Bilişsel Önyargı ve Hevristik Bağlamında Finansın İnsani Boyutu Olarak “Davranışsal Finans”: Bir Literatür İncelemesi ve Derleme Çalışması

Bilgehan Tekin

doi:10.35235/uicd.462794

Araştırma Makalesi

Behavioral Finance as a Human Dimension of Finance in the Context of Cognitive Bias and Heuristics: A Literature Review and Compilation Study

Yıl 2018, Cilt: 1 Sayı: 2, 131 - 156, 24.12.2018

Bilgehan Tekin

https://doi.org/10.35235/uicd.462794

Cited By: 3

Öz

There are two
basic assumptions of traditional finance theory. These are individuals are
rational and aim to maximize their benefits in accordance with the assumptions
of expected utility theory. Rational decision making under uncertainty that is
the work done for the first time by Savage (1954) requires that individuals
give probabilities to possible outcomes of events and harmonize the means to
assess these outcomes. However, as can be seen in the traditional theories, the
process of conducting such estimations and decision making processes that can
cause serious negativity is an important issue that cannot be reduced to pure
mathematical models. At this point, the human nature factor must be taken into
account. The biases and the preferences that go beyond the standards in the
field of psychology have been applied to investor behavior by the behavioral
finance field. The example of deviation from full rationality was revealed by
Simon (1957), which suggested bounded rationality. Bounded rationality assumes
that some cognitive limitations or costs of information collection prevent
decision-makers from making the most appropriate decisions. As the physical and
social world is too complex to be predicted, it becomes more difficult to make
decisions about the future and uncertainty. For this reason, individuals often
tend to look for ways to make decisions easily and effortlessly. According to
the biases and heuristics approach, people use cognitive shortcuts that are
open to false assessments while making probability assessments. In this study,
behavioral finance discipline, cognitive prejudices and crescents are discussed
and studies on the subject are discussed. This study is a literature review and
compilation study.ngilizce

Anahtar Kelimeler

Cognitive Biases, Heuristics, Behavioral Finance, Behavioral Corporate Finance, Financial Decisions

