Araştırma Makalesi
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Investigation of the relationship between investor sentiment and systemic risk: An example of the Turkish banking sector

Yıl 2022, Cilt: 36 Sayı: 4, 304 - 314, 15.10.2022

Öz

The institutions that suffer the most during any crisis or under financial instability are also the ones that contribute the most to the spread and growth of the crisis. As a matter of fact, the 2007–2008 Global Financial Crisis revealed the important role of systemic risks in the crisis. In par- ticular, instability in financial institutions and their increasing systemic risks can negatively affect the entire economy and the global system. In this research, the relationship between investor sentiment and systemic risks of the Turkish banking sector was examined. For this purpose, the long- term relationship between the variables was analyzed using the co-integration tests of Kao, Pedroni, Fisher (Johansen), and Westerlund. Co-integration tests have shown that systemic risks and inves- tor sentiment are co-integrated in the long term. In the study, long-term elasticities were examined using dynamic least squares, panel dynamic least squares, and fully modified least squares estima- tors. The results have shown that systemic risk increases in the long term negatively affect inves- tor sentiment. According to Granger causality test results, there is one-way causality from banking sector systemic risks to investor sentiment. Various political inferences can be made through the findings of this research. Investor sentiment can be used as an important warning system for pre- dicting risks and financial instability toward the Turkish banking sector. Policymakers should take into account investor sentiment when monitoring the stability of the market and implementing policies. Bank managers should take into account investor sentiment in their decisions and projects and avoid high risk-taking behaviors, especially during periods of low investor sentiment.

