Now showing items 1-7 of 7

  • A behavioral analysis of investor diversification 

    This paper studies the link between individual investors' portfolio diversification levels and various personal traits that proxy informational advantages and overconfidence. The analysis is based on objective data from the largest Turkish brokerage house tracking 59951 individual investors' accounts with a total of 3248654 million transactions over the period 2008-2010. Wealthier highly educated older investors working in the finance sector and those trading relatively often show higher diversification ...

  • A survey analysis on the investment attitudes of individual investors 

    Authors:Ozturkkal, Belma
    Publisher and Date:(Bilgesel Yayincilik San & Tic Ltd, 2013)
    This study aims to analyze determinants of trading behavior of individual investors where a survey of 55 questions on 85 people is used. The survey is composed of four parts: demographic properties perceived emotions investment preferences portfolio diversification. The findings show that investors are subject to home bias and the surveyed investors prefer to invest in local equity market. The findings show that older investors have less investment confidence and more diversification where number ...

  • A tournament analysis of mutual funds in Turkey 

    This is an analysis of the mutual funds in Turkey with respect to their risk-altering behavior Using the monthly returns and volatilities of 133 funds from 2002 to 2007 we divide each year in two parts and check whether or not the funds' performance in the first part affects the behavior of mutual fund companies in the second part in terms of risk. We find sufficient evidence that the funds which have lower/higher performance in the first part of the year have higher/lower risk appetite for the ...

  • Behavioral Biases Of Finance Professionals: Turkish Evidence 

    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) ...

  • Choice of finance in an emerging market: The impact of independent decisions politics and religion 

    This paper is based on a KONDA 1 Research and Consultancy 2 survey conducted in May 2014 on 2607 people forming a representative sample of the Turkish population. It focuses on how people’s religious and political characteristics impact the independence of their decision making regarding saving and borrowing. An earlier study by Davutyan and Ozturkkal (2016) reports saving and borrowing decisions strongly correlate with income, education, marital status and region within country. Furthermore, 54% ...

  • Determinants of Saving-Borrowing Decisions and Financial Inclusion in a High Middle Income Country: The Turkish Case 

    We use a representative survey of the Turkish household sector and investigate factors impinging on saving-borrowing behavior. We run four probit regressions to elucidate (i) the saving decision (ii) asset choice or portfolio composition for those who save (iii) the bank loan decision and lastly (iv) the formal versus informal borrowing decision. We find income education marital status and region within country strongly correlate with those decisions. We offer some insights regarding the influence ...

  • Profit sharing between managers and investors: An experimental investigation 

    Authors:Ozturkkal, Belma
    Publisher and Date:(Elsevier Science Bv, 2015)
    This study analyzes the effect of interest and power structures and conflict of interest among managers and investors and tests the effect of different payout mechanisms on willingness to pay. In this study 74 student subjects are involved in a setting where the manager is determining his own compensation. A series of experiments that vary managers' ability to determine their own compensation and investors' ability to punish inappropriate behavior are reported. The experiments involve pairs of ...