TY  - JOUR
T1  - EFFECT OF INVESTOR SENTIMENT ON STOCK MARKETS
TT  - ATIRIMCI DUYARLILIĞININ HİSSE SENEDİ PİYASALARINA ETKİSİ
AU  - Bolaman, Özge
AU  - Evrim Mandacı, Pınar
PY  - 2015
DA  - April
DO  - 10.14784/JFRS.2014117327
JF  - Finansal Araştırmalar ve Çalışmalar Dergisi
JO  - JFRS
PB  - Marmara Üniversitesi
WT  - DergiPark
SN  - 1309-1123
SP  - 51
EP  - 64
VL  - 6
IS  - 11
LA  - en
AB  - Motivation of this study is to examine the relationship between investor sentiment and stock market by taking financial crisis period into account. When literature is examined, it is seen that there is a deficiency in this respect. Although there are studies examining same phenomena, none of them has considered the impact of financial crisis. To eliminate this deficiency, we have employed tests with structural breaks rather than conventional ones. At the end of these tests, structural breaks are observed at crisis period as it is expected. By employing data for the period December 2003- December 2012 existence of co-integration, which is an indicator of a long-term relationship between variables, is proved. This is a significant insight showing that consumer confidence index is a critical factor which is in an interaction with stock markets
KW  - Stock Markets
KW  - Investor Sentiment
KW  - Consumer Confidence Index
KW  - Financial Crisis
KW  - Cointegration
N2  - Bu çalışma finansal kriz döneminin etkisini de göz önünde bulundurarak yatırımcı duyarlılığı ile borsa arasındaki ilişkiyi araştırma amacıyla hazırlanmıştır. Akademik literatür incelendiğinde bu alanda bir eksiklik görülmüştür. Aynı konuyu araştıran birçok makale olmasına rağmen, hiçbiri finansal krizlerin etkisini hesaba katmamıştır. Bu eksikliği gidermek adına bu çalışmada standart testler yerine yapısal kırılmalı testler kullanılmıştır. Testlerin sonucunda beklentiye paralel olarak kriz döneminde yapısal kırılmalartespit edilmiştir. Aralık 2003-Aralık 2012 verisi kullanılarak yapılan analizlerde değişkenler arasında uzundönemli ilişkinin varlığını gösteren eşbütünleşmenin varlığı kanıtlanmıştır. Buda borsalarla etkileşim içindeolan tüketici güven endeksinin kritik bir faktör olduğu gösteren bir bulgudur.
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UR  - https://doi.org/10.14784/JFRS.2014117327
L1  - https://dergipark.org.tr/tr/download/article-file/3997
ER  -