Kaynakça

  • Acharya, V. V., Pedersen, L. H., Philippon, T., & Richardson, M. P. (2010). Measuring Systemic Risk (May 2010). AFA 2011 Denver Meetings Paper, SSRN.
  • Adrian, T., & Brunnermeier, M. K. (2011). CoVaR, NBER, Working Paper, 17454. National Bureau for Economic Research. Aghaei, M. A., Norouzi, M., Bayat, M., & Mobebkhah, M. (2018). Corporate life cycle, risk-taking and investor sentiment: Evidence from Tehran stock exchange. Journal of Accounting Advances, 10(1), 1–29. [CrossRef]
  • Akyol, H. (2021a). Türk Bankacılık Sektöründeki Risklerin Belirleyicileri ve Bu Risklerin Yatırımcı Davranışları Üzerindeki Etkisi. (Yayımlanmamış Doktara Tezi), Atatürk Üniversitesi Sosyal Bilimler Enstitüsü İktisat Anabilim Dalı.
  • Akyol, H. (2021b). Cari dengesizlikler ve ticari serbestleşmenin bankacılık sektöründeki sistemik riskleri tetikleyebilme ihtimali. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 9(5), 1201–1216.
  • Altunbaş, Y., & Yorulmazer, T. (2013). Special Issue on Systemıc Risk, Guest Editors’ Introduction, 1-3, TCMB. https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/ Publications/Central+Bank+Review/2013/Special+Issue+on+Systemic+Risk (Erişim Tarihi: 15.05.2021).
  • Atasaygin, S. (2019). Yatırımcı Duyarlılığının Türkiye Sermaye Piyasası’na Etkisi. (Yayımlanmamış Yüksek Lisans Tezi), Sakarya Üniversitesi Sosyal Bilimler Enstitüsü.
  • Bandopadhyaya, A., & Truong, D. (2010). Who knew: Financial crises and investor sentiment. Financial Services Forum Publications. Paper 10. (pp. 1–19).
  • Barone-Adesi, G., Mancini, L., & Shefrin, H. (2012). Systemic risk and sentiment (pp. 714–741). http://www.risklab.es/es/jornadas/2012/1-M adrid%20Systemic%20Risk%20and%20Sentiment.pdf (Erişim Tarihi: 15.05.2021).
  • Black L., Correa, R., Huang, X., & Zhou, H. (2013). The systemic risk of European banks during the financial and sovereign debt crises, Boards of Governors of the Federal Reserve System, international finance discussion Papers, 1083.
  • Borovkova S., Garmaev, E., Lammers, P., & Rustige, J. (2017). SenSR: A sentiment-based systemic risk indicator, DeNederlandscheBank [Working paper] No:553. (pp. 1–20).
  • Brownlees, C. T., & Engle, R. F. (2012). Volatility, correlation and tails for systemic risk measurement, SSRN Scholarly, Paper ID 1611229. Social Science Research Network.
  • Brownlees, C., & Engle, R. F. (2017). SRISK: A conditional capital shortfall measure of systemic risk. Review of Financial Studies, 30(1), 48–79. [CrossRef] Bullard, J., Neely, C. J., & Wheelock, D. C. (2009). Systemic risk and the financial crisis: A primer. Review, 91(5, Part 1), 403–417. [CrossRef]
  • Burdisso, T., & Sangiácomo, M. (2016). Panel Time Series: Review of the methodological evolution. STATA Journal: Promoting Communications on Statistics and Stata, 16(2), 424–442. [CrossRef]
  • Caruana, J. (2010). Systemic risk: How to deal with it? Research & publications, BIS. https://www.bis.org/publ/othp08.htm (Erişim Tarihi: 15.05.2021).
  • Chiu, C. W., Harris, R. D. F., Stoja, E., & Chin, M. (2018). Financial market volatility, macroeconomic fundamentals and investor sentiment. Journal of Banking and Finance, 92, 130–145. [CrossRef]
  • Christ, K. P., & Bremmer, D. S. (2003). The relationship between consumer sentiment and stock prices. “Financial Economics” Session of The 78th Annual Confrence of the Western Economics Association Inter- national, Denver Colarado.
  • Corparate Finance Institue. https://corporatefinanceinstitute.com/resources/knowledge/finance/what-is-systemic-risk/ (Erişim Tarihi: 15.05.2021).
  • De Long, J. B., Shleifer, A., Summers, L. H., & Waldmann, R. J. (1990). Noise trader risk in financial markets. Journal of Political Economy, 98(4), 703–738. [CrossRef]
  • Dreyer, J. K., Schmid, P. A., & Zugrav, V. (2018). Individual, systematic and systemic risks in the Danish banking sector. Czech Journal of Eco- nomics and Finance, Charles University Prague, Faculty of Social Sci- ences, 68(4), 320–350.
  • ECB. (2009). The concept of systemic risk. Financial Stability Review, IV Special Features, 134–142.
  • Habib, A., & Hasan, M. M. (2017). Firm life cycle, corporate risk-taking and investor sentiment. Accounting and Finance, 57(2), 465–497. [CrossRef]
  • Herschberg, M. (2012). Limits to arbitrage: An introduction to behavioral finance and a literature review. Palermo Business Review, 7, 7–21.
  • Hirshleifer, D. (2015). Behavioral finance. Annual Review of Financial Economics, 7(1), 133–159. [CrossRef]