Kaynakça

Abelson, R. P. ve Levi, A. (1985). Decision making and decision theory. Handbook of social psychology, 1, 231-309.
Atkinson, R.E.E. Smith, D.J. Bem ve S.N. Hoeksemaç. (1996). Psikolojiye giriş (Çev.: Yavuz Alogan) 12. Edition, USA.
Baker, H. K. ve Nofsinger, J. R. (Eds.). (2010). Behavioral finance: investors, corporations, and markets(Vol. 6). John Wiley & Sons.
Baker, M. ve Wurgler, J. (2006). Investor sentiment and the cross‐section of stock returns. The Journal of Finance, 61(4), 1645-1680.
Baker, M. ve Wurgler, J. (2011). Behavioral corporate finance: An updated survey (No. w17333).
National Bureau of Economic Research.http://www.nber.org/papers/w17333.pdf
Baker, M., Ruback, R. ve Wurgler, J. (2004). Behavioral corporate finance: A survey. In The Handbook of Corporate Finance: Empirical Corporate Finance, Espen Eckbo (Ed.). New York: Elsevier/North Holland.http://down.cenet.org.cn/upfile/10/2008725123226110.pdf#page=172
Baltaş, Z., (2011), Karar vermenin psikolojisi, Kaynak Dergisi, Sayı 46, Nisan-Haziran.
Barak, O. (2008). İMKB’de aşırı reaksiyon anomalisi ve davranışsal finans modelleri kapsamında değerlendirilmesi. İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(1), 1-24.
Barberis, N. ve Huang, M. (2001). Mental accounting, loss aversion, and individual stock returns. The Journal of Finance, 56(4), 1247-1292.
Barberis, N. ve Thaler, R. (2003). A survey of behavioral finance. Handbook of the Economics of Finance, Volume 1, Part B, Pages 1053–1128.
Barberis, N., Huang, M. ve Santos, T. (2001). Prospect theory and asset prices. The Quarterly Journal of Economics, 116(1), 1-53.
Benartzi, S. ve Thaler. R. (1995). Myopic loss aversion and the equity premium puzzle. Quarterly Journal of Economics. 110: 1, pp. 73-9
Ben-David, I., Graham, J. R. ve Harvey, C. R. (2007). Managerial overconfidence and corporate policies (No. w13711). National Bureau of Economic Research.http://www.nber.org/papers/w13711.pdf Ben-David, I., Graham, J. R. ve Harvey, C. R. (2010). Managerial miscalibration (No. w16215). National Bureau of Economic Research.https://faculty.fuqua.duke.edu/~charvey/Research/Working_Papers/W105_Managerial_miscalibration.pdf
Black, F. (1986). Noise. The Journal of Finance, 41(3), 529-543.
Buchanan, D. ve Huczynski, A. (2004). Organizational behaviour. An Introductory Text. FT Prentice Hall, 441.
Camerer, C. F. ve Malmendier, U. (2004). Behavioral organizational economics. Behavioral Economics and Its Applications, Princeton University Press, Princeton and Oxford.http://eml.berkeley.edu/~ulrike/Papers/BEO_chap7.pdf (Erişim:11/04/2015)
Camerer, C. F.,& Malmendier, U. (2007). Behavioral organizational economics. Behavioral Economics and Its Applications, Princeton University Press, Princeton and Oxford.
Camerer, C. ve Loewenstein, G. (2004). Behavioral economics: Past, present, future. Princeton: Princeton University Press
Carpenter, M. A. ve Weikel, M. K. (Eds.). (2011). The handbook of research on top management teams. Edward Elgar Publishing.
Cordeiro, L., (2009) Managerial overconfidence and dividend policy, Available at SSRN:http://ssrn.com/abstract=1343805orhttp://dx.doi.org/10.2139/ssrn.1343805
Cornicello, G. (2004), Beheavioural finance and speculative bubble, Doctoral dissertation, University of Bocconi
Daniel, K., Hirshleifer, D. ve Teoh, S. H. (2002). Investor psychology in capital markets: Evidence and policy implications. Journal of monetary economics, 49(1), 139-209.
Datta, S., Iskandar-Datta, M. ve Raman, K. (2003). Value creation in corporate asset sales: The role of managerial performance and lender monitoring. Journal of Banking & Finance, 27(2), 351-375.
Selody, K. (2010). Board independence and the gender pay gap for top executives (CRI 2010-013). Retrieved [insert date] from Cornell University, ILR School, Compensation Research Initiative site: http://digitalcommons.ilr.cornell.edu/cri/16
De Bondt, W. F. ve Thaler, R. (1985). Does the stock market overreact?. The Journal of finance, 40(3), 793-805.
De Long, J. B., Shleifer, A., Summers, L. H. ve Waldmann, R. J. (1990). Noise trader risk in financial markets. Journal of political Economy, 703-738.
DeLong, J. Bradford, Andrei Shleifer, Lawrence H. Summers ve Robert J. Waldmann, 1990, Positive feedback investment strategies and destabilizing rational speculation, Journal of Finance 45, 379-395.
Deshmukh, S., Goel, A. M. ve Howe, K. M. (2010). CEO overconfidence and dividend policy. Available at SSRN: http://ssrn.com/abstract=1496404 or http://dx.doi.org/10.2139/ssrn.1496404 Dow, J. ve G. Gorton, 1994, Arbitrage chains, Journal of Finance 49, 819-849.
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Fairchild, R. (2010). Behavioural corporate finance: existing research and future directions. International Journal of Behavioural Accounting and Finance, 1(4), 277-293.
Frankfurter, G. M. ve McGoun, E. G. (2000). Market efficiency or behavioral finance: The nature of the debate. The Journal of Psychology and Financial Markets, 1(3-4), 200-210.
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Graham, J. R., Harvey, C. R. ve Puri, M. (2013). Managerial attitudes and corporate actions. Journal of Financial Economics, 109(1), 103-121.
Haley, U. C. ve Stumpf, S. A. (1989). Cognıtıve traıls ın strategıc decısıon‐makıng: lınkıng theorıes of personalıtıes and cognıtıons. Journal of Management Studies, 26(5), 477-497.
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Bilişsel Önyargı ve Hevristik Bağlamında Finansın İnsani Boyutu Olarak “Davranışsal Finans”: Bir Literatür İncelemesi ve Derleme Çalışması

