KHAS Finance Webinars – Dr. Evrim Hilal Kahya
The guest of the Finance Webinars series organized by Kadir Has University International Trade and Finance Department is Dr. Evrim Hilal Kahya from Capital Markets Board (SPK) on Tuesday, December 13 at 5:00 PM (GMT+3).
You may follow Dr. Kahya’s speech titled “Disposition bias with its various features: an examination of Borsa Istanbul investors” on Zoom.
Zoom Meeting ID: 884 0953 9115
Abstract: Disposition bias (DB) is one of several behavioral biases in securities investment. It can be simply defined as investors’ tendency to sell winner positions at a faster rate and to keep losing positions at a longer rate. In this talk, we first describe the broad literature about the stock related, investor related and other reasons for the existence of DB. In what follows, we are going to present an empirical study that provides evidence about the disposition behavior of Turkish equity market investors. Defining original proxies about investor types, we construct various categories of investors based on trading frequency (frequently, occasionally, and infrequently trading), trading size (large, medium, and small) and status (male, female, and institutional). Our dataset encompasses all the intraday transactions of an exhaustive investor database (containing almost three hundred thousand investors who trade in Borsa Istanbul 30 Index stocks). We show that any type of investor is subject to DB, but some more than others. Moreover, a deeper analysis about investor subcategories (e.g., frequently trading female investors) shows that DB might be more related to trading frequency than investor size, a result which is new to the literature. In general, our evidence questions the rationality of stock market investors and theories relying on rationality.
Related paper link: https://doi.org/10.1016/j.jbef.2022.100682
About the Speaker: Evrim Hilal Kahya finished her primary, secondary and high school education in TED Ankara College. She did her bachelors in METU Political Science and Public Administration, masters in University of Michigan Financial Engineering and PhD in İstanbul Technical University Management Engineering. She has been working as capital markets specialist in Capital Markets Board of Turkey since 2001, where she spent the first 13 years in the Enforcement Department before moving to Strategy Planning Department to take part in international projects. In the latter position, she worked in Paris for a year as an advisor to OECD during Turkish G20 presidency. After returning to Turkey, she led the financial education project in Corporate Communication Department where she prepared core competency framework for adults, children and SME’s. As of today, she is working in the Accounting Standards Department and member of IOSCO C1 Committee on Issuer Accounting, Audit and Disclosure.