  • Hoffmann, A. O. I., Post, T., & Pennings, J. M. E. (2013). Individual investor perceptions and behavior during the financial crisis. Journal of Bank- ing and Finance, 37(1), 60–74. [CrossRef]
  • HuayC. S., Winterton, J., Bani, Y., & Matemilola, B. T. (2019). Do remittances promote human development? Empirical evidence from developing countries. International Journal of Social Economics, 46(10), 1173–1185. [CrossRef]
  • IMF. (2009). Guidance to assess the systemic importance of financial institutions, markets and instruments: Initial considerations, report to the G-20 finance ministers and Central Bank governors. October, 1–20.
  • Jurevičienė, D., & Ivanova, O. (2013). Behavioural finance: Theory and survey / Finansinė Elgsena: Teorija ir Tyrimas. Mokslas – Lietuvos Ateitis, 5(1), 53–58. [CrossRef]
  • Kabakcı, C. Ç., & Akkaya, G. C. (2020). Yatırımcı duyarlılığı endeksi ile BİST 100 endeksi arasındaki llişkinin araştırılması. Manisa Celal Bayar Üni- versitesi Sosyal Bilimler Dergisi, 18(4), 407–416.
  • Kandir, S. Y., Gerçi, G., & Uzkaralar, Ö. (2013). Yatırımcı duyarlılığı temsilcileri: Yatırım ortaklıkları i̇skontosu ve tüketici güven endeksi örneği. BDDK Bankacılık ve Finansal Piyasalar, 7(2), 55–75.
  • Kapoor, S., & Prosad, J. M. (2017). Behavioural finance: A review. Procedia Computer Science, 122, 50–54. [CrossRef] Kappler M. (2006). Panel tests for unit roots in hours worked, ZEW - Leibniz Centre for European Economic Research, ZEW Discussion Paper Paper no: 06–22.
  • Kaufman, G. G., & Scott, K. E. (2003). What is systemic risk, and do bank regulators retard or contribute to it? Independent Review, 7(3), 371–391.
  • Keleş, E., & Arat, M. E. (2016). Yatırımcı duyarlılığı temsilcileri ve sermaye getirilerinin tahmini. Marmara Üniversitesi Öneri Dergisi, 12(45), 307–326.
  • Koçak, E., & Uzay, N. (2018). Demokrasi, ekonomik özgürlükler ve ekonomik büyüme: Kurumların rolü üzerine bir araştırma. Sosyoekonomi, 26(36), 81–102.
  • Laeven, L., Ratnovski, L., & Tong, H. (2016). Bank size, capital, and systemic risk: Some international evidence. Journal of Banking and Finance, 69, S25–S34. [CrossRef]
  • Langfield, S., Pagano, M., Krahnen, J. P., & Wagner, W. (2016). Bank bias in Europe: Effects on systemic risk and growth. Economic Policy, 31(85), 51–106. [CrossRef]
  • Lemmon, M., & Portniaguina, E. (2006). Consumer confidence and asset prices: Some empirical, evidence. Review of Financial Studies, 19(4), 1499–1529. [CrossRef]
  • New York University. (2021). V-LAB. https://vlab.stern.nyu.edu/analysis/ RISK.WORLDFIN-MR.GMES?selectedDate=2018-09-28&selected Asset=528 (Erişim Tarihi: 15.05.2021).
  • Ouyang, Z. S., Huang, Y., Jia, Y., & Luo, C. Q. (2020). Measuring systemic risk contagion effect of the banking industry in China: A directed network approach. Emerging Markets Finance and Trade, 56(6), 1312–1335. [CrossRef]
  • Papakyriakou, P., Sakkas, A., & Taoushianis, Z. (2019). Financial firm bankruptcies, international stock markets, and investor sentiment. International Journal of Finance and Economics, 24(1), 461–473. [CrossRef]
  • Paraboni, A. L., Righi, M. B., Vieira, K. M., & Da Silveira, V. (2018). The relationship between sentiment and risk in financial markets. BAR – Brazilian Administration Review, 15(1), e170055, 1–15. [CrossRef]
  • Ricciardi, V., & Simon, H. K. (2000). What is behavioral finance? Business, Education and Technology Journal, Fall, 1–9.
  • Smaga, P. (2014). The Concept of Systemic Risk, The London School of Economics and Political Science, Special Paper Series, 5.
  • Tatoğlu, F. Y. (2013). İleri Panel Veri Analizi. Beta Basım A. Ş.
  • Tatoğlu, F. Y. (2017). Panel Zaman Serileri Analizi. Beta Basım A. Ş.
  • Tekin, B. (2016). Beklenen fayda ve beklenti teorileri bağlamında geleneksel finans – davranışsal finans ayrımı. Journal of Accounting, Finance and Auditing Studies, 2(4), 75–107.
  • Türkiye İstatistik Kurumu. (2021). Tüketici Güven İndeksi. https://www.tuik. gov.tr (Erişim Tarihi: 15.05.2021).
  • Virmani, A., & Ray, P. (2010). The global crisis and systemic risks: Matching sources with correctives. Economic and Political Weekly, 45(49), 73–78.
  • Wang, J., Wang, X., Yang, J., & Zhuang, X. (2020). Impact of investor sentiment on mutual fund risk taking and performance: Evidence from China. Enterprise Information Systems, 14(6), 833–857. [CrossRef]
  • Zhang, C. (2008). Defining, modeling, and measuring investor sentiment Defining, Modeling, and Measuring Investor Sentiment. (Department of Economics Thesis). University of California

