Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case
Yıl: 2020 Cilt: 15 Sayı: 3 Sayfa Aralığı: 1327 - 1338 Metin Dili: İngilizce DOI: 10.47644/TurkishStudies.42950 İndeks Tarihi: 06-06-2021
Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case
Öz: The argument of why some investors may theoretically outperform the market in efficient markets raises questions about market efficiency. Behavioral Finance is an emerging field in finance. According to the behavioral finance approach, the moods, behaviors, feelings and attitudes of the investors are very important. Followers of the inefficientmarket concept try to prove market inefficiency by conducting research on factors specific to market activities. In order to test this arguments, many studies are conducted to test market anomalies. The purpose of this research is to apply the study conducted in 2008, which investigates the relationship between investors' sense of happiness and excessive trust, in the Pakistani Equity Market.The purpose of the research is to review the results of study conducted in 2008 that claim to investigate the relationship of investors' happy sentiment and overconfidence effect. Cloud coverage, temperature and temperature change, former returns, and short term loan change rate are used as proxies for happy sentiment. Data from Pakistan Stock Exchange and Meteorological Department is collected to check the relation. Data from Pakistan Equity Market and Pakistan Meteorology Department between 2007-2016 were used in this study.The happy sentiment index is divided into two categories: "natural environment happiness" and "investment atmosphere happiness." The results suggest that short term loan rates, previous day turnover and previous day activities have significant low effect on investment overconfidence of investor so trading activities are affected. Natural environment factors have less impact while investment atmosphere happiness has moderately high effect on market activities of investors.
Anahtar Kelime: Yatırımcı Aşırı Özgüvenine Yol Açan Faktörler: Pakistan Pay Piyasası Örneği
Öz: Bazı yatırımcıların teorik olarak etkin piyasalarda piyasaya göre neden daha iyi performans gösterebildikleri argümanı, piyasa etkinliği hakkında soruların ortaya çıkmasına neden olmaktadır. Davranışsal Finans, finansta gelişmekte olan bir alandır. Davranışsal finans yaklaşımına göre yatırımcıların ruh halleri, davranışları, duyguları ve tutumları çok önemlidir. Etkin olmayan piyasa konseptinin takipçileri, piyasa faaliyetlerine özgü faktörler üzerine araştırmalar yaparak piyasa etkinsizliğini kanıtlamaya çalışmaktadırlar. Bu argümanın test edilmesi için piyasa anomalilerini test etmeye yönelik pek çok çalışma yapılmaktadır. Bu araştırmanın amacı, 2008 yılında yapılan ve yatırımcıların mutluluk duygusu ve aşırı güven etkisi arasındaki ilişkiyi araştıran çalışmayı Pakistan Pay Piyasasında uygulamaktır. Bulutluluk durumu, sıcaklık ve sıcaklık değişimi, eski getiriler ve kısa vadeli kredi değişim oranı, mutlu duyguların açıklayıcısı olarak kullanılmıştır. İlişkileri kontrol etmek için veriler Pakistan Borsası ve Meteoroloji Departmanından elde edilmiştir.Bu çalışmada Pakistan Pay Piyasası ile Pakistan Meteoroloji Departmanından elde edilen 2007-2016 yılları arasına ait veriler kullanılmıştır. Mutlu duygu endeksi iki kategoriye ayrılır: "doğal çevre mutluluğu" ve "yatırım ortamı mutluluğu". Sonuçlar, kısa vadeli kredi oranlarının, önceki gün hacmi ve önceki gün faaliyetlerinin yatırımcının aşırı güveni üzerinde düşük olmakla birlikte anlamlı etkiye sahip olduğunu ve dolayısıyla yatırım kararlarının etkilendiğini göstermektedir. Doğal ortam faktörleridaha az etkiye sahipken, yatırım ortamı mutluluğuyatırımcıların piyasa faaliyetleri üzerinde orta derecede etkiye sahiptir.
Anahtar Kelime: Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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| APA | Ertuğrul M, Qureshi F (2020). Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case. , 1327 - 1338. 10.47644/TurkishStudies.42950 |
| Chicago | Ertuğrul Murat,Qureshi Fareeha Javed Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case. (2020): 1327 - 1338. 10.47644/TurkishStudies.42950 |
| MLA | Ertuğrul Murat,Qureshi Fareeha Javed Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case. , 2020, ss.1327 - 1338. 10.47644/TurkishStudies.42950 |
| AMA | Ertuğrul M,Qureshi F Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case. . 2020; 1327 - 1338. 10.47644/TurkishStudies.42950 |
| Vancouver | Ertuğrul M,Qureshi F Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case. . 2020; 1327 - 1338. 10.47644/TurkishStudies.42950 |
| IEEE | Ertuğrul M,Qureshi F "Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case." , ss.1327 - 1338, 2020. 10.47644/TurkishStudies.42950 |
| ISNAD | Ertuğrul, Murat - Qureshi, Fareeha Javed. "Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case". (2020), 1327-1338. https://doi.org/10.47644/TurkishStudies.42950 |
| APA | Ertuğrul M, Qureshi F (2020). Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case. Turkish Studies - Economics, Finance, Politics , 15(3), 1327 - 1338. 10.47644/TurkishStudies.42950 |
| Chicago | Ertuğrul Murat,Qureshi Fareeha Javed Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case. Turkish Studies - Economics, Finance, Politics 15, no.3 (2020): 1327 - 1338. 10.47644/TurkishStudies.42950 |
| MLA | Ertuğrul Murat,Qureshi Fareeha Javed Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case. Turkish Studies - Economics, Finance, Politics , vol.15, no.3, 2020, ss.1327 - 1338. 10.47644/TurkishStudies.42950 |
| AMA | Ertuğrul M,Qureshi F Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case. Turkish Studies - Economics, Finance, Politics . 2020; 15(3): 1327 - 1338. 10.47644/TurkishStudies.42950 |
| Vancouver | Ertuğrul M,Qureshi F Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case. Turkish Studies - Economics, Finance, Politics . 2020; 15(3): 1327 - 1338. 10.47644/TurkishStudies.42950 |
| IEEE | Ertuğrul M,Qureshi F "Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case." Turkish Studies - Economics, Finance, Politics , 15, ss.1327 - 1338, 2020. 10.47644/TurkishStudies.42950 |
| ISNAD | Ertuğrul, Murat - Qureshi, Fareeha Javed. "Factors That Lead to Investor’s Overconfidence: Pakistan Stock Exchange Case". Turkish Studies - Economics, Finance, Politics 15/3 (2020), 1327-1338. https://doi.org/10.47644/TurkishStudies.42950 |
