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ARE OVERCONFIDENCE AND LOSS AVERSION BIASES IMPORTANT FACTORS IN INVESTMENT DECISIONS?

Yıl 2020, Cilt: 9 Sayı: 17, 38 - 54, 09.07.2020

Öz

In the behavioral finance literature, we see that many international studies investigate the effect of behavioral biases on investment decisions. Two of these behavioral biases are overconfidence and loss aversion. In this context, the main purpose of the study is to reveal whether investors' risk-taking behaviors and demographic features are effective on their investment decisions. Another aim of the study is to determine whether the overconfidence scale used in many international studies has been useful in measuring investors' overconfidence. Within the scope of the study, a questionnaire was applied to academic and administrative staff working at Çankırı Karatekin University. The data obtained were analyzed by correlation and regression analysis, dependent / independent groups t-tests. As a result of the study, it was determined that overconfidence is an effective factor in choosing risky investment tools, but loss aversion has no effect on the investment instrument preference. In addition, in this study, one of the findings of the study conducted by Kahneman and Tversky (1979) that “the individuals take risk to avoid losses, but they avoid risk in the case of gains” is tested and confirmed.

Kaynakça

  • ANBAR, A. ve EKER, M. (2012), Bireysel Yatırımcıların Finansal Risk Algılamalarını Etkileyen Demografik Ve Sosyoekonomik Faktörler. “Uluslararası Yönetim İktisat ve İşletme Dergisi”, 5(9), 129-150. ARİELY, D., HUBER, J. ve WERTENBROCH, K. (2005), “When Do Losses Loom Larger Than Gains?”, Journal of Marketing Research, 42(2), 134-138. BAKER, H. K. ve NOFSİNGER, J. R. (Eds.). (2010), Behavioral Finance: İnvestors, Corporations, And Markets (Vol. 6). John Wiley ve Sons. ACKERT, L. ve DEAVES, R. (2009), Behavioral Finance: Psychology, Decision-Making, And Markets, Cengage Learning. BARBER, B. M. ve ODEAN, T. (1999), “The Courage Of Misguided Convictions”, Financial Analysts Journal, 55(6), 41-55. BARBER, B. M. ve ODEAN, T. (2001), “Boys Will Be Boys: Gender, Overconfidence, And Common Stock İnvestment”, Quarterly journal of Economics, 261-292. BENARTZİ, S. ve THALER. R. (1995), “Myopic Loss Aversion And The Equity Premium Puzzle”, Quarterly Journal of Economics. 110: 1, pp. 73-9 BENARTZİ, S. ve THALER, R. H. (1999), “Risk Aversion Or Myopia? Choices İn Repeated Gambles And Retirement İnvestments”, Management science, 45(3), 364-381. BERKELAAR, A. B., KOUWENBERG, R. ve POST, T. (2004), “Optimal Portfolio Choice Under Loss Aversion”, Review of Economics and İstatistikler, 86(4), 973-987. BODNARUK, A. ve SİMONOV, A. (2014), Do Financial Experts Make Better Investment Decisions? (October 7, 2014). Journal of Financial Intermediation, Forthcoming. Available at SSRN: http://ssrn.com/abstract=2506988BONDT, W. F. ve Thaler, R. (1985). Does the stock market overreact?.The Journal of finance, 40(3), 793-805. BOSTANCI, F. (2003), Davranışçı Finans, Sermaye Piyasası Kurulu Denetleme Dairesi Yeterlilik Etüdü, İstanbul, s.1. http://spk.gov.tr/yayingoster.aspx?yid=399&ct=f&action=displayfile BOSTİC, R., HERRNSTEİN, R. J. ve LUCE, R. D. (1990), “The Effect On The Preference-Reversal Phenomenon Of Using Choice İnfarks”, Journal of Economic