Yatırımcı duyarlılığı ve sistemik risk ilişkisinin incelenmesi: Türk bankacılık sektörü örneği

Yıl 2022, Cilt: 36 Sayı: 4, 304 - 314, 15.10.2022

Öz

Herhangi bir kriz döneminde veya finansal istikrarsızlık altında en çok kayba uğrayan kurumlar, aynı zamanda krizin yayılmasına ve büyümesine en fazla katkı sağlayanlardır. Nitekim, 2007–2008 Küresel Finans Krizi sistemik risklerin kriz içerisindeki önemli rolünü ortaya çıkarmıştır. Özellikle, finansal kurumlarda meydana gelen istikrarsızlıklar ve bunların artan sistemik riskleri bütün ekonomiyi ve küresel sistemi olumsuz etkileyebilmektedir. Bu araştırmada yatırımcı duyarlılığı ve Türk bankacılık sektörü sistemik riskleri arasındaki ilişki incelenmiştir. Bu amaçla değişkenler arasındaki uzun dönem ilişkisi Kao, Pedroni, Fisher (Johansen) ve Westerlund eşbütünleşme testleri kullanılarak analiz edilmiştir. Eşbütünleşme testleri, sistemik riskler ile yatırımcı duyarlılığının uzun dönemde eşbütünleşik olduğunu göstermiştir. Araştırmada uzun dönem esneklikler DOLS, FMOLS ve PDOLS tahmincileri kullanılarak incelenmiştir. Sonuçlar, uzun dönemde sistemik risk artışlarının yatırımcı duyarlılığını negatif yönlü bir şekilde etkilediğini göstermiştir. Granger nedensellik test sonuçlarına göre, bankacılık sektörü sistemik risklerinden yatırımcı duyarlılığına doğru tek yönlü nedensellik vardır. Bu araştırmanın bulguları üzerinden çeşitli politik çıkarımlar yapılabilir. Türk ban- kacılık sektörüne dönük riskleri ve finansal istikrarsızlıkların önceden tahmin edilmesinde yatırımcı duyarlılığı önemli bir uyarı sistemi olarak kullanılabilir. Politika uygulayıcıları, piyasanın istikrarını takip ederken ve politikalar uygularken yatırımcı duyarlılığını hesaba katmalıdır. Banka yöneticileri, aldıkları kararlarda ve projelerde yatırımcı duyarlılığını göz önünde bulundurmalı, özellikle düşük yatırımcı duyarlılığının olduğu dönemlerde yüksek risk alma davranışlarından kaçınmalıdır.