Yıl 2018, Cilt: 1 Sayı: 2, 131 - 156, 24.12.2018

Bilgehan Tekin

https://doi.org/10.35235/uicd.462794

Cited By: 3

Öz

Geleneksel
finans teorisinin iki temel varsayımı söz konusudur. Bunlar, bireylerin
rasyonel oldukları ve beklenen fayda teorisinin varsayımlarına uygun olarak
faydalarını maksimize etme amacı taşıdıklarıdır. İlk kez Savage (1954)
tarafından yapılan çalışma ile gündeme gelmiş olan belirsizlik altında rasyonel
karar verme, bireylerin olayların gerçekleşme olasılıklarını tahmin etmesini ve
bu sonuçları değerlendirme araçlarını uyumlu hale getirmesini gerektirmektedir.
Bununla birlikte geleneksel teorilerde görüldüğü gibi sonuçları açısından ciddi
olumsuzluklara neden olabilecek türden tahminleri yürütme ve karar alma
süreçleri saf matematiksel modellemelere indirgenemeyecek kadar önemli bir
meseledir. Bu noktada insan doğasının da hesaba katılması gerekmektedir.
Psikoloji alanındaki çalışmalar sonucu ortaya konmuş önyargılar ve
standartların dışına çıkan tercihler davranışsal finans alanı tarafından
yatırımcı davranışlarına uygulamıştır. Tam rasyonellikten sapmanın örneği ise
Simon (1957) tarafından sınırlı rasyonellik önermesi ile ortaya konmuştur.
Sınırlı rasyonellik, bazı bilişsel engellerin veya bilgi toplama
maliyetlerinin, karar vericilerinin tam olarak en uygun kararları vermesini
önlediğini varsayar. Fiziksel ve sosyal dünya tahminlenemeyecek kadar karmaşık
unsurlar barındırdığından gelecekle ilgili ve belirsizlik içeren kararları
almak daha fazla zorlaşmaktadır. Bu nedenle bireyler genellikle alacakları
kararları çaba göstermeden ve kolaylıkla almanın yollarını arama eğilimi
gösterirler. Hevristik ve önyargı yaklaşımına göre insanlar olasılık
değerlendirmeleri yaparken hatalı değerlendirmelere açık bilişsel kısayollar
kullanılar. Bu çalışmada davranışsal finans disiplini, bilişsel önyargılar ve
hevristikler bağlamında ele alınmış ve konu ile ilgili yapılan çalışmalar
üzerinde durulmuştur. Bu çalışma bir literatür incelemesi ve derleme çalışması
mahiyetindedir.

Anahtar Kelimeler

Bilişsel Önyargılar, Hevristikler, Davranışsal Finans, Davranışsal Kurumsal Finans, Finansal Kararlar

