Özet:

Traditional financial theories are based on the assumption that investors are rational and choose the one that will give them the highest benefit from possible alternatives. However, behavioral finance states that investors are not completely rational, and their decision-making processes are affected by various behavioral factors. In this direction, the aim of this study is to examine the mediating role of risk bias in the relationship between the overconfidence bias of individual investors trading in Borsa Istanbul (BIST) on their investment performance. The survey method was chosen as the data collection tool and the obtained data were analyzed with the Linear Regression model. As a result of the study, positive significant relationships were found between the overconfidence bias on the investment performance, the overconfidence bias on the risk bias and the risk bias on the investment performance. At the same time, the existence of a partial mediation effect of risk bias in the relationship between overconfidence bias and investment performance has also been proven. According to this result, it can be said that the study will contribute to the awareness of individual investors about behavioral biases and thus to make better investment decisions.

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