Herd Behavior in the Borsa Istanbul

Reyhan Can and Işın Dizdarlar

A chapter in Contemporary Issues in Behavioral Finance, 2019, vol. 101, pp 171-185 from Emerald Group Publishing Limited

Abstract: This study is concerned with markets operating in Turkey in the Istanbul Stock Exchange (BIST), which have been observed and studied in relation to herd behavior. During the research part of the study, the existence of herd behavior was investigated with the help of the daily closing price data of the firms in BIST between January 2011 and December 2017. In the research section of the study, the authors used regression analysis. In the analysis, the authors used the index value of the BIST whole Index. The average value of the index value of BIST whole Index was taken. Then, according to this average, 1% percentile and 5% percentile were taken. In the periods in the 1% percentile (at the dates) the result was that herd behavior was present. The herd behavior was observed for the periods (for dates) included in the percentile of 1%. On the other hand, the results of the analysis for the 5% percentile show that the herd behavior is only seen in the upper extremes.

Keywords: financial markets; market efficiency; behavioral finance; Istanbul Stock Exchange (BIST); psychological; emotional; social; and cognitive factors; Herd Behaviour; G00; G14; G4; G40; G41 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eme:csefzz:s1569-375920190000101012

DOI: 10.1108/S1569-375920190000101012

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