Kaynakça

Abelson, R. P. ve Levi, A. (1985). Decision making and decision theory. Handbook of social psychology, 1, 231-309.
Atkinson, R.E.E. Smith, D.J. Bem ve S.N. Hoeksemaç. (1996). Psikolojiye giriş (Çev.: Yavuz Alogan) 12. Edition, USA.
Baker, H. K. ve Nofsinger, J. R. (Eds.). (2010). Behavioral finance: investors, corporations, and markets(Vol. 6). John Wiley & Sons.
Baker, M. ve Wurgler, J. (2006). Investor sentiment and the cross‐section of stock returns. The Journal of Finance, 61(4), 1645-1680.
Baker, M. ve Wurgler, J. (2011). Behavioral corporate finance: An updated survey (No. w17333).
National Bureau of Economic Research.http://www.nber.org/papers/w17333.pdf
Baker, M., Ruback, R. ve Wurgler, J. (2004). Behavioral corporate finance: A survey. In The Handbook of Corporate Finance: Empirical Corporate Finance, Espen Eckbo (Ed.). New York: Elsevier/North Holland.http://down.cenet.org.cn/upfile/10/2008725123226110.pdf#page=172
Baltaş, Z., (2011), Karar vermenin psikolojisi, Kaynak Dergisi, Sayı 46, Nisan-Haziran.
Barak, O. (2008). İMKB’de aşırı reaksiyon anomalisi ve davranışsal finans modelleri kapsamında değerlendirilmesi. İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(1), 1-24.
Barberis, N. ve Huang, M. (2001). Mental accounting, loss aversion, and individual stock returns. The Journal of Finance, 56(4), 1247-1292.
Barberis, N. ve Thaler, R. (2003). A survey of behavioral finance. Handbook of the Economics of Finance, Volume 1, Part B, Pages 1053–1128.
Barberis, N., Huang, M. ve Santos, T. (2001). Prospect theory and asset prices. The Quarterly Journal of Economics, 116(1), 1-53.
Benartzi, S. ve Thaler. R. (1995). Myopic loss aversion and the equity premium puzzle. Quarterly Journal of Economics. 110: 1, pp. 73-9
Ben-David, I., Graham, J. R. ve Harvey, C. R. (2007). Managerial overconfidence and corporate policies (No. w13711). National Bureau of Economic Research.http://www.nber.org/papers/w13711.pdf Ben-David, I., Graham, J. R. ve Harvey, C. R. (2010). Managerial miscalibration (No. w16215). National Bureau of Economic Research.https://faculty.fuqua.duke.edu/~charvey/Research/Working_Papers/W105_Managerial_miscalibration.pdf
Black, F. (1986). Noise. The Journal of Finance, 41(3), 529-543.
Buchanan, D. ve Huczynski, A. (2004). Organizational behaviour. An Introductory Text. FT Prentice Hall, 441.
Camerer, C. F. ve Malmendier, U. (2004). Behavioral organizational economics. Behavioral Economics and Its Applications, Princeton University Press, Princeton and Oxford.http://eml.berkeley.edu/~ulrike/Papers/BEO_chap7.pdf (Erişim:11/04/2015)
Camerer, C. F.,& Malmendier, U. (2007). Behavioral organizational economics. Behavioral Economics and Its Applications, Princeton University Press, Princeton and Oxford.
Camerer, C. ve Loewenstein, G. (2004). Behavioral economics: Past, present, future. Princeton: Princeton University Press
Carpenter, M. A. ve Weikel, M. K. (Eds.). (2011). The handbook of research on top management teams. Edward Elgar Publishing.
Cordeiro, L., (2009) Managerial overconfidence and dividend policy, Available at SSRN:http://ssrn.com/abstract=1343805orhttp://dx.doi.org/10.2139/ssrn.1343805
Cornicello, G. (2004), Beheavioural finance and speculative bubble, Doctoral dissertation, University of Bocconi
Daniel, K., Hirshleifer, D. ve Teoh, S. H. (2002). Investor psychology in capital markets: Evidence and policy implications. Journal of monetary economics, 49(1), 139-209.
Datta, S., Iskandar-Datta, M. ve Raman, K. (2003). Value creation in corporate asset sales: The role of managerial performance and lender monitoring. Journal of Banking & Finance, 27(2), 351-375.
Selody, K. (2010). Board independence and the gender pay gap for top executives (CRI 2010-013). Retrieved [insert date] from Cornell University, ILR School, Compensation Research Initiative site: http://digitalcommons.ilr.cornell.edu/cri/16
De Bondt, W. F. ve Thaler, R. (1985). Does the stock market overreact?. The Journal of finance, 40(3), 793-805.
De Long, J. B., Shleifer, A., Summers, L. H. ve Waldmann, R. J. (1990). Noise trader risk in financial markets. Journal of political Economy, 703-738.
DeLong, J. Bradford, Andrei Shleifer, Lawrence H. Summers ve Robert J. Waldmann, 1990, Positive feedback investment strategies and destabilizing rational speculation, Journal of Finance 45, 379-395.
Deshmukh, S., Goel, A. M. ve Howe, K. M. (2010). CEO overconfidence and dividend policy. Available at SSRN: http://ssrn.com/abstract=1496404 or http://dx.doi.org/10.2139/ssrn.1496404 Dow, J. ve G. Gorton, 1994, Arbitrage chains, Journal of Finance 49, 819-849.
Döm, S. (2003), Yatırımcı Psikolojisi, İstanbul: Değişim Yayınları.
Fairchild, R. (2010). Behavioural corporate finance: existing research and future directions. International Journal of Behavioural Accounting and Finance, 1(4), 277-293.
Frankfurter, G. M. ve McGoun, E. G. (2000). Market efficiency or behavioral finance: The nature of the debate. The Journal of Psychology and Financial Markets, 1(3-4), 200-210.
Fuller, R. J. (1998). Behavioral finance and the sources of alpha. Journal of Pension Plan Investing, 2(3), 291-293.
Fuller, R.J. (2000), Behavioral finance and the sources of alpha. Working Paper.
Gazel, S., (2014), Davranışsal finans (psikolojik eşik ve önyargılar), Ankara: Detay Yayıncılık.
Gilovich, T., Griffin, D. ve Kahneman, D. (2002). Heuristics and biases: The psychology of intuitive judgment. Cambridge University Press.
Glaser, M., Nöth, M., & Weber, M. (2003). Behavioral finance. Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung, 3., https://ub-madoc.bib.uni-mannheim.de/2770/1/dp03_14.pdf
Graham, J. R., Harvey, C. R. ve Puri, M. (2013). Managerial attitudes and corporate actions. Journal of Financial Economics, 109(1), 103-121.
Haley, U. C. ve Stumpf, S. A. (1989). Cognıtıve traıls ın strategıc decısıon‐makıng: lınkıng theorıes of personalıtıes and cognıtıons. Journal of Management Studies, 26(5), 477-497.
Haselton, M. G., Nettle, D. ve Andrews, P. W. (2005). The evolution of cognitive bias. The handbook of evolutionary psychology, 724-746.
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Toplam 103 adet kaynakça vardır.

