Uluslararası Ticaret ve Finans Bölümü Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12469/67

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Browsing Uluslararası Ticaret ve Finans Bölümü Koleksiyonu by Journal "Journal of Behavioral and Experimental Finance"

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    Article
    Citation - WoS: 15
    Citation - Scopus: 17
    Behavioral Biases of Finance Professionals: Turkish Evidence
    (Elsevier Science Bv, 2016) Kiymaz, Halil; Öztürkkal, Belma; Akkemik, K. Ali
    This study extends the existing literature on the determinants of behavioral biases of Turkish finance sector professionals. It examines the impact of various personal and objective attributes of finance sector professionals on their risk choices derived from their portfolio allocation and personal wealth data. Utilizing survey data from 206 professionals we find that these professionals take higher risk in the form of investment in equities when investing in home country firms (geographic bias) and investing in firms headquartered in their home towns (home bias). Those relying on their own predictions when making investment decisions and those with emotional biases invest less in equities. Findings further show that younger professionals professional with less education with lower risk aversion and with single broker accounts are more likely to invest in equities. We also find that those with higher expected returns invest more in equities showing overconfidence. Subsample analysis results for finance professionals suggest that portfolio managers and brokerage company professionals display differing risk taking behavior. (C) 2016 Elsevier B.V. All rights reserved.
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    Article
    Citation - WoS: 8
    Citation - Scopus: 11
    Does mood affect institutional herding?
    (Elsevier, 2020) Gavriilidis, Konstantinos; Kallinterakis, Vasileios; Öztürkkal, Belma
    Drawing on a unique data set of daily portfolio holdings for Turkish mutual funds we investigate the relationship between mood and institutional herding on the premises of various established mood proxies (weekend effect; holiday effect; Ramadan; sunshine). Results indicate that fund managers in Turkey herd significantly, with their herding growing in magnitude as the number of active funds per stock rises and appearing stronger on the buy-than the sell-side. Although the relationship of mood with institutional herding occasionally assumes the correct sign as per theoretical expectations, institutional herding is found to be insignificantly different across various mood states, thus denoting that mood does not impact the propensity of fund managers to herd. (C) 2020 Elsevier B.V. All rights reserved.