Akademik Veri Yönetim Sistemi
Tez Türü: Doktora
Tezin Yürütüldüğü Kurum: Dokuz Eylül Üniversitesi, Sosyal Bilimler Enstitüsü, İktisat, Türkiye
Tez Danışmanı: Doç. Dr. Ayçıl Yücer Arıkan
Tezin Onay Tarihi: 2023
Tezin Dili: Türkçe
Özet:
The level of information of risk-averse investors is effective in the portfolio selection process. Investors can better evaluate the risk they will be exposed to and the risk premium they will demand by increasing their level of information about the country they prefer for financial asset investment. Thus, in the study, information is defined as a source of risk in international financial markets. The aim of the study is to investigate the effect of information-based risks on the country risk calculated by risk-averse investors, considering the economic, financial and political risks in international financial markets.
In the study, the relationship between investors' level of information and country risk is discussed for the first time in the literature with the help of Country Beta Model. In the analysis, International Financial Reporting Standards (IFRS), communication technologies, access to financial markets and endogenous learning process of 65 countries between 2004-2021 are defined as information-based risk factors. In the Country Beta Model, the effect of information-based risk factors on country risk is estimated by controlling economic, financial and political risk factors.
According to the estimation results of the Country Beta Model, IFRS, communication technologies, access to financial markets and endogenous learning are the information-based risk factors that risk-averse investors consider when calculating country risk. The findings show that when the economic, financial and political risks of the countries are taken into account, the level of information of risk-averse investors about a country increases, they perceive this country as low-risk and demand a lower risk premium from their investments in this country. In addition, the increase in the level of information of risk-averse investors about the relevant country enables them to evaluate economic, financial and political risks lower. As a result information should be considered as a systematic risk source that affects the risk perception of investors in international financial markets.