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Economic news and availability heuristic in investor decisions

Yıl 2022, Cilt: 4 Sayı: 1, 68 - 74, 08.06.2022

Öz

Economic news is important sources of information that affect investors’ decisions. Investors are not rational enough and are therefore influenced by certain factors when choosing among alternatives. The abundance and frequency of information on economic news make it difficult for the public in general and the investors in particular to evaluate. Economic news draws the attention of investors, causing them to focus on certain point and ignore other factors, thus forming the basis of the availability heuristic. Considering the connection of economic news with the availability heuristic is important in financial decisions. In the studies carried out so far, different dimensions, conceptual frameworks and features of economic news and available heuristics have been examined separately. There are very few studies that deal with these two issues together. This study attempts to address the exposure points of investors to availability heuristic regarding economic news. The question of what the mainstays are causing investors to be exposed to the availability heuristic in the news has not been investigated much in the literature.

Kaynakça

  • Ahmed, R. and Saravanaraj, M. (2016). Implications of heuristic in financial decision making. Asian Journal of Research in Social Sciences and Humanities, 6 (7), 1245-1251, doi: 10.5958/2249-7315.2016.00509.8.
  • Atan, S., and Çinar, Y. (2019). Borsa Istanbul’da finansal haberler ile piyasa değeri ilişkisinin metin madenciliği ve duygu (sentiment) analizi ile ıncelenmesi. Ankara Üniversitesi Siyasal Bilgiler Fakültesi Dergisi, 74 (1), 1-34, doi: 10.33630/ausbf.523199.
  • Barber, B. M., and Odean, T. (2007). All that glitters: The effect of attention and news on the buying behavior of ındividual and ınstitutional ınvestors. The Review of Financial Studies, 21 (2), 785-818, doi: 10.1093/rfs/hhm079.
  • Botton, A. (2015). Haberler: Bir kullanma klavuzu. (Çev. Zeynep Baransel), İstanbul: Sel Yayıncılık.
  • Chan, W. S. (2001). Stock price reaction to news and no-news: drift and reversal after headlines. Journal of Financial Economics, 70(2), 223-260, doi: 10.1016/S0304-405X(03)00146-6.
  • Chemmanur, T., and Yan, A. (2019). Advertising, Attention, and stock returns. Quarterly Journal of Finance, 9(3), 1950009 (2019), doi: 10.1142/S2010139219500095.
  • Chiodo, A. J., Guidolin, M., Owyang, M. T., and Shimoji, M. (2004). Subjective probabilities: psychological theories and economic applications. Federal Reserve Bank of St. Louis Review, 86(1), 33-48, doi:10.20955/wp.2003.009.
  • Da, Z. Engelberg, J., and Gao, P. (2011). In search of attention. The Journal of Finance, LXVI (5), doi: 10.1111/j.1540-6261.2011.01679.x.
  • Dobelli, R. (2014). Hatasız düşünme sanatı: Yapmamanız gereken 52 düşünce hatası. İstanbul: NTV Yayınları.
  • Dougal, C., Engelberg, J. García and D. Parsons, C. A. (2012). Journalists and the stock market. The Review of Financial Studies, 25 (3), 639-679, doi: 10.1093/rfs/hhr133.
  • Engelberg, J. E., Reed, A. V. and Riggenberg, M. C. (2012). How are shorts ınformed? short sellers, news, and ınformation processing. Journal of Financial Economics, 105 (2), 260-278, doi: 10.2139/ssrn.1535337.
  • Engelberg, J. and Parsons, C. A. (2011). The causal ımpact of media in financial markets. Journal of Finance, 66(1), 67-97, doi: 10.1111/j.1540-6261.2010.01626.x.
  • Fang, L. H. and Peress J. (2009). Media coverage and cross-section of stock returns. The Journal of Finance, 64(5), 2023-2052, doi: 10.2139/ssrn.971202.
  • Huberman, G. (1999). Familiarity breeds ınvestment. Review of Financial Studies, 14 (3), 659-80, doi: 10.2139/SSRN.199314.
  • İlarslan, K. (2014). Hisse senedi fiyat hareketlerinin tahmin edilmesinde markov zincirlerinin kullanılması: İMKB 10 bankacılık endeksi işletmeleri üzerine amprik bir çalışma. Journal of Yasar University, 9 (35), 6099-6260, doi: 10.19168/jyu.32384.
  • Jarell, G. and Peltzman, S. (1985). The ımpact of product recalls on the wealth of sellers. The Journal of Political Economy, 93 (3), 512-536.
  • Kahneman, D. (2016). Hızlı ve yavaş düşünme. (Çev. Deniztekin, Filiz ve Deniztekin O. Ç.) İstanbul, Varlık Yayınları.
