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Yatırım Kararlarının Alınmasında Sürü Davranışı: Literatür Taraması

Yıl 2021, Cilt 3, Sayı 2, 129 - 141, 31.12.2021

Öz

Finans piyasalarında topluluğa uyarak belirli bir mali varlığı almak ya da satmak sıkça gözlemlenen davranışlardır. Sürü davranışı, bireyin diğer bireylerin davranışlarından etkilenerek kendi fikirleri yerine çoğunluğa göre karar vermesidir. Sürü davranışı, bireyin yeterli bilgiye sahip olmaması ya da kendi bilgisinin doğruluğuna güven duymaması gibi nedenlerden kaynaklanacağı gibi bireyin trend olana uyma gibi rasyonellikten uzaklaştıran psikolojik etmenler nedeniyle gerçekleşebilir. Bireysel yatırımcılar olduğu kadar profesyonel yöneticiler de sürü davranışına kapılabilir. Belirsizliğin hâkim olduğu piyasalarda ve oynaklığın gözlemlendiği ekonomik koşullarda yatırımcılar rasyonellik varsayımına uygun olmamasına rağmen piyasada genel kabul gören görüşü takip ederek risklerden kaçınmaya çalışır. Sürü davranışı piyasaların etkinliğinin bozulmasına neden olur ve varlık fiyatlama süreci üzerinde etkili olur. Sürü davranışı, özellikle finansal piyasalar ve küresel piyasalarda kriz dönemlerinde önemli bir davranış unsuru olarak ileri sürülmüştür. 

