Davranışsal Finansa Kurumsal Bakış

Abstract

Davranışsal finans alanında ulusal ve uluslararası düzeyde yapılan çok sayıda çalışma vardır. Ancak sayıca çok olan bu çalışmalara rağmen davranışsal finans teorisine metodolojik ve kuramsal bakış açısı ile genel bir değerlendirme yapılmamıştır. Bu çalışmada ilgili eksikliği gidermek amacıyla temel kavramlar ve teoriler perspektifinden değerlendirmeler ve karşılaştırmalar yapılmaktadır. Bu amaçla homoeconomicus, fayda, rasyonel – normal yatırımcılar ve etkin piyasalar hipotezi, bilgi ve matematiksel yaklaşım, risk, duygu ve karar alma kavramları ele alınmıştır. Neoklasik finans ve davranışsal finans bu çerçevede incelenmiş ve temel kabulleri kritik edilmiştir. Yapılan değerlendirmeler göstermektedir ki finans, 1960 sonrası gösterdiği dönüşümü 1980 sonrasında da göstermiş ve bu paradigma değişimine sebep olarak davranışsal finans teorisinin doğup gelişmesine sebep olmuştur. Paradigma değişimi ile finansal piyasalar değişmemiştir ama bizim finansal piyasaları anlayışımız değişmiştir.

Keywords

• Neoklasik finans,Davranışsal finans,Matematiksel yaklaşım,Duygu,Fayda,Risk

Theoretical Overview of Behavioral Finance

Abstract

There are a large number of studies in the field of behavioral finance carried out at national and international level. Despite these numerous studies, however, there is no general evaluation of behavioral finance theory from the point of view of methodological and theoretical perspectives. This study evaluates and compares the basic concepts and theories from the perspectives in order to make the related deficiencies. For this purpose, the concepts of homoeconomicus, utility, rational - normal investors and effective market hypothesis, knowledge and mathematical approach, risk, emotion and decision making are discussed. Neoclassical finance and behavioral finance are examined in this framework and basic assumptions are critical. The assessments show that finance has shown its transformation since the 1960s after 1980, and this paradigm shift has led to the birth and development of behavioral finance theory. With the paradigm shift, financial markets have not changed but our financial markets have changed without understanding.

Keywords

• Neoclassical finance,Behavioral finance,Mathematical approach,Emotion,Benefit,Risk

References

1. Aggarwal Raj (2014). Animal spirits in financial economics: A review of deviations from economic rationality, International Review of Financial Analysis 32 179–187 (10.1016/j.irfa.2013.07.018)
2. Akerlof, George A. and Shiller, Robert .J. (2009) Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism. Princeton, NJ: Princeton University Press. (Çev:Neşenur Domaniç ve Levent Konyar, Scala Yayıncılık, 2010 Türkiye)
3. Baker, Malcolm, Ruback, Richard S. and Wurgler Jeffrey (2007), “Behavioral Corporate Finance: a Survey,” Handbook in Corporate Finance: Empirical Corporate Finance, 1, ed. B. Espen Eckbo, 145-186. Elsevier, Amsterdam
4. Barke Richard P., Smith, Hank Jenkins and Slovic Paul (1997), “Risk Perceptions of Men and Women Scientists”, Social Science Quarterly, 78(1), 167-176 (
5. Bernheim, Douglas, Garrett, Daniel and Maki, Dean. (2001) Education and saving: the long-term effects of high school financial curriculum mandates. Journal of Public Economics 80 (3) 435–465. 8 (10.3386/w6085)
6. Berridge Kent and Winkielman, Piotr (2003), “What is an unconscious emotion?(The case for unconscious "liking")”, Cognition and Emotion, 17(2), 181-211. (10.1080/02699930302289)
7. Black, Fischer (1986). Noise. Journal of Finance, 41, 529–543. (10.1111/j.1540-6261.1986.tb04513.x)
8. Bouyer Muriel, Bagdassarian Sophie, Chaabanne Sveti, Mullet Etienne (2001), “Personality Correlates of Risk Perception”, Risk Analysis, 21(3), 457-465. (10.1111/0272-4332.213125)