  • Kahneman, D., and Tversky A. (1979). Prospect theory: An analysis of decision under risk. Econometrica Journal of the Econometric Society, 47 (2), 263-292, doi: 10.2307/1914185.
  • Khan, H., H. Naz, I. Qureshi F. and Ghafoor A. (2017). Heuristic and stock buying decision: evidence from malaysian and pakistani stock markets. Borsa İstanbul Review, 17-2, 97-110, doi: 10.1016/j.bir.2016.12.002.
  • Klibanoff, P., Lamont, O. and Wizman, T. A. (1998). Investor reaction to salient news in closed-end country funds. Journal of Finance, 53 (2), 673-699, doi: 10.3386/w5588.
  • Kliger, D., and Kudryavstsev, A. (2010). The availability heuristic and ınvestors’ reaction to company-specific events, http://citeseerx.ist.psu.edu/viewdoc/ download?doi=10.1.1.601.5857andrep=rep1andtype=pdf, (Date of access: 21 Temmuz 2019).
  • Lillo, F., Micciche, S., Tumminello, M. Piilo, J., and Mantegna, R. N. (2012). How news affect the trading behavior of different categories of investors in a financial market. Quantitative Finance, 15(2), doi: 10.2139/ssrn.2109337.
  • Lingard, L. (2018). Writing an effective literature review: Part I: Mapping the gap, Perspect Med. Educ. 7(1), 47-49, doi: 10.1007/s40037-017-0401-x.
  • Liu, L. X., Sherman, A. E., and Zhang, Y. (2013). The long-run role of the media: Evidence from ınitial public offerings. Management Science, 60(8), 1945-1964, doi: 10.1287/mnsc.2013.1851.
  • Lou, D. (2009). Attracting ınvestor attention through advertising. The Paul Woolley Centre Working Paper Series, No: 8, Discussion Paper. No: 644, doi: 10.1093/rfs/hhu019.
  • Meng, S. (2017). Availability heuristic will affect decision – making and result in bias. International Conference on Management Science and Innovative Education (MSIE 2017), ISBN: 978-1-60595-488-2, doi: 10.12783/dtssehs/msie2017/15448.
  • Morse, A., and Shive, S. (2004). Patriotism in your portfolio. SSRN Electronic Journal. 14 (2), 411-440, doi: 10.1016/j.finmar.2010.10.003.
  • Nofsinger, J. R. (2001). The ımpact of public ınformation on ınvestors. Journal for BankingandFinance, 25(7), 1339-1366, doi: 10.1016/S0378-4266(00)00133-3.
  • Örs, F. (2003). Ekonomi iletişimi, ekonomik yaklaşım. Gazi Üniversitesi İktisat Bölümü Dergisi, 48, 97-105.
  • Örs, M. Ş. (2015). Ekonominin iletişimi. Gözlem Gazetesi, http://gozlemgazetesi.com/HaberDetay/139938/ekonomininiletisimi.html#.WV_5IYjyjIV, (Date of access: 08 Temmuz 2017).
  • Peng, L., and Xiong, W. (2006). Investor attention, overconfidence and category learning. Journal of Financial Economics, 80 (2006), 563-602, doi: 10.1016/j.jfineco.2005.05.003.
  • Sağiroğlu, Y. (2013). Kurumsal itibar yönetiminde ekonomi basının yeri, (Yayınlanmamış Yüksek Lisans Tezi). T.C. İstanbul Kültür Üniversitesi Sosyal Bilimler Enstitüsü, İletişim Sanatları Anabilim Dalı, İstanbul.
  • Strong, N., and Xu, X. (2003). Understanding the equity home bias: Evidence from survey data. The Review of Economics and Statistics, 85 (2), 307-312, doi: 10.2139/ssrn.191401.
  • Sutherland, S. (2011). İrrasyonel, (9. Baskı). İstanbul: Domingo Yayıncılık.
  • Tetlock, P. C. (2010). Does public financial news resolve asymmetric information? The Review of Financial Studies. 23 (9), 3520-3557, doi: 10.2139/ssrn.1303612.
  • Tversky, A. and Kahneman, D. (1973). Availability: A heuristic for judging frequency and probability. Cognitive Psychology, 5(2), 207-232. https://doi.org/10.1016/0010-0285(73)90033-9.
  • Tversky, A. and Kahneman, D. (1974). Judgement under uncertainty: Heuristic and biases, Science. New Series. 185 (4157), 1124-1131.
  • Van Nieuwerburgh, S., and Veldkamp, L. (2007). Information ımmobility and the home bias puzzle. The Journal of Finance. 64 (3), 1187-1215, doi: 10.1111/j.1540-6261.2009.01462.x.
  • Vega, C. (2005). Stock price reaction to public and private ınformation. Journal of Financial Economics. 82 (1), 103-133, doi: 10.1016/jfineco.2005.07.011.
  • Wei, Yu-Chen, Lu, Yang-Cheng., and Hsu, Yen-Ju, (2018). News and ınvestor sentiments: the ımpact on trading behavior. European Financial Management Association (EFMA) Annual Meetings. 27-30 June 2018, Milan, Italy, https://efmaefm.org/0EFMAMEETINGS/EFMA% 20ANNUAL%20MEETINGS/2018-Milan/papers/EFMA2018_0340_ fullpaper.pdf, (Date of access: 10 Temmuz 2019).
  • Yuan, Y. (2015). Market – wide attention, trading, and stock returns. Journal of Financial Economics (JFE), 116(3), 548-564, doi: 10.1016/j.jfineco.2015.03.006.

