Analyzing the individual investors transacting in IMKB from the perspective of behavioral finance models

The main objective of this study is to evaluate the behaviors of the individual investors transacting in IMKB-Turkey from the perspective of the three models of Behavioral Finance. In addition to the main objective of the study, some sub-objectives are constructed in order to maintain an overall entirety. The sub-objectives are; to dimension the behaviors of the individual investors transacting in IMKB, to analyze and to make contrasting tests on the relationship between the demographical features and the behaviors established in the models of Behavioral Finance and to test the validity of three models of behavioral finance in Turkey scale, which are discussed on the international basis, by using structural equality model.The quantitative research model is used in this study. The data is obtained by questionnaire technique. The number of people who took the questionnaire is 408. The questionnaire is applied in the cities where stock market investors live most intensively. In the analysis of the data, descriptive statistics such as frequency and percentage calculations and statistics such as factor analysis, contrasting tests, and structural equality modeling (confirming factor analysis) are used.According to the findings of the research; the dimensions constructing the behaviors of the individual investors transacting in Turkey are compatible with the literature. When especially the models of Behavioral Finance are taken into consideration it is seen that the behaviors put by all the three models are present at the individual investors in Turkey. Besides, as a result of the contrasting tests, it is seen that the transaction behaviors of the investors are differentiated according to their income level and the factors they consider in making decision whereas there are no such differentiation for the other factors. The results of the structural equality modeling show that the behavior dimensioning models developed by Barberis and others, Daniel and others and Hong and Stein are valid in Turkey scale.