Kaynakça

  • Acharya, V. V., Pedersen, L. H., Philippon, T., & Richardson, M. P. (2010). Measuring Systemic Risk (May 2010). AFA 2011 Denver Meetings Paper, SSRN.
  • Adrian, T., & Brunnermeier, M. K. (2011). CoVaR, NBER, Working Paper, 17454. National Bureau for Economic Research. Aghaei, M. A., Norouzi, M., Bayat, M., & Mobebkhah, M. (2018). Corporate life cycle, risk-taking and investor sentiment: Evidence from Tehran stock exchange. Journal of Accounting Advances, 10(1), 1–29. [CrossRef]
  • Akyol, H. (2021a). Türk Bankacılık Sektöründeki Risklerin Belirleyicileri ve Bu Risklerin Yatırımcı Davranışları Üzerindeki Etkisi. (Yayımlanmamış Doktara Tezi), Atatürk Üniversitesi Sosyal Bilimler Enstitüsü İktisat Anabilim Dalı.
  • Akyol, H. (2021b). Cari dengesizlikler ve ticari serbestleşmenin bankacılık sektöründeki sistemik riskleri tetikleyebilme ihtimali. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 9(5), 1201–1216.
  • Altunbaş, Y., & Yorulmazer, T. (2013). Special Issue on Systemıc Risk, Guest Editors’ Introduction, 1-3, TCMB. https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/ Publications/Central+Bank+Review/2013/Special+Issue+on+Systemic+Risk (Erişim Tarihi: 15.05.2021).
  • Atasaygin, S. (2019). Yatırımcı Duyarlılığının Türkiye Sermaye Piyasası’na Etkisi. (Yayımlanmamış Yüksek Lisans Tezi), Sakarya Üniversitesi Sosyal Bilimler Enstitüsü.
  • Bandopadhyaya, A., & Truong, D. (2010). Who knew: Financial crises and investor sentiment. Financial Services Forum Publications. Paper 10. (pp. 1–19).
  • Barone-Adesi, G., Mancini, L., & Shefrin, H. (2012). Systemic risk and sentiment (pp. 714–741). http://www.risklab.es/es/jornadas/2012/1-M adrid%20Systemic%20Risk%20and%20Sentiment.pdf (Erişim Tarihi: 15.05.2021).
  • Black L., Correa, R., Huang, X., & Zhou, H. (2013). The systemic risk of European banks during the financial and sovereign debt crises, Boards of Governors of the Federal Reserve System, international finance discussion Papers, 1083.
  • Borovkova S., Garmaev, E., Lammers, P., & Rustige, J. (2017). SenSR: A sentiment-based systemic risk indicator, DeNederlandscheBank [Working paper] No:553. (pp. 1–20).
  • Brownlees, C. T., & Engle, R. F. (2012). Volatility, correlation and tails for systemic risk measurement, SSRN Scholarly, Paper ID 1611229. Social Science Research Network.
  • Brownlees, C., & Engle, R. F. (2017). SRISK: A conditional capital shortfall measure of systemic risk. Review of Financial Studies, 30(1), 48–79. [CrossRef] Bullard, J., Neely, C. J., & Wheelock, D. C. (2009). Systemic risk and the financial crisis: A primer. Review, 91(5, Part 1), 403–417. [CrossRef]
  • Burdisso, T., & Sangiácomo, M. (2016). Panel Time Series: Review of the methodological evolution. STATA Journal: Promoting Communications on Statistics and Stata, 16(2), 424–442. [CrossRef]
  • Caruana, J. (2010). Systemic risk: How to deal with it? Research & publications, BIS. https://www.bis.org/publ/othp08.htm (Erişim Tarihi: 15.05.2021).
  • Chiu, C. W., Harris, R. D. F., Stoja, E., & Chin, M. (2018). Financial market volatility, macroeconomic fundamentals and investor sentiment. Journal of Banking and Finance, 92, 130–145. [CrossRef]
  • Christ, K. P., & Bremmer, D. S. (2003). The relationship between consumer sentiment and stock prices. “Financial Economics” Session of The 78th Annual Confrence of the Western Economics Association Inter- national, Denver Colarado.
  • Corparate Finance Institue. https://corporatefinanceinstitute.com/resources/knowledge/finance/what-is-systemic-risk/ (Erişim Tarihi: 15.05.2021).
  • De Long, J. B., Shleifer, A., Summers, L. H., & Waldmann, R. J. (1990). Noise trader risk in financial markets. Journal of Political Economy, 98(4), 703–738. [CrossRef]
  • Dreyer, J. K., Schmid, P. A., & Zugrav, V. (2018). Individual, systematic and systemic risks in the Danish banking sector. Czech Journal of Eco- nomics and Finance, Charles University Prague, Faculty of Social Sci- ences, 68(4), 320–350.
  • ECB. (2009). The concept of systemic risk. Financial Stability Review, IV Special Features, 134–142.
  • Habib, A., & Hasan, M. M. (2017). Firm life cycle, corporate risk-taking and investor sentiment. Accounting and Finance, 57(2), 465–497. [CrossRef]
  • Herschberg, M. (2012). Limits to arbitrage: An introduction to behavioral finance and a literature review. Palermo Business Review, 7, 7–21.
  • Hirshleifer, D. (2015). Behavioral finance. Annual Review of Financial Economics, 7(1), 133–159. [CrossRef]
  • Hoffmann, A. O. I., Post, T., & Pennings, J. M. E. (2013). Individual investor perceptions and behavior during the financial crisis. Journal of Bank- ing and Finance, 37(1), 60–74. [CrossRef]
  • HuayC. S., Winterton, J., Bani, Y., & Matemilola, B. T. (2019). Do remittances promote human development? Empirical evidence from developing countries. International Journal of Social Economics, 46(10), 1173–1185. [CrossRef]