Yatırımcı kararlarında ekonomik haberler ve bulunabilirlik hevristiki

Yıl 2022, Cilt: 4 Sayı: 1, 68 - 74, 08.06.2022

Öz

Ekonomi haberleri yatırımcıların kararlarını etkileyen önemli bilgi kaynaklarıdır. Yatırımcılar yeterince rasyonel değildir ve dolayısıyla alternatifler arasından seçim yaparken belirli faktörlerden etkilenirler. Ekonomi haberlerine ilişkin bilgi fazlalığı ve sıklığı, genelde kamuoyunun özelde ise yatırımcıların değerlendirme yapabilmesini zorlaştırabilmektedir. Ekonomi haberleri, yatırımcıların dikkatini çekerek belirli bir noktaya odaklanmalarına diğer faktörleri göz ardı etmelerine sebep olarak bulunabilirlik hevristikine temel dayanak oluşturmaktadır. Ekonomi haberlerinin bulunabilirlik hevristiki ile olan bağlantısının göz önünde bulundurulması alınacak finansal kararlarda önem taşımaktadır. Şimdiye kadar yapılan çalışmalarda ekonomi haberlerinin ve bulunabilirlik hevristikinin ayrı ayrı olmak üzere farklı boyutları, kavramsal çerçeveleri ve özellikleri incelenmiştir. Bu iki konuyu birlikte ele alan çok az çalışma vardır. Bu çalışma, yatırımcıların ekonomi haberlerine ilişkin bulunabilirlik hevristikine maruz kalma noktalarını ele almaya çalışmaktadır. Yatırımcıların haberlerde bulunabilirlik hevristikine maruz kalmalarına neden olan temel dayanakların neler olduğu literatürde fazla araştırılmamıştır.

