A CONCEPTUAL ASSESSMENT

Year 2023, Volume: 37 Issue: 3, 1291 - 1313, 30.09.2023

Müberra Güngör , Veli Akel

https://doi.org/10.48070/erciyesakademi.1322587

Abstract

One of the reasons for the economic disparities between developed and developing countries is that low-income countries' economies are less effective in allocating their resources to productive uses. At this point, the cause of economic backwardness is attributed to market frictions, also known as market failures or market imperfections, resulting in the markets failing to fulfill their resource allocation role. Market frictions, which can be defined as factors that hinder the efficient and ideal functioning of markets by causing a market participant to be exposed to more or less risk than they would prefer, produce costs that interfere with trading and lead to inefficient allocation of resources. Market frictions can also cause delays in incorporating information into prices by distorting the price efficiency of stocks due to market information imperfections and asymmetric information problems. In this direction, it is aimed to examine the studies on the subject in the literature by examining the market frictions and price delay from the conceptual point of view. When the previous studies on the subject in the literature are examined, it has been determined that prices can react with a delayed reaction to new information due to market frictions and lack of liquidity. Further it was observed that the price delay is mainly examined in terms of lack of liquidity, trading volume, short-selling restrictions, firm size, firm recognition, quality of information and foreign capital restrictions.

Keywords

Market Friction, Price Delay, Market Efficiency.

PİYASA SÜRTÜŞMESİ VE FİYAT GECİKMESİ: KAVRAMSAL BİR DEĞERLENDİRME

Abstract

Gelişmiş ve gelişmekte olan ülkeler arasındaki ekonomik eşitsizliklerin nedenlerinden biri düşük gelirli ülke ekonomilerinin kaynaklarını verimli kullanım alanlarına tahsis etmede daha az etkili olmalarıdır. Bu noktada ekonomik geri kalmışlığın nedeni piyasa aksaklıkları ya da piyasa kusurları olarak da bilinen piyasa sürtüşmelerine bağlanmakta ve bu durum piyasaların kaynak tahsisi rolünü yerine getirememesi ile sonuçlanmaktadır. Bir piyasa katılımcısının tercih edebileceğinden daha fazla veya daha az riske maruz kalmasına neden olarak piyasaların etkin ve ideal işleyişini engelleyen faktörler olarak tanımlanabilen piyasa sürtüşmeleri alım satımlara müdahale eden maliyetler üretmekte ve kaynakların etkin olmayan dağılımına yol açmaktadır. Piyasa sürtüşmeleri ayrıca bilgi kusurları ve asimetrik bilgi sorunları nedeniyle hisse senetlerinin fiyat etkinliğini bozarak bilginin fiyatlara dahil edilmesinde gecikmelere neden olabilmektedir. Bu doğrultuda çalışmada, piyasa sürtüşmeleri ve fiyat gecikmesi kavramsal yönden incelenerek literatürde konuyla ilgili yapılan çalışmaların incelenmesi amaçlanmıştır. Literatürde konuyla ilgili daha önce yapılan çalışmalar incelendiğinde piyasa sürtüşmeleri ve likidite eksikliği nedeniyle fiyatların yeni bilgilere gecikmeli tepki verebildiği tespit edilmiştir. Ayrıca fiyat gecikmesinin daha çok likidite yetersizliği, işlem hacmi, açığa satış kısıtlamaları, firma büyüklüğü, firma tanınırlığı, bilginin kalitesi ve yabancı sermaye kısıtlamaları açısından incelendiği görülmüştür.

Keywords

Piyasa Sürtüşmesi, Fiyat Gecikmesi, Piyasa Etkinliği

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