ARZU ŞAHİN, Hatice DOĞUKANLI

Hisse Senedi Yerel Taraflılığını Etkileyen Faktörler: Türkiye Örneği

Yatırımlarda yerel taraflılık son yıllarda azalmasına rağmen finans literatüründe hala tartışılan bir konu olarak önemini korumaktadır ve birçok açıklaması bulun- maktadır. Bu çalışmada, Türk yatırımcılarının hisse senedi yatırım taraflılığının nedenleri analiz edilmiştir. 2010 yılında yatırım yapılan ülkeler için yerel taraflı- lığa yol açan faktörler olarak direkt maliyetlerin, benzerliğin ve hisse senedi pa- zarı gelişmişliğinin etkisi incelenmiştir. ICAPM gösterge alınarak 20 ülkeden olu- şan örneklem için hisse senedi yerel taraflılığı hesaplanmıştır. Çalışma sonuçla- rı hisse senedi pazarı gelişmişlik göstergesi olarak pazar büyüklüğünün yerel ta- raflılığı etkilediğini göstermiştir. Türk yatırımcıları dünya piyasa kapitalizasyonun- dan daha fazla pay alan ülkelere yatırım yapmayı tercih etmektedir. Ayrıca bu ça- lışma Türkiyenin 2001-2010 yılları arasında yüksek hisse senedi yerel taraflılı- ğına sahip olduğunu ve uluslararası çeşitlendirmenin avantajını sağlayamadığı- nı göstermektedir.

The Determinants of Equity Home Bias: An Investigation for Turkey

While home bias has decreased substantially over time, it continues to be a puzzle and presents several explanations in the financial literature. In this rese- arch, the determinants of the Turkish investors equity home bias were analyzed. The roles of direct costs, familiarity and stock market developments as factors causing homes bias were examined for target countries invested in 2010. Me- asures of the equity home bias for a sample of 20 target countries were calcu- lated using ICAPM frameworks. Our results showed that market size as a pro- xies for stock market developmet have significant effects on domestic bias. Tur- kish investors prefer to allocate their investment in countries with higher share of world market capitalization. Also this paper present that Turkey has high equ- ity home bias between 2001 and 2010 and dosent take advantage of internati- onal diversification.

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