The aim of this study is to empirically test the fundamental hypotheses of Classical Finance Theory against the currently rising Behavioral Finance assumptions. Behavioral Finance generally analyzes the rationality of stock investors who use herd psychology when choosing their portfolio investments by examining their desire and sensitivity towards regularly dividend distributing stocks. The results of this study have proven that Classical Finance Theorys Rationality and Efficient Market Hypothesis are still valid and applicable.
Key words: Dividend, Efficient market hypothesis, Portfolio strategy, Behavioral finance. JEL Classification: G32 Article Language: EnglishTurkish
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