COVID-19’UN SÜRÜ DAVRANIŞI ÜZERİNDEKİ ETKİSİ: GELİŞMEKTE OLAN AFRİKA ÜLKELERİ ÖRNEĞİ

Year 2023, Volume: 8 Issue: 3, 692 - 699, 09.10.2023

Ömer Faruk Tan

https://doi.org/10.29106/fesa.1286673

Abstract

Tüm dünyayı etkisi altına alan Koronavirüs Hastalığının (COVID-19) ortaya çıkmasıyla finansal piyasalar üzerinde de şok etkisi yaratmıştır. Korku ve paniğe kapılan yatırımcılar rasyonel bir karar verememiştir ve diğer yatırımcıların almış oldukları kararları taklit etmeye çalışmışlardır. Etkin piyasalar hipotezinden farklı olarak yatırımcılar bu süreçte sürü davranışı göstermiştir. Bu nedenle, bu makale COVID-19’un gelişmekte olan Afrika pazarlarında sürü davranışını artırıp artırmadığını araştırmaktadır. Çalışmada Johannesburg ve Mısır Borsaları 04 Ocak 2010- 30 Haziran 2020 yılları arasında örneklem olarak kullanılmıştır. Analiz sonuçlarına göre COVID-19 döneminde güçlü bir sürü davranış görüldüğü ortaya çıkmıştır. Farklı alt periyotlarda da bulduğumuz sonuç doğrulanmıştır. Çalışmanın sonucu, bireysel ve kurumsal yatırımcıların yanı sıra finansal düzenleyicilerin sürü davranışını önlemeye yönelik bir çözüm bulmasına yardımcı olması açısından önemlidir.

Keywords

COVID-19, Sürü Davranışı, Güney Afrika, Mısır

THE EFFECT OF COVID-19 ON HERDING BEHAVIOR: EVIDENCE FROM AFRICAN EMERGING MARKETS

Abstract

The emergence of Coronavirus Disease (COVID-19) pandemic, which spread all over the world, created a shock effect on financial markets as in all areas. With fear and panic, investors couldn’t make rational decisions and tried to imitate what other investors were doing. Unlike the idea of the efficient market hypothesis, investors showed herd behavior during the emergence of the pandemic. Hence, this paper investigates whether COVID-19 increased herding behavior in African emerging markets. We use a sample from the Johannesburg Stock Exchanges (JSE) and the Egyptian Exchange (EGX) for the period from January 4, 2010, to June 30, 2020. We find strong evidence of the presence of herding behavior in both stock markets during the COVID-19 period. Robust results are found in different sub-periods. The result of the study is important to help individual and institutional investors as well as financial regulators to find a solution to prevent herd behavior.

Keywords

COVID-19, Herding Behavior, South Africa, Egypt

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