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Abstract
Behind every buy and/or sell order, there is an investor. Trade takes place because investors have different opinions and outlooks and it cannot be expected from any theory aimed at explaining how the financial markets function, to neglect how the investors, as one of the fundamental actors of the markets, make their decisions as to purchase or sell a stock. Explanations based on the Efficient Markets Hypothesis, which we may call the traditional finance, focuses on the notion of rational human beings to explain how people should make their decisions.