Liquid capital markets are the markets where the bid-ask spread of financial assets is narrow, the rate of disposal is high and transaction costs are low. Capital market investors are affected by various factors when making an investment decision. These factors are sometimes the data that an investor should follow as a result of rational behavior, sometimes it consists of various psychological factors. Investment behavior develops depending on risk perception for both rational investors and irrational investors. It is also a behavioral situation that investors' perspectives differ at risk and can be measured by various indices. In this study, the reflection of the risk perceptions of investors in the capital market has been investigated in terms of liquidity. This relationship between the investment behavior of Borsa İstanbul investors and capital market liquidity was investigated with Toda-Yamamoto causality analysis. Risk appetite was measured with the RISE and Borsa İstanbul market index liquidity with Amihud's illiquidity ratio. Findings from the causality test show that there is a unidirectional causality relationship between risk appetite and market liquidity, and this relationship is from liquidity to risk appetite.
Yayımlanma Tarihi : 31 Ağustos 2020
|APA||Çi̇fçi̇, G , Rei̇s, Ş . (2020). Risk İştahı İle Piyasa Likiditesi Arasındaki Nedensellik İlişkisi . Ekonomi Politika ve Finans Araştırmaları Dergisi , 5 (2) , 389-403 . DOI: 10.30784/epfad.687595|