Ayrıntılar

Birincil Dil	Türkçe
Bölüm	Makaleler
Yazarlar	Bilgehan Tekin 0000-0002-4926-3317
Yayımlanma Tarihi	24 Aralık 2018
Gönderilme Tarihi	22 Eylül 2018
Kabul Tarihi	21 Aralık 2018
Yayımlandığı Sayı	Yıl 2018 Cilt: 1 Sayı: 2

Kaynak Göster

APA	Tekin, B. (2018). Bilişsel Önyargı ve Hevristik Bağlamında Finansın İnsani Boyutu Olarak “Davranışsal Finans”: Bir Literatür İncelemesi ve Derleme Çalışması. Uluslararası İnsan Çalışmaları Dergisi, 1(2), 131-156. https://doi.org/10.35235/uicd.462794
AMA	Tekin B. Bilişsel Önyargı ve Hevristik Bağlamında Finansın İnsani Boyutu Olarak “Davranışsal Finans”: Bir Literatür İncelemesi ve Derleme Çalışması. Uluslararası İnsan Çalışmaları Dergisi. Aralık 2018;1(2):131-156. doi:10.35235/uicd.462794
Chicago	Tekin, Bilgehan. “Bilişsel Önyargı Ve Hevristik Bağlamında Finansın İnsani Boyutu Olarak ‘Davranışsal Finans’: Bir Literatür İncelemesi Ve Derleme Çalışması”. Uluslararası İnsan Çalışmaları Dergisi 1, sy. 2 (Aralık 2018): 131-56. https://doi.org/10.35235/uicd.462794.
EndNote	Tekin B (01 Aralık 2018) Bilişsel Önyargı ve Hevristik Bağlamında Finansın İnsani Boyutu Olarak “Davranışsal Finans”: Bir Literatür İncelemesi ve Derleme Çalışması. Uluslararası İnsan Çalışmaları Dergisi 1 2 131–156.
IEEE	B. Tekin, “Bilişsel Önyargı ve Hevristik Bağlamında Finansın İnsani Boyutu Olarak ‘Davranışsal Finans’: Bir Literatür İncelemesi ve Derleme Çalışması”, Uluslararası İnsan Çalışmaları Dergisi, c. 1, sy. 2, ss. 131–156, 2018, doi: 10.35235/uicd.462794.
ISNAD	Tekin, Bilgehan. “Bilişsel Önyargı Ve Hevristik Bağlamında Finansın İnsani Boyutu Olarak ‘Davranışsal Finans’: Bir Literatür İncelemesi Ve Derleme Çalışması”. Uluslararası İnsan Çalışmaları Dergisi 1/2 (Aralık 2018), 131-156. https://doi.org/10.35235/uicd.462794.
JAMA	Tekin B. Bilişsel Önyargı ve Hevristik Bağlamında Finansın İnsani Boyutu Olarak “Davranışsal Finans”: Bir Literatür İncelemesi ve Derleme Çalışması. Uluslararası İnsan Çalışmaları Dergisi. 2018;1:131–156.
MLA	Tekin, Bilgehan. “Bilişsel Önyargı Ve Hevristik Bağlamında Finansın İnsani Boyutu Olarak ‘Davranışsal Finans’: Bir Literatür İncelemesi Ve Derleme Çalışması”. Uluslararası İnsan Çalışmaları Dergisi, c. 1, sy. 2, 2018, ss. 131-56, doi:10.35235/uicd.462794.
Vancouver	Tekin B. Bilişsel Önyargı ve Hevristik Bağlamında Finansın İnsani Boyutu Olarak “Davranışsal Finans”: Bir Literatür İncelemesi ve Derleme Çalışması. Uluslararası İnsan Çalışmaları Dergisi. 2018;1(2):131-56.