Kaynakça

  • Ahmed, R. and Saravanaraj, M. (2016). Implications of heuristic in financial decision making. Asian Journal of Research in Social Sciences and Humanities, 6 (7), 1245-1251, doi: 10.5958/2249-7315.2016.00509.8.
  • Atan, S., and Çinar, Y. (2019). Borsa Istanbul’da finansal haberler ile piyasa değeri ilişkisinin metin madenciliği ve duygu (sentiment) analizi ile ıncelenmesi. Ankara Üniversitesi Siyasal Bilgiler Fakültesi Dergisi, 74 (1), 1-34, doi: 10.33630/ausbf.523199.
  • Barber, B. M., and Odean, T. (2007). All that glitters: The effect of attention and news on the buying behavior of ındividual and ınstitutional ınvestors. The Review of Financial Studies, 21 (2), 785-818, doi: 10.1093/rfs/hhm079.
  • Botton, A. (2015). Haberler: Bir kullanma klavuzu. (Çev. Zeynep Baransel), İstanbul: Sel Yayıncılık.
  • Chan, W. S. (2001). Stock price reaction to news and no-news: drift and reversal after headlines. Journal of Financial Economics, 70(2), 223-260, doi: 10.1016/S0304-405X(03)00146-6.
  • Chemmanur, T., and Yan, A. (2019). Advertising, Attention, and stock returns. Quarterly Journal of Finance, 9(3), 1950009 (2019), doi: 10.1142/S2010139219500095.
  • Chiodo, A. J., Guidolin, M., Owyang, M. T., and Shimoji, M. (2004). Subjective probabilities: psychological theories and economic applications. Federal Reserve Bank of St. Louis Review, 86(1), 33-48, doi:10.20955/wp.2003.009.
  • Da, Z. Engelberg, J., and Gao, P. (2011). In search of attention. The Journal of Finance, LXVI (5), doi: 10.1111/j.1540-6261.2011.01679.x.
  • Dobelli, R. (2014). Hatasız düşünme sanatı: Yapmamanız gereken 52 düşünce hatası. İstanbul: NTV Yayınları.
  • Dougal, C., Engelberg, J. García and D. Parsons, C. A. (2012). Journalists and the stock market. The Review of Financial Studies, 25 (3), 639-679, doi: 10.1093/rfs/hhr133.
  • Engelberg, J. E., Reed, A. V. and Riggenberg, M. C. (2012). How are shorts ınformed? short sellers, news, and ınformation processing. Journal of Financial Economics, 105 (2), 260-278, doi: 10.2139/ssrn.1535337.
  • Engelberg, J. and Parsons, C. A. (2011). The causal ımpact of media in financial markets. Journal of Finance, 66(1), 67-97, doi: 10.1111/j.1540-6261.2010.01626.x.
  • Fang, L. H. and Peress J. (2009). Media coverage and cross-section of stock returns. The Journal of Finance, 64(5), 2023-2052, doi: 10.2139/ssrn.971202.
  • Huberman, G. (1999). Familiarity breeds ınvestment. Review of Financial Studies, 14 (3), 659-80, doi: 10.2139/SSRN.199314.
  • İlarslan, K. (2014). Hisse senedi fiyat hareketlerinin tahmin edilmesinde markov zincirlerinin kullanılması: İMKB 10 bankacılık endeksi işletmeleri üzerine amprik bir çalışma. Journal of Yasar University, 9 (35), 6099-6260, doi: 10.19168/jyu.32384.
  • Jarell, G. and Peltzman, S. (1985). The ımpact of product recalls on the wealth of sellers. The Journal of Political Economy, 93 (3), 512-536.
  • Kahneman, D. (2016). Hızlı ve yavaş düşünme. (Çev. Deniztekin, Filiz ve Deniztekin O. Ç.) İstanbul, Varlık Yayınları.
  • Kahneman, D., and Tversky A. (1979). Prospect theory: An analysis of decision under risk. Econometrica Journal of the Econometric Society, 47 (2), 263-292, doi: 10.2307/1914185.
  • Khan, H., H. Naz, I. Qureshi F. and Ghafoor A. (2017). Heuristic and stock buying decision: evidence from malaysian and pakistani stock markets. Borsa İstanbul Review, 17-2, 97-110, doi: 10.1016/j.bir.2016.12.002.
  • Klibanoff, P., Lamont, O. and Wizman, T. A. (1998). Investor reaction to salient news in closed-end country funds. Journal of Finance, 53 (2), 673-699, doi: 10.3386/w5588.
  • Kliger, D., and Kudryavstsev, A. (2010). The availability heuristic and ınvestors’ reaction to company-specific events, http://citeseerx.ist.psu.edu/viewdoc/ download?doi=10.1.1.601.5857andrep=rep1andtype=pdf, (Date of access: 21 Temmuz 2019).
