Davranışsal Finansa Kurumsal Bakış

Year 2018, Volume: 13 Issue: 3, 141 - 160, 31.12.2018

Selim Aren

https://doi.org/10.17153/oguiibf.427620

Cited By: 3

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

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