@article{article_919050, title={THE IMPACTS OF INTERNATIONAL PORTFOLIO INVESTMENTS ON ISTANBUL STOCK EXCHANGE MARKET}, journal={Sayıştay Dergisi}, pages={149–168}, year={2010}, author={Somuncu, Kartal and Karan, Mehmet Baha}, keywords={Portföy yatırımı,serbest fonlar,olumlu geri besleme ticareti,olumsuz geri besleme ticareti,sürü etkisi davranışı}, abstract={The aim for this study is to investigate the role of international investors during the financial crisis in 2001. The impacts of two basic investment strategies of international investors on Istanbul Stock Exchange had been analyzed during the crisis and after crisis period that is between 2001-2004. These investment strategies are positive feedback trading and herding. Previous researches have revealed that foreign investors are more successful in timing of buying and selling securities. In addition, there is too much discussion about herding behaviors of the institutional investors. Main data of this study is the monthly stock positions of 455 active financial institutions that are provided from Istanbul Stock Exchange, Takasbank and Finnet Financial Information Company. The findings revealed that the foreign investors was engaged in negative feedback trading activity that was stabilized the financial market during the crisis, whereas domestic investors caused the instability in markets by engaging in positive feedback trading. The second outcome of the study was related with the herding behavior of investors. It is found that the both of investor groups have been participated the herding behavior in the market not only in the peak period of the crisis but also post crises periods}, number={77}, publisher={T.C. Sayıştay Başkanlığı}