Attitudes and decision making characteristics of investors at İstanbul Stock Exchange Market

Abstract

®ZET Istanbul Menkul Kıymetler Borsasi, yerli ve yabanci yatirmcilar için dünyanın hizli gelişen sermaye piyasalarindan biri olmuştur. Bu tezin amaci, İstanbul Menkul Kiymetler Borsasında faaliyet gösteren yatirimcilarin profilini belirlemektir. Yerli ve yabanci yatirimcilarin beklentilerini, risk algilamalarini, tercihlerini ve karar mekanizmalarini karsilastirmak tezin amaçlarini kapsamaktadir. Bu nedenle, yerli ve yabanci yatirimcilar için iki ayri anket hazirlanmis ve istatistiksel test methodlarl kullanılarak, yatirimcilarin düşünce tarzi, davranislari ve davranislarini etkileyen faktörler belirlenmiştir. Yapilan çalismada amaç teorileri test etmek olmayip, yatirimcilarin davranis özelliklerini ve düşüncelerini öğrenmek olmuştur. Bu nedenle calisma bulguiarinin teorilerle zaman zaman ters dustugu noktalara rastlanilmistir. Çalisma sonucunda yerli ve yabanci yatirimcilarin, amaçlari, algilamalari, davranislari ve karar verme mekanizmalarinin demografik özellikler ile değişmekte olduğu bulunmuş ve yatirimcilarin sermaye piyasasini gelistirmekdeki önerilerine değinilmiştir. Kredili ve açiga satis işlemlerinin yasallastirilmasiyia birlitkte otomosyana geçilmesinin daha büyük işlem hacmi ve efektif bir sermaye piyasasi için gerekli olduğu vurgulanmistir. ııı

ABSTRACT For institutional and individual investors, Istanbul Stock Exchange Market has emerged as one of the fastest growing capital markets in the world. The aim of thesis is to draw the profile of the investors participating in I.S.E. Market. The intention is to compare the expectations, risk perceptions, preferences and decision making process of the foreign and domestic investors. With this purpose, two separate questionnaires were conducted for domestic and foreign investors. Different types of statistical tests were applied in order to determine the attitudes and behaviors of the investors. The financial theories were neither discussed nor tested in this study. The findings on opinions and decision making characteristics of the investors may at times be in confilict with the theories of finance. The aim of our study was emprically explore the actual behavior and thoughts of the investors. The study reveals that there are relationships among investors' demographics, objectives, perceptions and attitudes, information collection and decision making patterns In this study, the suggestions of foreign and domestic investors are also mentioned for improving security markets in Turkey. Respondents emphasize that the lack of short sales and margin trading activities in Turkey is an obstacle for great volumes to be traded. It is also observed that the growth of Istanbul Stock Exchange Market (İSEM) and corresponding demand for immediate and accurate information processing drives the need of automated technology. 11