9. Brandstatter Eduard, Kühberger Anton and Schneider Friedrich (2002), “A Cognitive-Emotional Account of the Shape of the Probability Weighting Function”, Journal of Behavioral Decision Making, 15(2), 79-100. (10.1002/bdm.404)
10. Brennan, Thomas J., and Lo, Andrew W. 2011. The origin of behavior. Quarterly Journal of Finance 1 (1): 55-108. (10.1142/S201013921100002X)
11. Buturovic, Zeljka & Tasic, Slavisa (2015), Kahneman's Failed Revolution Against Economic Orthodoxy, Critical Review 27(2), 127-145 (10.1080/08913811.2015.1068512)
12. De Bondt Werner, Mayoral Rosa M. & Vallelado Eleuterio. (2013). Behavioral decision-making in finance: An overview and assessment of selected research. Revista Española De Financiación Y Contabilidad, 42 (157) 99-118 (10.1080/02102412.2013.10779742)De Bondt Werner, Muradoglu Gulnur, Shefrin Hersh, Staikouras Sotiris K. (2008), Behavioral Finance: Quo Vadis?, Journal Of Applied Finance Fall/Winter, 7–21
13. Erb Hans-Peter and Bioy Antoine Hilton Denis J. (2002), “Choice Preferences without Inferences: Subconscious Priming of Risk Attitudes”, Journal of Behavioral Decision Making, 15(3) 251-262. (10.1002/bdm.416)
14. Fama Eugene F. (1998). Market Efficiency, Long Term Returns and Behavioral Finance, Journal of Finance Economics, 49(3), 283 – 306 (10.2139/ssrn.15108)
15. Fama, Eugene F (2008). Ideas that changed the theory and practice of investing: a conversation with Eugene F Fama. Journal of Investment Consulting, 9(1), 6-14.
16. Forlani David (2002), “Risk and Rationality: The Influence of Decision Domain and Perceived Outcome Control on Managers’ High Risk Decisions”, Journal of Behavioral Decision Making, 15(2), 125-140. (10.1002/bdm.406)
17. Frankfurter George M., McGoun (2002). Resistance is futile: the assimilation of behavioral finance, Journal of Economic Behavior & Organization, Vol. 48 375–389 (10.1016/S0167-2681(01)00241-4)
18. Frankfurter George M., McGounc Elton G., Allen Douglas E. (2004). The prescriptive turn in behavioral finance, Journal of Socio-Economics 33 (4) 449–468 (10.1016/j.socec.2004.04.006)
19. Funder, David C. (1987). “Errors and Mistakes: Evaluating the Accuracy of Social Judgment.” Psychological Bulletin 101(1): 75–99. (10.1037//0033-2909.101.1.75)
20. Gambetti, Elisa, and Giusberti, Fiorella. 2012. The effect of anger and anxiety traits on investment decisions. Journal of Economic Psychology 33 (6): 1059-1069 (10.1016/j.joep.2012.07.001)
21. Ganzach Yoav (2000), “Judging Risk and Return of Financial Assets”, Organizational Behavior and Human Decision Processes, 83( 2), 353-370 (10.1006/obhd.2000.2914)
22. Garc´ıa Mar´ıa Jos´e Roa (2013). Financial Education And Behavioral Finance: New Insights Into The Role Of Information In Financial Decisions, Journal Of Economic Surveys, (27)2, 297–315 (10.1111/j.1467-6419.2011.00705.x)
23. Gippel, Jennifer K (2012) “A Revolution In Finance?”, Australian Journal of Management 38(1), 125–146 (10.1177/0312896212461034)
24. Gilbert Paul (1998), “The Evolved Basis and Adaptive Functions of Cognitive Distortions”, British Journal of Medical Psychology, 71(4), 447-463. (10.1111/j.2044-8341.1998.tb01002.x)
25. Gray Jeremy R. (2004), “Integration of Emotion and Cognitive Control”, Current Directions in Psychological Science, 13(2), 46-48. (10.1111/j.0963-7214.2004.00272.x)
26. Grinblatt Mark and Keloharju Matti (2001), “How Distance, Language and Culture Influence Stockholdings and Trades”, Journal of Finance, 56(3), 1053-1073. (10.1111/0022-1082.00355)
27. Hanoch Yaniv (2002), “Neither an Angel Nor an Ant: Emotion as an Aid in Bounded Rationality”, Journal of Economic Psychology, 23(1), 1-25. (0.1016/S0167-4870(01)00065-4)
