Finansal Yatırım Kararında Duygusal Faktörlerin Rolü: Bir Literatür Taraması

Yıl 2020, Sayı: 87, 225 - 238, 05.07.2020

Naime Usul

https://doi.org/10.25095/mufad.756303

Cited By: 1

Öz

Modern finans teorisine göre yatırımcılar yatırım kararlarını verirken piyasa bilgisine eksiksiz sahip olup, bu bilgiyi doğru analiz edip, sonuç olarak beklediği faydayı maksimize edecek şekilde karar verir. Bu fayda riske göre getiridir. Dolayısı ile temel varsayımı “rasyonel yatırımcılar” ve “beklenen fayda teorisi” olan bu bakış açısı, yatırımcının belli bir riske göre getirisini maksimize edecek yatırım kararını vereceğini öngörür. Davranışsal finans ise yatırımcıların getiri ve risk dışında başka faktörlerden de etkilenebileceğini, bu sebeple rasyonellikten, hem mikro seviyede birey olarak hem de makro seviyede piyasaları etkileyecek şekilde sapabileceğini savunur. Bu çalışma, irrasyonel yatırımcı davranışlarıyla ilgili literatüre genel bir bakış atıp, özellikle duygusal faktörlerin etkisine dikkat çekerek “duygu hevristiği” ve yatırım kararına olan etkisi ile ilgili yeni çalışmaları desteklemeyi hedeflemektedir. Nispeten bakir olan bu alanda, disiplinler arası bakış açısıyla, psikoloji, sosyoloji ve pazarlama gibi diğer sosyal bilimlerden de katkı alarak yeni çalışmalar yapılmasının, yatırım kararlarında duygusal faktörlerin etkisinin anlaşılması açısından faydalı olacağı öngörülmektedir.

Anahtar Kelimeler

Davranışsal Finans, Etkin Piyasa Hipotezi, Yatırım Kararı, Yatırımcı Davranışı, Duygu Hevristiği.

Kaynakça

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