Teknik Analizin Popülaritesi, Hisse Senedi Piyasası Yatırımcıları Arasında Düşük Finansal Okuryazarlığın ve Aşırı Güvenin Bir Ürünü mü?

Year 2022, Volume: 17 Issue: 1, 146 - 169, 01.04.2022

Serkan Unal

https://doi.org/10.17153/oguiibf.991524

Abstract

Komisyon giderleri, içeriden öğrenenlerin ticareti, spreadler ve kurumsal yatırımcıların yüksek frekanslı algoritmaları gibi faktörler nedeniyle işlem sıklığının artmasıyla bireysel yatırımcıların hisse senedi piyasalarındaki toplam getirisi azalmaktadır. Bu çalışmada, teknik analiz yöntemine inanma ile yatırımcıların finansal okuryazarlık düzeyi, aşırı güven ve yüksek getiri beklentileri arasındaki ilişki 3.844 kişiye ait anket verileri kullanılarak analiz edilmiştir. Yüksek frekanslı işlemlerde teknik analizin etkinliği ve başarısı, yatırımcının analitik becerilerine bağlı olsa da; teknik analiz ve ticaretin, finansal okuryazarlığı düşük ve irrasyonel yüksek getiri beklentileri olan kişiler arasında oldukça popüler olduğu tespit edilmiştir.

Keywords

Teknik Analiz, Aşırı Güven, Finansal Okuryazarlık, Kumar

Is Popularity of Technical Analysis a Product of Low Financial Literacy and Overconfidence Among Stock Market Investors?

Abstract

Individual investors’ overall return in stock markets decreases with the increase in trade frequency due to factors such as commission expenses, insider trading, spreads, and institutional investors’ high-frequency algorithms. In this study, the relationship between believing the technical analysis method and the financial literacy level, overconfidence, and high return expectations of investors have been analyzed with the use of survey data of 3,844 people. Although the efficiency of technical analysis and success in high-frequency trading depends on investor’s analytical skills, it is found that technical analysis and trading are very popular among people who have low financial literacy and irrational high return expectations.

Keywords

Technical Analysis, Overconfidence, Financial Literacy, Gambling

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