Author :
Abstract
Etkin piyasalar hipotezi (EPH), geleneksel finansın en önemli yapıtaşlarından bir tanesidir. EPH, menkul kıymetler fiyatlarının piyasadaki elde edilebilir tüm bilgiyi yansıtması gerektiğini ileri sürmektedir. Piyasaların etkinliği kavramı yatırımcılar ile ilgili iki argüman ortaya koymaktadır. Öncelikle yatırımcılar rasyonel ve faydalarını maksimize etmeye çalışan kişilerdir. İkinci olarak piyasa katılımcılarının piyasada aşırı kar etmesi mümkün değildir. EPH, otuz yılı aşkın bir süre finans dünyasının hakim modeli olmuştur. Bununla birlikte, 1990’ların sonlarına doğru yapılan çok sayıda çalışmada, hisse fiyatlarındaki aşırı dalgalanma, yatırımcıların aşırı tepkisi, getirilerde gözlemlenen sezonsallık, varlık balonları gibi nedenlerden dolayı piyasaların etkin olmadığı ortaya konulmuştur. Davranışsal finans, sermaye piyasalarındaki söz konusu gelişmeleri, yatırımcı davranışlarına ve piyasa etkinliğine yön veren psikolojik ve duygusal faktörler ile açıklamaya çalışmaktadır.
Keywords
Abstract
The efficient market hypothesis (EMH), is one of the cornerstones of traditional finance. EMH asserts that securities prices should fully reflect all the available information in the market. The concept of efficient market implies two argument related with the investors. Firstly, they are rational and utility maximizer. Secondly, market participants cannot earn excess profit in such a market. More than thirty years, EPH was the dominant model for financial world. However, since late 1990s, many studies have concluded market inefficiency because The EMH fails to explain excess volatility in stock prices, investor overreaction, seasonality in returns, asset bubbles, etc. Behavioral finance attempts to give some explanations to the psychological and emotional factors involved in the stock market and that affect the behavior of investors and the market efficiency.
Keywords
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