The Relation between Characteristics of Investors and Perception of Anomalies in Stock Market: A Study on Individual Investors

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Anomalies which referred as the stock prices provide different return than other times at certain periods collide with the efficient markets hypothesis. High returns or losses in this certain period make the individual invertors’ perceptions important. In this study, anomalies perception of individual investors who traded in Istanbul Stock Exchange and the relationship between perceptions of anomalies and investor properties are questioning. The universe is formed from all individual investors who have done one or more trade in Borsa Istanbul. In the research sampling was applied and snowball sampling was preferred. At the end of the research, we determine that individual investors perceive the anomalies as price anomaly, firm anomaly, day of week anomaly and intraday anomaly. According to search result, perception of anomalies is differing by individual investors’ demographic characteristics.

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Efficient Markets Hypothesis , Behavioral Finance , Anomalies , Investors characteristics

Ege Academic Review (EAR)

184

Ege Academic Review (EAR)