Behavior ve Organization, 13(2), 193-212. BRENNER L., ROTTENSTREİCH Y. ve SOOD S. (1999), “Comparison, Grouping, And Preference. Psychological Science”, 10(3), 225–229. CALİENDO, F. ve HUANG, K. X. D. (2007), Overconfidence İn Financial Markets And Consumption Over The Life Cycle, FRB Of Philadelphia Working Paper No. 07-3. Available at SSRN: https://ssrn.com/abstract=961367 or http://dx.doi.org/10.2139/ssrn.961367 CAMERER, C. F. (1997), Progress İn Behavioral Game Theory. Journal Of Economic Perspectives, 11(4), 167-188. CARMON, Z. ve ARİELY, D. (2000), “Focusing On The Forgone: How Value Can Appear So Different To Buyers And Sellers”, Journal of Consumer Research, 27(3), 360-370. CEYLAN, A. ve KORKMAZ, T. (2013), İşletmelerde Finansal Yönetim, Bursa: Ekin Yayınevi. CHENG, P. Y. (2007), “The Trader İnteraction Effect On The İmpact Of Overconfidence On Trading Performance: An Empirical Study”, The Journal of Behavioral Finance, 8(2), 59-69. COVAL, J. D. ve SHUMWAY, T. (2005), “Do Behavioral Biases Affect Prices?”, The Journal of Finance, 60(1), 1-34. DİMMOCK, S. (2005), “Loss Aversion And Household Portfolio Choice”, Working paper, Michigan State University. FİELDİNG, D. ve STRACCA, L. (2007), “Myopic Loss Aversion, Disappointment Aversion, And The Equity Premium Puzzle”, Journal of Economic Behavior ve Organization, 64(2), 250-268. GAZEL, S., (2014), Davranışsal Finans (Psikolojik Eşik ve Önyargılar), Ankara: Detay Yayıncılık. GLASER, M. ve WEBER, M. (2007), “Overconfidence And Trading Volüme”, The Geneva Risk and Insurance Review, 32(1), 1-36. GLASER, M., NÖTH, M., ve WEBER, M. (2003), “Behavioral Finance. Rationalitätskonzepte”, Entscheidungsverhalten und ökonomische Modellierung, 3. GOETZMANN, W. N. ve KUMAR, A. (2008), “Equity Portfolio Diversification”, Review of Finance, 433-463. GOMES, F. J. (2005), “Portfolio Choice And Trading Volume With Loss‐Averse Investors”, The Journal of Business, 78(2), 675-706. GREEN, D. P. ve FOX, J. (2007), Rational Choice Theory. Social Science Methodology. L., Sage Publications, 269-281. HASSAN, T. R., KHALİD, W., ve HABİB, A. (2014), “Overconfidence and Loss Aversion in Investment Decisions: A Study of the Impact of Gender and Age in Pakistani Perspective”, Research Journal of Finance and Accounting, 5 (11), 148-157. ISHFAQ, M., MAQBOOL, Z., AKRAM, S., TARİQ, S., ve KHURSHİD, M. K. (2017), “Mediating Role of Risk Perception between Cognitive Biases and Risky Investment Decision: Empirical Evidence from Pakistan's Equity Market”, Journal of Managerial Sciences, 11. KAHNEMAN, D. ve TVERSKY, A. (1979), “Prospect Theory: An Analysis Of Decision Under Risk. Econometrica”, Journal of the Econometric Society, 263-291. KAHNEMAN, D. ve TVERSKY, A. (1984), “Choices, Values, And Frames”, American psychologist, 39(4), 341. KAHNEMAN, D., KNETSCH, J. L. ve THALER, R. H. (1991), “Anomalies: The Endowment Effect, Loss Aversion, And Status Quo Bias”, The journal of economic perspectives, 193-206 KLAYMAN, J., SOLL, J., GONZALEZ - VALLEJO, C. ve BARLAS, S. (1999), Overconfidence: It depends on how, what, and whom you ask. Organizational Behavior and Human Decision Processes, 79, 216 – 247. KOROBKİN, R. B. ve ULEN, T. S. (2000), Law And Behavioral Science: Removing The Rationality Assumption From Law And Economics. Cal. L. Rev., 88, 1051. KOUWENBERG, R. ve ZİEMBA, W. T. (2007) (2007), “Incentives