Behavioral Finance, which studies the decision-making patterns of individual investors and the financial effects of these decisions, argues that investors are not rational in the full sense, and that they are influenced by various psychological factors when making decisions. In this study, which was supported by a literature review in the light of the studies conducted between 2005 and 2022, behavioral finance is examined. The main purpose of this study is examine behavioral finance by comparing it with traditional efficient market hypothesis. As a result of the studies conducted in the recent literature, it has been observed that behavioral finance may provide mode reliable results thanks its more realistic approach by combining finance, sociology and psychology disciplines

Efficient Market Hypothesis, Behavioral Finance, Investors, Psychological Factors