  • IMF. (2009). Guidance to assess the systemic importance of financial institutions, markets and instruments: Initial considerations, report to the G-20 finance ministers and Central Bank governors. October, 1–20.
  • Jurevičienė, D., & Ivanova, O. (2013). Behavioural finance: Theory and survey / Finansinė Elgsena: Teorija ir Tyrimas. Mokslas – Lietuvos Ateitis, 5(1), 53–58. [CrossRef]
  • Kabakcı, C. Ç., & Akkaya, G. C. (2020). Yatırımcı duyarlılığı endeksi ile BİST 100 endeksi arasındaki llişkinin araştırılması. Manisa Celal Bayar Üni- versitesi Sosyal Bilimler Dergisi, 18(4), 407–416.
  • Kandir, S. Y., Gerçi, G., & Uzkaralar, Ö. (2013). Yatırımcı duyarlılığı temsilcileri: Yatırım ortaklıkları i̇skontosu ve tüketici güven endeksi örneği. BDDK Bankacılık ve Finansal Piyasalar, 7(2), 55–75.
  • Kapoor, S., & Prosad, J. M. (2017). Behavioural finance: A review. Procedia Computer Science, 122, 50–54. [CrossRef] Kappler M. (2006). Panel tests for unit roots in hours worked, ZEW - Leibniz Centre for European Economic Research, ZEW Discussion Paper Paper no: 06–22.
  • Kaufman, G. G., & Scott, K. E. (2003). What is systemic risk, and do bank regulators retard or contribute to it? Independent Review, 7(3), 371–391.
  • Keleş, E., & Arat, M. E. (2016). Yatırımcı duyarlılığı temsilcileri ve sermaye getirilerinin tahmini. Marmara Üniversitesi Öneri Dergisi, 12(45), 307–326.
  • Koçak, E., & Uzay, N. (2018). Demokrasi, ekonomik özgürlükler ve ekonomik büyüme: Kurumların rolü üzerine bir araştırma. Sosyoekonomi, 26(36), 81–102.
  • Laeven, L., Ratnovski, L., & Tong, H. (2016). Bank size, capital, and systemic risk: Some international evidence. Journal of Banking and Finance, 69, S25–S34. [CrossRef]
  • Langfield, S., Pagano, M., Krahnen, J. P., & Wagner, W. (2016). Bank bias in Europe: Effects on systemic risk and growth. Economic Policy, 31(85), 51–106. [CrossRef]
  • Lemmon, M., & Portniaguina, E. (2006). Consumer confidence and asset prices: Some empirical, evidence. Review of Financial Studies, 19(4), 1499–1529. [CrossRef]
  • New York University. (2021). V-LAB. https://vlab.stern.nyu.edu/analysis/ RISK.WORLDFIN-MR.GMES?selectedDate=2018-09-28&selected Asset=528 (Erişim Tarihi: 15.05.2021).
  • Ouyang, Z. S., Huang, Y., Jia, Y., & Luo, C. Q. (2020). Measuring systemic risk contagion effect of the banking industry in China: A directed network approach. Emerging Markets Finance and Trade, 56(6), 1312–1335. [CrossRef]
  • Papakyriakou, P., Sakkas, A., & Taoushianis, Z. (2019). Financial firm bankruptcies, international stock markets, and investor sentiment. International Journal of Finance and Economics, 24(1), 461–473. [CrossRef]
  • Paraboni, A. L., Righi, M. B., Vieira, K. M., & Da Silveira, V. (2018). The relationship between sentiment and risk in financial markets. BAR – Brazilian Administration Review, 15(1), e170055, 1–15. [CrossRef]
  • Ricciardi, V., & Simon, H. K. (2000). What is behavioral finance? Business, Education and Technology Journal, Fall, 1–9.
  • Smaga, P. (2014). The Concept of Systemic Risk, The London School of Economics and Political Science, Special Paper Series, 5.
  • Tatoğlu, F. Y. (2013). İleri Panel Veri Analizi. Beta Basım A. Ş.
  • Tatoğlu, F. Y. (2017). Panel Zaman Serileri Analizi. Beta Basım A. Ş.
  • Tekin, B. (2016). Beklenen fayda ve beklenti teorileri bağlamında geleneksel finans – davranışsal finans ayrımı. Journal of Accounting, Finance and Auditing Studies, 2(4), 75–107.
  • Türkiye İstatistik Kurumu. (2021). Tüketici Güven İndeksi. https://www.tuik. gov.tr (Erişim Tarihi: 15.05.2021).
  • Virmani, A., & Ray, P. (2010). The global crisis and systemic risks: Matching sources with correctives. Economic and Political Weekly, 45(49), 73–78.
  • Wang, J., Wang, X., Yang, J., & Zhuang, X. (2020). Impact of investor sentiment on mutual fund risk taking and performance: Evidence from China. Enterprise Information Systems, 14(6), 833–857. [CrossRef]
  • Zhang, C. (2008). Defining, modeling, and measuring investor sentiment Defining, Modeling, and Measuring Investor Sentiment. (Department of Economics Thesis). University of California
Toplam 49 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Araştırma Makaleleri
Yazarlar

Hikmet Akyol Bu kişi benim 0000-0001-9119-7416

Melahat Batu Ağırkaya Bu kişi benim 0000-0002-8703-5622

Yayımlanma Tarihi 15 Ekim 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 36 Sayı: 4

Kaynak Göster

APA Akyol, H., & Batu Ağırkaya, M. (2022). Yatırımcı duyarlılığı ve sistemik risk ilişkisinin incelenmesi: Türk bankacılık sektörü örneği. Trends in Business and Economics, 36(4), 304-314.

Content of this journal is licensed under a Creative Commons Attribution 4.0 International License

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