Yönetim ve Ekonomi (Jan 2006)
İstanbul Menkul Kıymetler Borsası’nda (İMKB) Sektör Bazında İşlem Gören Hisse Senetlerinin Alım-Satım Kararlarında En Yüksek Getirili Stratejinin Belirlenmesi(Determination of Maximum Gainful Strategy in Exchange of Stocks Traded on Sectoral Basis in Istanbul Stock Exchange)
Abstract
Today economic units supply their long-term fund demands from capital markets. Firms can obtain funds to issue stocks and bonds in stock exchanges in accordance with market conditions. Particularly going public stocks in primary market are traded in secondary market due to market conditions. Investors in these markets desire to generate earnings from movement of prices and actually it is the main objective in capital markets. In this context, investors want to obtain information about prospective price changes in order to achieve their earning objective. However many time, it is not possible to get such an information because of uncertainty and risks in markets. Individual investors settle some strategies about stock exchange by the help of their personal experiences, observations and information, with an aim to overcome this uncertainty. It is important to decide accurate time of taking and selling stocks. It is not possible to estimate accuracy of timing. The same difficulty appears in strategy process, either. In this study, adequate timing decision of individual investors in stock exchange was examined by a simulation application. Investors’ possible strategies were determined. These strategies applied the closing values of sectoral indexes defined in Istanbul Stock Exchange and advisable strategies for each sector were determined.