And Risk Taking İn Hedge Funds”, Journal of Banking ve Finance, 31(11), 3291-3310. KYLE, A. S. ve WANG, F. A. (1997), Speculation Duopoly With Agreement To Disagree: Can Overconfidence Survive The Market Test? J. Finance, 52, 2073–2090 LİBBY, R. ve RENNEKAMP, K. (2012), “Self‐Serving Attribution Bias, Overconfidence, And The İssuance Of Management Forecasts”, Journal of Accounting Research, 50(1), 197-231. LJUNGQVİST, A. ve WİLHELM, W. J. (2005), “Does Prospect Theory Explain IPO Market Behavior?”, The Journal of Finance, 60(4), 1759-1790. LOUGHRAN, T. ve RİTTER, J. R. (2002), “Why Don't İssuers Get Upset About Leaving Money On The Table İn Ipos?”, Review of financial studies, 15(2), 413-444. LUİGİ, G. ve TULLİO, J. (2008), Financial Literacy and Portfolio Diversification, EIEF Working Papers Series 0812, Einaudi Institute for Economics and Finance (EIEF), revised Oct 2008. MASSA, M. ve SİMONOV, A. (2005), “Behavioral Biases And İnvestment”, Review of Finance, 9(4), 483-507. MCCANNON, B. C., ASAAD, C. T. ve WİLSON, M. (2016), “Financial Competence, Overconfidence, And Trusting İnvestments: Results From An Experiment”, Journal of Economics and Finance, 40(3), 590-606. MCGRAW, A. P., LARSEN, J. T., KAHNEMAN, D. ve SCHKADE, D. (2010), “Comparing Gains And Losses”, Psychological science, 21(10), 1438-1445. MEİSEL, M. K., NİNG, H., CAMPBELL, W. K., ve GOODİE, A. S. (2016), Narcissism, Overconfidence, And Risk Taking İn US And Chinese Student Samples. Journal Of Cross-Cultural Psychology, 47(3), 385-400. MENKHOFF, L., SCHMELİNG, M. ve SCHMİDT, U. (2013), “Overconfidence, Experience, And Professionalism: An Experimental Study”, Journal Of Economic Behavior ve Organization, 86, 92-101. MENKHOFF, L., SCHMİDT, U. ve BROZYNSKİ, T. (2006), “The İmpact Of Experience On Risk Taking, Overconfidence, And Herding Of Fund Managers: Complementary Survey Evidence”, European Economic Review, 50(7), 1753-1766. MERKLE, C. (2017), “Financial Overconfidence Over Time: Foresight, Hindsight, And İnsight Of İnvestors”, Journal Of Banking Ve Finance, 84, 68-87. MİCHAİLOVA, J. (2010), Overconfidence and bubbles in experimental asset markets. https://mpra.ub.uni-muenchen.de/30579/1/MPRA_paper_30579.pdf ODEAN, T. (1998), “Volume, Volatility, Price, And Profit When All Traders Are Above Average”, The Journal of Finance, 53(6), 1887-1934. RUSSO, J. E. ve SCHOEMAKER, P. J. (1992), “Managing Overconfidence”, Sloan Management Review, 33(2), 7-17. SHEFRİN, H. (2000), Beyond Greed And Fear: Understanding Behavioral Finance And The Psychology Of İnvesting. Oxford University Press. TEKİN, B. (2015), Firmaların Finansal Kararları Üzerinde Davranışsal Önyargıların Etkisi, Sakarya Üniversitesi Sosyal Bilimler Enstitüsü Doktora Tezi, Sakarya. Türk Dil Kurumu (2018), http://www.tdk.gov.tr/index.php?option=com_bts&view=bts (Erişim Tarihi: 03.01.2018) TVERSKY, A. ve KAHNEMAN, D. (1991), “Loss Aversion İn Riskless Choice: A Reference-Dependent Model”, The quarterly journal of economics, 1039-1061. TVERSKY, A. ve KAHNEMAN, D. (1992), Advances İn Prospect Theory: Kümülatif Representation Of Uncertainty. Journal Of Risk And Uncertainty, 5(4), 297-323. YEOH, L. Y. ve WOOD, A. (2011), Overconfidence, competence and trading activity. Working paper. Retrieved 10 January, 2012, from http://www. cass. city. ac. uk/__data/assets/pdf_file/0006/79152/Wood. pdf.

