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Corporate Finance

Bu çalışmada, fiyatları rejim değiştiren geometrik Brown hareketi gösteren temettüsüz hisse senetleri incelenmektedir. Bir hissenin cari fiyatı göz önüne alındığında, satış karinesi bir hedef fiyat ve bir zararı durdurma limitinden oluşur. Fiyat hedef fiyata veya belirlenen zararı durdurma limitine ulaştığında "satış" kararı verilir. Esas amaç, yatırımcılara fayda sağlamaktır. Yatırımcılar, finansal kariyerlerinde sıklıkla zayıf bir hisse senedi alırlar veya satın alma işlemi yanlış zamanda yapılabilir. Bu nedenle, kayıpları durdurmak için böyle bir hisse senedini mümkün olan en kısa sürede satmak gerekir. Uygulamada, hedef fiyatlar tipik olarak %15 - %55'lik bir kazanç civarındadır ve zararı durdurma limitleri genellikle %5 ila %20 arasında değişmektedir. Ancak, her hisse senedinin farklı özelliklere sahip olması nedeniyle, muhasebe kar ve zararları için tek tip kurallar benimsemek iyi bir fikir değildir. Ayrıca her hisse senedine farklı tasfiye kuralları ile farklı muamele edilmelidir.

Hedef fiyatları ve zararı durdurma limitlerini dikkate alır ve beklenen bir ödül fonksiyonunu yükseltmeyi vaat edenleri belirleriz. Bu fiyat limitlerini elde etmeyi hedefleriz. Ayrıca, beklenen bir hedef dönem ve para kazanma ve kaybetme olasılığını belirleriz. Uygulamada, portföylerin performansını ölçmek için sıklıkla kullanılan bir kriter, belirli bir zaman içindeki getiri yüzdesidir. Bununla birlikte, böyle bir kriter, kısa bir elde tutma döneminde (τ0) küçük karlar elde etmeyi teşvik eder. Açıktır ki, böyle bir kriter, özellikle alım satım ve ek işlem maliyetlerini sürekli izleyemeyenler olmak üzere bireysel yatırımcılar için uygun değildir. Buna karşın, bir iskonto faktörü, elde tutma süresinin belirleyicisi olarak zamanın yerini aldığı için işlemlerin sıklığını azaltır. İskonto uygulanmış ödül fonksiyonu birçok finansal problemde yaygın olarak karşımıza çıkar.

In current study, we have a non-dividend single stock whose price observesexhibits1 a regime-2switching geometric Brownian motion. Given the current price of a stock the selling axiomprinciple consists of target price and a stop-loss limit. A ‘sell’ decision is made when the price reaches either the target price or the set stop-loss limit. The main purpose is to benefit investors. During their financial career, Oneinvestors often picks up the badweak stocks or thea purchase made is at the wrong time. Therefore, it is necessary to sell it as soon as possible to stop losses3. In practice, a target price is typically around a gain of 15%–55% and stop-loss limits generally vary from 5% to 20%. It is, however, not a good idea to adopt uniform profit taking. Each stock is different, it  has own characteristics4. Moreover, each stock should be treated differently with different liquidation rules.

In this study, we consider sets of target prices and stop-loss limits and choose target prices and stop-loss limitsdetermine those 5that promise to enhance an expected reward function. We aim at deriving these price limits. In addition, we determine the expected target period and the probability of making and losing money. In practice, a frequent used criteriacriterion for measuring the performance of portfolios is the percentage return per unit time. However, such a criterion leads to many transactions because of it encourages small profit-taking within short holding timeperiod6 (τ0). Clearly, such a criteria criterion is not suitable for retail investors, especially those who are unable to constantly monitor trading and additional transaction costs. A discount factor, in contrast, rules out very frequent transactions as it replaces time as the determinant of holding timeperiod. This discounted-reward function is natural common7 in many financial problems.

