Akademik Veri Yönetim Sistemi
Ulakbilge Sosyal Bilimler Dergisi, cilt.10, sa.75, ss.825-835, 2022 (Hakemli Dergi)
In this study, it was investigated whether different levels of information create advantages or disadvantages in the stock market. For this purpose, net profit rates at the end of the period were calculated for two different investors. Investors are separated in terms of access to information differences. The fundamental investor is evaluated under the assumption of asymmetric information whereas the chartist investor is done under the assumption of perfect information. In the current study, the fundamental investor makes only one transaction, while the chartist investor acts according to the indicator The moving average convergence-divergence indicator (MACD) since it makes algorithmic transactions. The transactions were made based on trend periods. At the end of the trend, the net profit rates have been calculated to find out to see whether the information differences create commercial inequality.
In this context, two companies known as high in volume and worldwide known in Borsa Istanbul, where algorithms are also used, are discussed. Transactions for two different investors are started and completed on the same trend dates. When the transactions made in 20 different trend periods are compared, it is concluded that the chartist investor is more advantageous than the fundamental investor. As a result, a chartist investor who has perfect information is more advantageous for financial markets, as expected.