KENDİNE AŞIRI GÜVEN VE KAYIPTAN KAÇINMA ÖNYARGILARI YATIRIM KARARLARINDA ÖNEMLİ BİR FAKTÖR MÜ?

Yıl 2020, Cilt: 9 Sayı: 17, 38 - 54, 09.07.2020

Öz

Bu çalışmanın amacı, uluslararası literatürde üzerinde oldukça sık durulan yatırımcıların kararları üzerinde etkisi olan faktörlerin neler olduğu konusunun davranışsal finans dikkate alınarak incelenmesidir. Bu bağlamda davranışsal finans alanında uluslararası düzeyde yapılan çok sayıda çalışmaya konu olmuş davranışsal önyargıların, yatırım kararları üzerindeki etkisi incelenmiştir. Söz konusu davranışsal önyargılar ise kendine aşırı güven ve kayıptan kaçınmadır. Çalışmada öncelikle kendine aşırı güven ve kayıptan kaçınma davranışsal önyargıları ile ilgili bilgiler verilmiştir. Daha sonra ölçme yöntemlerinden bahsedilmiş ve analiz kısmına geçilmiştir. Çalışmada kullanılan kendine aşırı güven ölçeği, bu kapsamda Türkiye’ de yapılan çalışmalar arasında ilk defa kullanılmıştır. Bu nedenle bu çalışmanın bir diğer amacı ilgili ölçeğin yatırımcıların kendine aşırı güvenlerinin ölçümünde yararlı olup olmadığının tespitidir. Veri toplamak amacıyla kullanılan anket formu Çankırı Karatekin Üniversitesi’nde görevli akademik ve idari personele uygulanmıştır. Toplanan veriler üzerinden korelasyon ve regresyon analizleri, bağımlı ve bağımsız gruplar t-testleri gerçekleştirilmiştir. Çalışma sonucunda kendine aşırı güvenin riskli yatırım araçlarını tercih etmede etkili bir faktör olduğu buna karşın kayıptan kaçınmanın yatırım aracı tercihi üzerinde herhangi bir etkisi olmadığı tespit edilmiştir. Bu çalışmada ayrıca Kahneman ve Tversky (1979) tarafından yapılan çalışmanın bulgularından biri olan bireylerin kayıplardan kaçınmak için risk almalarına karşın kazançlar söz konusu olduğunda riskten kaçındıkları bulgusu da test edilmiş ve doğrulanmıştır.

