Bireylerin finansal kararlarının davranışsal finans yaklaşımı ile analizi

Behavioral finance deals with the behavioral and psychological consequences of financial decisions. Investors are characterized in traditional finance as rational individuals who aim to maximize their benefits. The behavioral finance approach claims that this is not always applicable. According to this approach, individual investors are impacted by various psychological biases and tendencies while making financial decisions. In this context, the conditions based on the effective market theory established by traditional finance cannot be always provided. In this study, it is investigated whether individual investors residing in Istanbul have psychological biases and tendencies such as overconfidence, confirmation, hindsight, conservatism, availability, loss-aversion, familiarity, mental accounting, regret aversion, ambiguity aversion, and herd behavior while making investment decisions. In the empirical part of the study, these eleven biases and tendencies are considered dependent variables; the differences between those who have economics/finance education and those who do not are examined within this framework. In this context, the main purpose of the study is to determine whether there are any impacts on individual investors who have economics/finance education and who do not in their avoidance of these biases and tendencies. To achieve this goal, a questionnaire study has been applied to 434 individual investors residing in Istanbul, and the data obtained has been analysed and interpreted using the SPSS 26.0 statistical program. As a result of the analysis, only regret aversion bias differs between investors who have studied and have not studied economics/finance, according to the statistics. In terms of all other biases and tendencies, having an economics/finance education does not appear to make a difference for the surveyed group.