Kurumsal yatırımcıların yatırım tercihleri ve stratejilerinin analizi
Özet
The importance of institutional investors has been increasing for many reasons such as globalization. Behaviors of institutional investors, in terms of stock preference, trade behaviours and investment strategies, have direct effect on stock returns. On the other hand, those effects have been found divergent according to outcomes of academic studies made on this topic.The boredoms in gathering datas to determine the strategies and stock preferences of institutional investors in Turkey is the main reason for lacking of many studies made in that area. With this thesis, it is aimed to contribute the finance literature in terms of ownership structure of investor groups. In the thesis, four different types of investor groups? (123 type mutual fund, 28 closed-end fund, 12 portfolio management company, 4 different stock brokorage firm to represent foreign investors) ownership rates in 305 stocks, returns of those stocks and stock preferences of those investors are analysed for the period of January 2005 ? July 2007 on a monthly basis. In addition to that, investor groups investment strategies visa vis previous period returns are studied in terms of different methods and periods.Looking at the preferences of investor groups, they don?t include small cap stocks, because of lower risk, they prefer stocks with high trade volume in the market. Moreover, it is set that foreign investor groups don?t prefer stocks with high P/E ratios, very clearly investment funds and portfolio management companies prefer stocks with low P/E ratios. Looking to average transaction amount and average order size, investor groups prefer stocks which have liquidity force. Also it seems that institutional investors favour stocks which have lower P/CF values.About stocks income, there is a expressive statistical difference between prefered and not prefered stocks in terms of average income.According to the last term incomes of investor groups, it seems that investment strategies are changing because of method and period. Investment strategy of the institutional investors, is not a fixed structure, it can change according to the changes in the market in different periods.In searching investor groups? previous returns associated with investment strategies, it is seen that there are different outcomes with different methods used and periods taken into account. But it is set forth that foreign investors and investment funds use momentum strategy while portfolio management companies implement opposite investment strategy. Furthermore it is concluded that investor groups prefer different types of stocks and invetment strategies. All the same, with different strategies and different periods, it fall short seeing a marked investment strategy at retirement investment funds.