Kaynakça

  • ANBAR, A. ve EKER, M. (2012), Bireysel Yatırımcıların Finansal Risk Algılamalarını Etkileyen Demografik Ve Sosyoekonomik Faktörler. “Uluslararası Yönetim İktisat ve İşletme Dergisi”, 5(9), 129-150. ARİELY, D., HUBER, J. ve WERTENBROCH, K. (2005), “When Do Losses Loom Larger Than Gains?”, Journal of Marketing Research, 42(2), 134-138. BAKER, H. K. ve NOFSİNGER, J. R. (Eds.). (2010), Behavioral Finance: İnvestors, Corporations, And Markets (Vol. 6). John Wiley ve Sons. ACKERT, L. ve DEAVES, R. (2009), Behavioral Finance: Psychology, Decision-Making, And Markets, Cengage Learning. BARBER, B. M. ve ODEAN, T. (1999), “The Courage Of Misguided Convictions”, Financial Analysts Journal, 55(6), 41-55. BARBER, B. M. ve ODEAN, T. (2001), “Boys Will Be Boys: Gender, Overconfidence, And Common Stock İnvestment”, Quarterly journal of Economics, 261-292. BENARTZİ, S. ve THALER. R. (1995), “Myopic Loss Aversion And The Equity Premium Puzzle”, Quarterly Journal of Economics. 110: 1, pp. 73-9 BENARTZİ, S. ve THALER, R. H. (1999), “Risk Aversion Or Myopia? Choices İn Repeated Gambles And Retirement İnvestments”, Management science, 45(3), 364-381. BERKELAAR, A. B., KOUWENBERG, R. ve POST, T. (2004), “Optimal Portfolio Choice Under Loss Aversion”, Review of Economics and İstatistikler, 86(4), 973-987. BODNARUK, A. ve SİMONOV, A. (2014), Do Financial Experts Make Better Investment Decisions? (October 7, 2014). Journal of Financial Intermediation, Forthcoming. Available at SSRN: http://ssrn.com/abstract=2506988BONDT, W. F. ve Thaler, R. (1985). Does the stock market overreact?.The Journal of finance, 40(3), 793-805. BOSTANCI, F. (2003), Davranışçı Finans, Sermaye Piyasası Kurulu Denetleme Dairesi Yeterlilik Etüdü, İstanbul, s.1. http://spk.gov.tr/yayingoster.aspx?yid=399&ct=f&action=displayfile BOSTİC, R., HERRNSTEİN, R. J. ve LUCE, R. D. (1990), “The Effect On The Preference-Reversal Phenomenon Of Using Choice İnfarks”, Journal of Economic Behavior ve Organization, 13(2), 193-212. BRENNER L., ROTTENSTREİCH Y. ve SOOD S. (1999), “Comparison, Grouping, And Preference. Psychological Science”, 10(3), 225–229. CALİENDO, F. ve HUANG, K. X. D. (2007), Overconfidence İn Financial Markets And Consumption Over The Life Cycle, FRB Of Philadelphia Working Paper No. 07-3. Available at SSRN: https://ssrn.com/abstract=961367 or http://dx.doi.org/10.2139/ssrn.961367 CAMERER, C. F. (1997), Progress İn Behavioral Game Theory. Journal Of Economic Perspectives, 11(4), 167-188. CARMON, Z. ve ARİELY, D. (2000), “Focusing On The Forgone: How Value Can Appear So Different To Buyers And Sellers”, Journal of Consumer Research, 27(3), 360-370. CEYLAN, A. ve KORKMAZ, T. (2013), İşletmelerde Finansal Yönetim, Bursa: Ekin Yayınevi. CHENG, P. Y. (2007), “The Trader İnteraction Effect On The İmpact Of Overconfidence On Trading Performance: An Empirical Study”, The Journal of Behavioral Finance, 8(2), 59-69. COVAL, J. D. ve SHUMWAY, T. (2005), “Do Behavioral Biases Affect Prices?”, The Journal of Finance, 60(1), 1-34. DİMMOCK, S. (2005), “Loss Aversion And Household Portfolio Choice”, Working paper, Michigan State University. FİELDİNG, D. ve STRACCA, L. (2007), “Myopic Loss Aversion, Disappointment Aversion, And The Equity Premium Puzzle”, Journal of Economic Behavior ve Organization, 64(2), 250-268. GAZEL, S., (2014), Davranışsal Finans (Psikolojik Eşik ve Önyargılar), Ankara: Detay Yayıncılık. GLASER, M. ve WEBER, M. (2007), “Overconfidence And Trading Volüme”, The Geneva Risk and Insurance Review, 32(1), 1-36. GLASER, M., NÖTH, M., ve WEBER, M. (2003), “Behavioral Finance. Rationalitätskonzepte”, Entscheidungsverhalten und ökonomische Modellierung, 3. GOETZMANN, W. N. ve KUMAR, A. (2008), “Equity Portfolio Diversification”, Review of Finance, 433-463. GOMES, F. J. (2005), “Portfolio Choice And Trading Volume With Loss‐Averse Investors”, The Journal of Business, 78(2), 675-706. GREEN, D. P. ve FOX, J. (2007), Rational Choice Theory. Social Science Methodology. L., Sage Publications, 269-281. HASSAN, T. R., KHALİD, W., ve HABİB, A. (2014), “Overconfidence and Loss Aversion in Investment Decisions: A Study of the Impact of Gender and Age in Pakistani Perspective”, Research Journal of Finance and Accounting, 5 (11), 148-157. ISHFAQ, M., MAQBOOL, Z., AKRAM, S., TARİQ, S., ve KHURSHİD, M. K. (2017), “Mediating Role of Risk Perception between Cognitive Biases and Risky Investment Decision: Empirical Evidence from Pakistan's Equity Market”, Journal of Managerial Sciences, 11. KAHNEMAN, D. ve TVERSKY, A. (1979), “Prospect Theory: