Abstract:

The increasing interest in the securities markets over the world has led to an increase in the work on these markets. In particular, investors on the stock market have been planning to obtain over-normal return by predicting the price movements of the stock markets. In the financial world, the Rassal Walk Theory, which is revealed in order to explain the movement of stock assets, comes at the beginning of many unconscious approaches. The Rassal Movement Theory, which effectively divides markets into three in weak forms, half-strong forms, and strong forms, and many theories that then are based on this theory or not, have developed a variety of linear modelling in the description of these behaviors, assuming that the behavior of the shareholders is moving in a linear structure. However, when the movements of the shares are well analyzed, the existence of behaviors that are not linear is revealed. In this study, the BIST 100 index specifically identified by analyzing the existence of nonlinear structures in stock price movements and in this context the market did not move racally, in other words, it was not effective in a weak form. As a result, it has been stated that models that include non-linear structures and behaviors should be developed and used in the description of the future movements of stock assets.