28. Harlow W V and Brown Keith C. (1990), “The Role of Risk Tolerance in the Asset Allocation Process: A New Perspective”, CFA Research Foundation, USA
29. Hong, Harrison, and Kacperczyk, Marcin. 2007. The price of sin: The effects of social norms on the market. Journal of Financial Economics 93(1): 15-36. (10.1016/j.jfineco.2008.09.001)
30. Huberman Gur (2001), “Familiarity Breeds Investment”, Review of Financial Studies, 14(3), 659-680. (10.1093/rfs/14.3.659)
31. Isen Alice M. 1987. The influence of positive affect on acceptable level of risk: The person with a large canoe has a large worry. Organizational Behavior and Human Decision Processes 39 (2): 145-154. (10.1016/0749-5978(87)90034-3)
32. Kahneman Daniel and Tversky Amos (1979), Prospect Theory: An Analysis of Decision under Risk, Econometrica, 47(2), 263 – 291 (10.2307/1914185)
33. Kahneman Daniel (2013), Thinking, Fast and Slow, Farrar, Straus and Girouxi NY, USA (Çev: Deniztekin O. Ç., Deniztekin F. N., 2015, Varlık Yayınları, İstanbul)
34. Kosfeld, Michael; Heinrichs, Markus; Zak, Paul J; Fischbacher, Urs; Fehr, Ernst. (2005), “Oxytocin Increases Trust”, Nature, 435(7042), 673-676. (10.1038/nature03701)
35. Loewenstein George F., Weber Elke U., Hsee Christopher K., Welch Ned (2001), Risk as feelings, Psychol Bullettin 127(2) 267-286. (10.1037/0033-2909.127.2.267)
36. McGoun Elton G. Piotr Zielonka (2006) The Platonic Foundations of Finance and the Interpretation of Finance Models, The Journal of Behavioral Finance 7(1) 43–57 (10.1207/s15427579jpfm0701_5)
37. Moreno, Kimberly, Kida, Thomas E, & Smith, James F (2002). The impact of affective reactions on risky decision making in accounting contexts. Journal of Accounting Research, 40, 1331–1349. (10.1111/1475-679X.t01-1-00056)
38. Oberlechner, Thomas, and Hocking, Sam. 2004. Information sources, news, and rumors in financial markets: Insights into the foreign exchange market. Journal of Economic Psychology 25 (3): 407-424 (10.1016/S0167-4870(02)00189-7)
39. Olsen Robert (2004), “Trust, Complexity and the 1990s Market Bubble”, Journal of Behavioral Finance, 5(4), 186-191. (10.1207/s15427579jpfm0504_1)
40. Olsen Robert A (2008). Perceptions of Financial Risk: Axioms and Affect, The Icfai University Journal of Behavioral Finance, 5(4), 58 – 80
41. Oprean Camelia, (2015). Theoretical And Methodological Proposals Regarding The Informational Efficiency Of Financial Markets, Revista Economica 67(6), 66 – 80
42. Park Hyoyoun, Sohn Wook (2013) Behavioral Finance: A Survey of the Literature and Recent Development, Seoul Journal of Business 19(1), 3 – 41
43. Pompian Michael M. (2006), Behavioral finance and wealth management : building optimal portfolios that account for investor biases, John Wiley & Sons, Inc., Hoboken, New Jersey
44. Pornpitakpan Chanthika. 2004. The persuasiveness of source credibility: A critical review of five decades' evidence. Journal of Applied Social Psychology 34 (2): 243-281. (10.1111/j.1559-1816.2004.tb02547.x)
45. Qawi, Raluca Bighiu (2010) Behavioral Finance: Is Investor Psyche Driving Market Performance? The IUP Journal of Behavioral Finance, Vol. VII, No. 4, 7-19 (10.2139/ssrn.1598289)
46. Ramiah Vikash, Xu Xiaoming and Moosa Imad A. (2015) Neoclassical finance, behavioral finance and noise traders: A review and assessment of the literature, International Review of Financial Analysis 41, 89–100 (10.1016/j.irfa.2015.05.021)
47. Scherer Clifford W. Hichang Cho (2003), “A Social Contagion Theory of Risk Perception”, Risk Analysis, 23(2), 261-267 (10.1111/1539-6924.00306)
48. Schinckus, Christophe, (2011) “Archeology of Behavioral Finance”, The IUP Journal of Behavioral Finance, 8(2), 7 – 22
