Herding in the Central and Eastern Countries Stock Markets: The Case of Croatia, Poland and Romania

Year 2024, Volume: 32 Issue: 62, 479 - 495

Meltem Keskin , Selma Aytüre

Abstract

Herding behaviour in the stock markets of Croatia, Poland and Romania from the Central and Eastern European Countries (CEEC) region was investigated using the three well-known models. The study was based on daily closing price data for the period (2013:1-2023:12). According to the findings, in the first method, herding behaviour was observed in upward market conditions in the stock markets of all three countries; in the second method, herd behaviour was not proved in any of the markets. In the third method, emotional herding behaviour was detected in extreme downward market conditions in the Romanian stock market.

Keywords

Herding, Stock Market, CEEC, Croatia, Polonia, Romania

Merkezi ve Doğu Avrupa Ülkeleri Borsalarında Sürü Davranışları: Hırvatistan, Polonya ve Romanya Örnekleri

Abstract

Merkezi ve Doğu Avrupa Ülkeleri (MDAÜ) bölgesinden Hırvatistan, Polonya ve Romanya borsalarında sürü davranışlarının varlığı, üç farklı iyi bilinen model yardımı ile araştırılmıştır. Çalışma (2013:1-2023:12) döneminde günlük kapanış fiyatları verilerine dayanmaktadır. Bulgulara göre, birinci yöntemde üç ülke borsasında da yukarı yönlü piyasa koşullarında sürü davranışı gözlenirken, ikinci yöntemde borsalarının hiçbirinde sürü davranışı kanıtlanamamıştır. Üçüncü yöntemde Romanya borsasında aşağı yönlü ekstrem piyasa koşullarında duygusal sürü davranışı tespit edilmiştir.

Keywords

Sürü Davranışı, Borsa, MDAÜ, Hırvatistan, Polonya, Romanya

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