  1. [Word choice]Used a better term as per the source text
  2. [Omission] [Technical word choice] [SME]Added the missing word for technical accuracy as per source text
  3. [Accuracy]Changed the word to its plural form to maintain accuracy as per source text
  4. [Spelling]Corrected the spelling to maintain accuracy
  5. [Repetition]Removed a repetitive phrase for better readability
  6. [Technical accuracy]Used a better word to maintain technical accuracy
  7. [Word choice] [Mistranslation]Used a better word to align with the source text

1In current study, we have a non-dividend single stock whose price observes exhibits2 a uregime-3switching geometric Brownian motion. Given the current price of a stock,4 the selling axiomprinciple consists of target price and a stop-loss limit. A ‘sell’ decision is made when the price reaches either the target price or the set stop-loss limit. The main purpose is to benefit investors. During their financial careercareers, Oneinvestors often picks up the badweak stocks or thea purchase made is it at the wrong time. Therefore, in both the cases, it is often wise and necessary to sell itsuch a stock as soon as possible to stopcurtail losses5. In practice, a target price isprices are typically around a gain of 15%–55% and stop-loss limits generally vary from 5% to 20%. ItHowever, it is, however, not a good idea to adopt uniform profit taking. Each stock is different, it  rules for booking profits and losses because each stock has its own characteristics6. Moreover, each stock should be treated differently with7 that call for different liquidation rules.

In this study, we consider sets of target prices and stop-loss limits and choose target prices and stop-loss limits determine those8  that promise to enhance an expected reward function. We aim at deriving these price limits. In addition, we determine the expected target period and the probability of making and losing money. In practice, a frequent used criteria criterion for measuring theinvestors frequently measure portfolio performance of portfolios isas the percentage return per unit timeover given period. However, such athat criterion leads to many transactions because of it encourages small profit-taking small profits within a short holding timeperiod 9(τ0). and increases transaction costs.10 ClearlyHence, for those reasons, such a criteria criterion is not suitablemay be unsuitable 11for retail investors, especially those who are unable to constantly monitor trading and additional transaction costs, their portfolios. 12A discount factor, in contrast, rules out veryreduces frequent transactions as it replaces time as the determinant of holding timeperiod. This discounted-reward function is natural 13common incommonly applied to many financial problems.

This study examines a non-dividend single stock whose price exhibits a regime-switching geometric Brownian motion. We consider sets of stop-loss limits and target prices and determine those that promise to enhance an expected reward function. We aim to derive these limits as well as an expected holding period and probabilities of making and losing money.

  1. [Flow/Structure] [Style]The purpose and subject of the study has been restructured to be introduced after the background. This will enhance the readability as per academic writing norms.
  2. [Word choice]Used a better term as per the source text.
  3. [Omission] [Technical word choice] [SME]Added the missing word for technical accuracy as per source text
  4. [Punctuation]Added a comma to set off a clause for better readability
  5. [Accuracy]Changed the word to its plural form to maintain accuracy as per source text
  6. [Spelling]Corrected the spelling to maintain accuracy
  7. [Clarity & Readability] [Grammar]Rephrased and combined two related clauses for better readability. Added the pronoun “its” for grammatical
  8. [Repetition]Removed a repetitive phrase for better readability
  9. [Technical accuracy]Used a better word to maintain technical accuracy
  10. [Readability] [Grammar]Rephrased for better readability and grammar
  11. [Accuracy]Rephrased and indicated a possibility instead of a “factual” notion to maintain accuracy
  12. [Word/phrase choice] Rephrased to improve word choice and readability
  13. [Word choice] [Mistranslation]Used a better word to align with the source text

Given the current price of a stock, the selling principle consists of target price and a stop-loss limit. A ‘sell’ decision is made when the price reaches either the target price or the set stop-loss limit. The main purpose is to benefit investors. During their financial careers, investors often pick up weak stocks or purchase it at the wrong time. Therefore, in both the cases, it is often wise and necessary to sell such a stock as soon as possible to curtail losses. In practice, target prices are typically around a gain of 15%–55% and stop-loss limits generally vary from 5% to 20%. However, it is not a good idea to adopt uniform rules for booking profits and losses because each stock has its own characteristics that call for different liquidation rules.

In practice, investors frequently measure portfolio performance as the percentage return over given period. However, that criterion encourages taking small profits within a short holding period (τ0) and increases transaction costs. Hence, for those reasons, such a criterion may be unsuitable for retail investors, especially those who are unable to constantly monitor their portfolios. A discount factor, in contrast, reduces frequent transactions as it replaces time as the determinant of holding period. This discounted-reward function is commonly applied to many financial problems.

This study examines a non-dividend single stock whose price exhibits a regime-switching geometric Brownian motion. We consider sets of stop-loss limits and target prices and determine those that promise to enhance an expected reward function. We aim to derive these limits as well as an expected holding period and probabilities of making and losing money.

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