49. Schwarzkopf David L. 2007. Investors' attitudes toward source credibility. Managerial Auditing Journal 22 (1): 18-33. (10.1108/02686900710715620)
50. Shefrin, Hersh (2002), Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing. Oxford University Press Inc, NY
51. Shefrin, Hersh M & Statman, Meir (1984). Explaining investor preference for cash dividends. Journal of Financial Economics, 13(2), 253-282. (10.1016/0304-405X(84)90025-4)
52. Shefrin, Hersh, & Statman, Meir (1994). Behavioral capital asset pricing theory. Journal of Financial and Quantitative Analysis, 29, 323–349 (10.2307/2331334)
53. Shiller, Robert J. (2003). From Efficient Markets Theory to Behavioral Finance, Journal of Economic Perspectives 17(1), 83 – 104 (10.1257/089533003321164967)
54. Shiv Baba, and Fedorikhin, Alexander. 1999. Heart and mind in conflict: The interplay of affect and cognition in consumer decision making. Journal of Consumer Research 26 (3): 278-292. (10.1086/209563)
55. Siegrist Michael, Timothy Earle C. Gutscher Heinz (2003), “Test of Trust and Confidence Model in the Applied Context of Electromagnetic Field (EMF) Risks”, Risk Analysis, 23(4), 705-716. (10.1111/1539-6924.00349)
56. Simon, Herbert A. (1979). Rational decision making in business organizations. American Economic Review 69(4) 493-513.
57. Sjoberg Lennart (2002), “The Allegedly Simple Structure of Experts’ Risk Perception: An Urban Legend in Risk Research”, Science, Technology and Human Values, 27(4), 443-459. (10.1177/016224302236176)
58. Slovic Paul (1972), “Psychological Study of Human Judgment: Implications for Investment Decision Making”, Journal of Finance, 27(4) 779-799. (10.1111/j.1540-6261.1972.tb01311.x)
59. Slovic Paul (1987), “The Perception of Risk”, Science, 236(4), 280-285. (10.1126/science.3563507)
60. Soros George (2013) Fallibility, reflexivity, and the human uncertainty principle, Journal of Economic Methodology, 20(4), 309-329 (10.1080/1350178X.2013.859415)
61. Statman Meir (2014) Behavioral finance: Finance with normal people, Borsa Istanbul Review 14 65-73 (10.1016/j.bir.2014.03.001)
62. Statman Meir, Fisher Kenneth L. and Anginer Deniz (2008), “Affect in a Behavioral Asset-Pricing Model”, Financial Analyst Journal, 64( 2), 20-29 (10.2139/ssrn.1094070)
63. Statman, Meir (1999). Behavioral finance: past battles and future engagements. Financial Analysts Journal 55 (6), 18–27. (10.2469/faj.v55.n6.2311)
64. Statman, Meir, and Glushkov, Denys. 2009. The wages of social responsibility. Financial Analysts Journal 65 (4): 33-46. (10.2139/ssrn.1372848)
65. Thaler, Richard H., and Sunstein Cass R. 2008. Nudge. Improving Decisions about Health, Wealth, and Happiness. Yale University Press.(Çev: Enver Gürsel, Pegasus Yayınları, 2013 Türkiye)
66. Van der Sar Nico L. (2004) Behavioral finance: How matters stand, Journal of Economic Psychology 25 (3) 425–444 (10.1016/j.joep.2004.02.001)
67. Viklund Mattias J (2003), “Trust and Risk Perception in Western Europe: A Cross National Study”, Risk Analysis, 23(4), 727-738. (10.1111/1539-6924.00351)
68. Wang X T and Johnson Victor (1995), “Perceived social context and risk preference: A re-examination of framing effects in a life-death decision problem”, Journal of Behavioral Decision Making, 8(4), pp. 279-293. (10.1002/bdm.3960080405)
69. Wang X T and Simons Frederic, Bredart Serge (2001), “Social Cues and Verbal Framing in Risky Choice”, Journal of Behavioral Decision Making, Vol. 14(1), pp. 1-15. (10.1002/1099-0771(200101)14:1<1::AID-BDM361>3.0.CO;2-N)
70. Weber Elke U, Siebenmorgen, Niklas, Weber Martin (2005), “Communicating Asset Risk: How Name Recognition and the Format of Historic Volatility Information Affect Risk Perception and Investment Decisions”, Risk Analysis, 25(3), 597-609. (10.1111/j.1539-6924.2005.00627.x)