  • Lillo, F., Micciche, S., Tumminello, M. Piilo, J., and Mantegna, R. N. (2012). How news affect the trading behavior of different categories of investors in a financial market. Quantitative Finance, 15(2), doi: 10.2139/ssrn.2109337.
  • Lingard, L. (2018). Writing an effective literature review: Part I: Mapping the gap, Perspect Med. Educ. 7(1), 47-49, doi: 10.1007/s40037-017-0401-x.
  • Liu, L. X., Sherman, A. E., and Zhang, Y. (2013). The long-run role of the media: Evidence from ınitial public offerings. Management Science, 60(8), 1945-1964, doi: 10.1287/mnsc.2013.1851.
  • Lou, D. (2009). Attracting ınvestor attention through advertising. The Paul Woolley Centre Working Paper Series, No: 8, Discussion Paper. No: 644, doi: 10.1093/rfs/hhu019.
  • Meng, S. (2017). Availability heuristic will affect decision – making and result in bias. International Conference on Management Science and Innovative Education (MSIE 2017), ISBN: 978-1-60595-488-2, doi: 10.12783/dtssehs/msie2017/15448.
  • Morse, A., and Shive, S. (2004). Patriotism in your portfolio. SSRN Electronic Journal. 14 (2), 411-440, doi: 10.1016/j.finmar.2010.10.003.
  • Nofsinger, J. R. (2001). The ımpact of public ınformation on ınvestors. Journal for BankingandFinance, 25(7), 1339-1366, doi: 10.1016/S0378-4266(00)00133-3.
  • Örs, F. (2003). Ekonomi iletişimi, ekonomik yaklaşım. Gazi Üniversitesi İktisat Bölümü Dergisi, 48, 97-105.
  • Örs, M. Ş. (2015). Ekonominin iletişimi. Gözlem Gazetesi, http://gozlemgazetesi.com/HaberDetay/139938/ekonomininiletisimi.html#.WV_5IYjyjIV, (Date of access: 08 Temmuz 2017).
  • Peng, L., and Xiong, W. (2006). Investor attention, overconfidence and category learning. Journal of Financial Economics, 80 (2006), 563-602, doi: 10.1016/j.jfineco.2005.05.003.
  • Sağiroğlu, Y. (2013). Kurumsal itibar yönetiminde ekonomi basının yeri, (Yayınlanmamış Yüksek Lisans Tezi). T.C. İstanbul Kültür Üniversitesi Sosyal Bilimler Enstitüsü, İletişim Sanatları Anabilim Dalı, İstanbul.
  • Strong, N., and Xu, X. (2003). Understanding the equity home bias: Evidence from survey data. The Review of Economics and Statistics, 85 (2), 307-312, doi: 10.2139/ssrn.191401.
  • Sutherland, S. (2011). İrrasyonel, (9. Baskı). İstanbul: Domingo Yayıncılık.
  • Tetlock, P. C. (2010). Does public financial news resolve asymmetric information? The Review of Financial Studies. 23 (9), 3520-3557, doi: 10.2139/ssrn.1303612.
  • Tversky, A. and Kahneman, D. (1973). Availability: A heuristic for judging frequency and probability. Cognitive Psychology, 5(2), 207-232. https://doi.org/10.1016/0010-0285(73)90033-9.
  • Tversky, A. and Kahneman, D. (1974). Judgement under uncertainty: Heuristic and biases, Science. New Series. 185 (4157), 1124-1131.
  • Van Nieuwerburgh, S., and Veldkamp, L. (2007). Information ımmobility and the home bias puzzle. The Journal of Finance. 64 (3), 1187-1215, doi: 10.1111/j.1540-6261.2009.01462.x.
  • Vega, C. (2005). Stock price reaction to public and private ınformation. Journal of Financial Economics. 82 (1), 103-133, doi: 10.1016/jfineco.2005.07.011.
  • Wei, Yu-Chen, Lu, Yang-Cheng., and Hsu, Yen-Ju, (2018). News and ınvestor sentiments: the ımpact on trading behavior. European Financial Management Association (EFMA) Annual Meetings. 27-30 June 2018, Milan, Italy, https://efmaefm.org/0EFMAMEETINGS/EFMA% 20ANNUAL%20MEETINGS/2018-Milan/papers/EFMA2018_0340_ fullpaper.pdf, (Date of access: 10 Temmuz 2019).
  • Yuan, Y. (2015). Market – wide attention, trading, and stock returns. Journal of Financial Economics (JFE), 116(3), 548-564, doi: 10.1016/j.jfineco.2015.03.006.
Toplam 41 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm Derleme Makale
Yazarlar

Bilgehan Kübilay 0000-0002-3117-0278

Yayımlanma Tarihi 8 Haziran 2022
Gönderilme Tarihi 3 Şubat 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 4 Sayı: 1

Kaynak Göster

APA Kübilay, B. (2022). Economic news and availability heuristic in investor decisions. Ardahan Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 4(1), 68-74.