An Analysis Of Decision Under Risk. Econometrica”, Journal of the Econometric Society, 263-291. KAHNEMAN, D. ve TVERSKY, A. (1984), “Choices, Values, And Frames”, American psychologist, 39(4), 341. KAHNEMAN, D., KNETSCH, J. L. ve THALER, R. H. (1991), “Anomalies: The Endowment Effect, Loss Aversion, And Status Quo Bias”, The journal of economic perspectives, 193-206 KLAYMAN, J., SOLL, J., GONZALEZ - VALLEJO, C. ve BARLAS, S. (1999), Overconfidence: It depends on how, what, and whom you ask. Organizational Behavior and Human Decision Processes, 79, 216 – 247. KOROBKİN, R. B. ve ULEN, T. S. (2000), Law And Behavioral Science: Removing The Rationality Assumption From Law And Economics. Cal. L. Rev., 88, 1051. KOUWENBERG, R. ve ZİEMBA, W. T. (2007) (2007), “Incentives And Risk Taking İn Hedge Funds”, Journal of Banking ve Finance, 31(11), 3291-3310. KYLE, A. S. ve WANG, F. A. (1997), Speculation Duopoly With Agreement To Disagree: Can Overconfidence Survive The Market Test? J. Finance, 52, 2073–2090 LİBBY, R. ve RENNEKAMP, K. (2012), “Self‐Serving Attribution Bias, Overconfidence, And The İssuance Of Management Forecasts”, Journal of Accounting Research, 50(1), 197-231. LJUNGQVİST, A. ve WİLHELM, W. J. (2005), “Does Prospect Theory Explain IPO Market Behavior?”, The Journal of Finance, 60(4), 1759-1790. LOUGHRAN, T. ve RİTTER, J. R. (2002), “Why Don't İssuers Get Upset About Leaving Money On The Table İn Ipos?”, Review of financial studies, 15(2), 413-444. LUİGİ, G. ve TULLİO, J. (2008), Financial Literacy and Portfolio Diversification, EIEF Working Papers Series 0812, Einaudi Institute for Economics and Finance (EIEF), revised Oct 2008. MASSA, M. ve SİMONOV, A. (2005), “Behavioral Biases And İnvestment”, Review of Finance, 9(4), 483-507. MCCANNON, B. C., ASAAD, C. T. ve WİLSON, M. (2016), “Financial Competence, Overconfidence, And Trusting İnvestments: Results From An Experiment”, Journal of Economics and Finance, 40(3), 590-606. MCGRAW, A. P., LARSEN, J. T., KAHNEMAN, D. ve SCHKADE, D. (2010), “Comparing Gains And Losses”, Psychological science, 21(10), 1438-1445. MEİSEL, M. K., NİNG, H., CAMPBELL, W. K., ve GOODİE, A. S. (2016), Narcissism, Overconfidence, And Risk Taking İn US And Chinese Student Samples. Journal Of Cross-Cultural Psychology, 47(3), 385-400. MENKHOFF, L., SCHMELİNG, M. ve SCHMİDT, U. (2013), “Overconfidence, Experience, And Professionalism: An Experimental Study”, Journal Of Economic Behavior ve Organization, 86, 92-101. MENKHOFF, L., SCHMİDT, U. ve BROZYNSKİ, T. (2006), “The İmpact Of Experience On Risk Taking, Overconfidence, And Herding Of Fund Managers: Complementary Survey Evidence”, European Economic Review, 50(7), 1753-1766. MERKLE, C. (2017), “Financial Overconfidence Over Time: Foresight, Hindsight, And İnsight Of İnvestors”, Journal Of Banking Ve Finance, 84, 68-87. MİCHAİLOVA, J. (2010), Overconfidence and bubbles in experimental asset markets. https://mpra.ub.uni-muenchen.de/30579/1/MPRA_paper_30579.pdf ODEAN, T. (1998), “Volume, Volatility, Price, And Profit When All Traders Are Above Average”, The Journal of Finance, 53(6), 1887-1934. RUSSO, J. E. ve SCHOEMAKER, P. J. (1992), “Managing Overconfidence”, Sloan Management Review, 33(2), 7-17. SHEFRİN, H. (2000), Beyond Greed And Fear: Understanding Behavioral Finance And The Psychology Of İnvesting. Oxford University Press. TEKİN, B. (2015), Firmaların Finansal Kararları Üzerinde Davranışsal Önyargıların Etkisi, Sakarya Üniversitesi Sosyal Bilimler Enstitüsü Doktora Tezi, Sakarya. Türk Dil Kurumu (2018), http://www.tdk.gov.tr/index.php?option=com_bts&view=bts (Erişim Tarihi: 03.01.2018) TVERSKY, A. ve KAHNEMAN, D. (1991), “Loss Aversion İn Riskless Choice: A Reference-Dependent Model”, The quarterly journal of economics, 1039-1061. TVERSKY, A. ve KAHNEMAN, D. (1992), Advances İn Prospect Theory: Kümülatif Representation Of Uncertainty. Journal Of Risk And Uncertainty, 5(4), 297-323. YEOH, L. Y. ve WOOD, A. (2011), Overconfidence, competence and trading activity. Working paper. Retrieved 10 January, 2012, from http://www. cass. city. ac. uk/__data/assets/pdf_file/0006/79152/Wood. pdf.
Toplam 1 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Selim Cengiz 0000-0002-2013-9590

Bilgehan Tekin 0000-0002-4926-3317

Yayımlanma Tarihi 9 Temmuz 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 9 Sayı: 17

Kaynak Göster

APA Cengiz, S., & Tekin, B. (2020). KENDİNE AŞIRI GÜVEN VE KAYIPTAN KAÇINMA ÖNYARGILARI YATIRIM KARARLARINDA ÖNEMLİ BİR FAKTÖR MÜ?. Global Journal of Economics and Business Studies, 9(17), 38-54.