Effect of investor sentiment on stock markets

Bu çalışma fnansal kriz döneminin etkisini de göz önünde bulundurarak yatırımcı duyarlılığı ileborsa arasındaki ilişkiyi araştırma amacıyla hazırlanmıştır. Akademik literatür incelendiğinde bu alandabir eksiklik görülmüştür. Aynı konuyu araştıran birçok makale olmasına rağmen, hiçbiri fnansal krizlerinetkisini hesaba katmamıştır. Bu eksikliği gidermek adına bu çalışmada standart testler yerine yapısal kırılmalıtestler kullanılmıştır. Testlerin sonucunda beklentiye paralel olarak kriz döneminde yapısal kırılmalar tespit edilmiştir. Aralık 2003-Aralık 2012 verisi kullanılarak yapılan analizlerde değişkenler arasında uzundönemli ilişkinin varlığını gösteren eşbütünleşmenin varlığı kanıtlanmıştır. Buda borsalarla etkileşim içindeolan tüketici güven endeksinin kritik bir faktör olduğu gösteren bir bulgudur.

Yatırımcı duyarlılığının hisse senedi piyasalarına etkisi

Motivation of this study is to examine the relationship between investor sentiment and stockmarket by taking fnancial crisis period into account. When literature is examined, it is seen that thereis a defciency in this respect. Although there are studies examining same phenomena, none of themhas considered the impact of fnancial crisis. To eliminate this defciency, we have employed tests withstructural breaks rather than conventional ones. At the end of these tests, structural breaks are observedat crisis period as it is expected. By employing data for the period December 2003- December 2012 existence of co-integration, which is an indicator of a long-term relationship between variables, is proved. Tis is a signifcant insight showing that consumer confdence index is a critical factor which is in an interaction with stock markets.

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