Borsa İstanbul'da yatırımcıların hisse senedi elde tutma süresine etki eden faktörler

Abstract

In the stock market, as the number of transactions of investors increases, their commission costs increase and their performance decreases. Many studies in the literature indicate that there is a positive relationship between investors' holding period of stocks and their returns. In this study, the factors affecting the stock market investors’ holding period of stocks in Borsa Istanbul are examined. 3615 stock market investors participated in the survey which is conducted within the scope of the research. According to the research findings, the holding period of 75% of the participants is less than 90 days. It is observed that as the level of education increases, the duration of holding stocks, albeit limited, increases. For example, while the rate of daily traders is measured at the level of 6% for high school and university graduates, this rate is 4.3% for those with a master's degree; it decreases to 2% for those with a doctoral degree. When the relationship between investment experience and stock holding period is examined, it is seen that daily trading is more common for those with less than one year of investment experience. While the rate of daily traders in the whole sample is 5.5%, it is seen that this rate increases to 8% for those with less than one year of experience. Again, in the whole sample, the rate of investors whose stock holding period exceeds one year is 24.8%; it is seen that this rate increases to 37% for those who have experience in the stock market for more than 5 years. When the relationship between investors' wealth and the holding period of stocks is examined, it is seen that the investor group whose financial savings amount is less than 10,000 TL performs more daily transactions. While the rate of daily traders for investors with less than 10,000 TL savings is 11.7%, this rate is 5.6% for the entire sample. While the rate of those who invest more than a year is 16.4% among those with less than 50,000 TL savings; 38.2% among those who have more than 1 million TL savings. Research results show that the stock holding period has a positive relationship with investment experience, education level, and financial portfolio size.