Kaynakça

  • Akçaalan, E. (2017). Herd behavior in the Turkey stock market (Yayımlanmamış yüksek lisans tezi). İzmir Ekonomi Üniversitesi Sosyal Bilimler Enstitüsü, İzmir.
  • Altay, E. (2008). Sermaye piyasasında sürü davranışı: İMKB'de piyasa yönünde sürü davranışının analizi. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 2(1): 27-58.
  • Altunöz,U. ve Altunöz, H. (2018). Davranışsal ekonomi (nörofinans). Ankara: Seçkin Yayıncılık.
  • Avery, C. and Zemsky, P. (1998). Multidimensional uncertainty and herd behavior in financial markets. American Economic Review, 88(4): 724-748.
  • Banerjee, A. (1992). A simple model for herd behavior. Quarterly Journal of Economics, 107(3): 797-817.
  • Berger, S., Feldhaus, C. and Ockenfels, A. (2018). A shared identity promotes herding in an information cascade game. Journal of the Economic Science Association, 4(1): 63-72.
  • Bikhchandani, S., Hirshleifer, D. and Welch, I. (1992). A theory of fads, fashion, custom and cultural change as informational cascades. Journal of Political Economy, 100(5): 992-1026.
  • Borensztein, E. R. and Gelos, R. G. (2001). A Panic-prone pack? The behavior of emerging market mutual funds (CESifo Working Paper, No. 564). Retrieved from https://www.econstor.eu/bitstream/10419/75769/1/cesifo_wp564.pdf
  • Boyer, B., Kumagai, T. and Yuan, K. (2006). How do crises spread? Evidence from accessible and inaccessible stock indices. Journal of Finance, 61(2): 957–1003.
  • Canbaş, S. ve Kandır, S. (2007). Yatırımcı Duyarlılığının İ.M.K.B. Sektör Getirileri Üzerine Etkisi. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Dergisi, 22(2): 219-248.
  • Chang, E. C., Cheng, J. W. and Khorana, A. (2000). An examination of herd behavior in equity markets: An international perspective. Journal of Banking and Finance, 24(10): 1651-1679.
  • Chiang, T. C., Jeon, B. N. and Li, H. (2007). Dynamic correlation analysis of financial contagion: Evidence from Asian markets. Journal of International Money and Finance, 26(7): 1206-1228.
  • Choi, N. and Sias, R. W. (2009). Institutional industry herding. Journal of Financial Economics, 94(3): 469-491.
  • Christie, W. G. and Huang, R. D. (1995). Following the pied piper: Do individual returns herd around the market? Financial Analysts Journal, 51(4): 31-37.
  • Cipriani, M. and Guarino, A. (2008). Herd behavior and contagion in financial markets. The B.E. Journal of Theoretical Economics, 8(1):1-56. Retrieved from http://www.bepress.com/bejte/vol8/iss1/art24
  • Corsetti, G., Pericoli, M. and Sbracia, M. (2005). Some contagion, some interdependence: More pitfalls in tests of financial contagion. Journal of International Money and Finance 24(8): 1177–1199.
  • Dewan, P. and Dharni, K. (2019). Herding behaviour in investment decision making: A review. Journal of Economics, Management and Trade, 24(2): 1-12.
  • Doğukanlı, H. ve Ergün, B. (2015). BIST’te sürü davranışı: Hwang ve Salmon Yöntemi ile bir araştırma. Finans Politik ve Ekonomik Yorumlar Dergisi, 52(603): 7-24.
  • Döm, S. (2003). Yatırımcı psikolojisi. İstanbul: Değişim Yayınları.
  • Economou, F., Kostakis, A. and Philippas, N. (2011). Cross-country effects in herding behaviour: Evidence from four south European markets. Journal of International Financial Markets, Institutions and Money, 21(3): 443-460.
  • Fama, E. F. (1970). Efficient capital markets: A review of theory and emprical work. Journal of Finance, 25(2): 383-417.
  • Grinblatt, M., Titman, S. and Wermers, R. (1995). Momentum investment strategies, portfolio performance, and herding: A study of mutual fund behavior. The American Economic Review, 85(5): 1088-1105.
  • Hayta, A. B. (2014). Bireysel yatırımcıların finansal risk algısına etki eden psikolojik önyargılar. Türkiye Sosyal Araştırmalar Dergisi, 18 (3): 329-352.
  • Hirshleifer, D. A. and Teoh, S. H. (2001). Herd behavior and cascading in capital markets: A review and synthesis (Dice Center Working Paper No. 2001-20). Retrieved from https://ssrn.com/abstract=296081.
  • Hwang, S. and Salmon, M. (2004). Market stress and herding. Journal of Empirical Finance, 11(4): 585-616. Kahn, R. N. (2004). What investors can learn from a very alternative market. Financial Analysts Journal, 60(5): 17-20.
  • Kallinterakis, V. and T. Kratunova. (2007). Does thin trading impact upon the measurement of herding? Evidence from Bulgaria. Ekonomia 10(1): 42–65.
  • Kim, W. and Wei, S.-J. (1999). Foreign portfolio investors before and during a crisis. (NBER Working Paper No. 6968). Retrieved from https://www.nber.org/system/files/working_papers/w6968/w6968.pdf
  • Lakanishok, J., Shleifer, A. and Vishny R. W. (1992). The impact of institutional trading on stock prices. Journal of Financial Economics, 32(1): 23-43.
  • Lee, I. H. (1998). Market crashes and informational avalanches. The Review of Economic Studies, 65(4): 741-759.
  • Legadeesh, N. and Kim, W. (2010). Do analysts herd? An analysis of recommendations and market reactions. The Review of Financial Studies, 23(2): 901-937.
  • Lin, M. C. (2018). The impact of aggregate uncertainty on herding in analysts' stock recommendations. International Review of Financial Analysis, 57: 90-105.
  • Nofsinger, J. R. (2013). Yatırım Psikolojisi. (Çev., S. Gazel), Ankara: Nobel Akademik Yayıncılık.
  • Nofsinger, J. R., ve Sias, R. W. (1999). Herding and feedback trading by institutional and individual investors. The Journal of finance, 54(6), 2263-2295.
  • Özsu, H. H. (2015). Herd behavior on Borsa İstanbul (BİST): An empirical analysis (Yayımlanmamış doktora tezi). Dokuz Eylül Üniversitesi Sosyal Bilimler Ensititüsü, İzmir.
  • Peterson, R. L. (2012). Aklın para üzerindeki gücü -Karar anı (Çev., C. Feyyat). İstanbul: Scala Yayıncılık.
  • Rickards, J. (2015). Kur savaşları: Bir sonraki küresel krizin oluşumu (Çev., N. Domaniç ve N. Avhan). İstanbul: Scala Yayıncılık.
  • Rook, L. (2006). An economic psychological approach to herd behavior. Journal of Economic Issues, 40(1): 75-95.
  • Scharfstein, D. and Stein, J. (1990). Herd behavior and investment. American Economic Review, 80(3): 465-479.
  • Shleifer, A. (2000). Inefficient markets: An introduction to behavioral finance. Oxford: Oxford University Press.
  • Tan, L., Chiang, T. C., Mason, J. R. and Nelling, E. (2008). Herding behavior in chinese stock markets: An examination of a and b shares. Pacific-Basin Finance Journal, 16(1-2): 61–77.
  • Welch, I. (1992). Sequential sales, learning, and cascades. The Journal of Finance, 47(2): 695-732.
  • Wermers, R. (1999). Mutual fund herding and the impact on stock prices. The Journal of Finance, 54(2): 581-622.
  • Zhou, R. T. and Lai, R. N. (2009). Herding and information based trading. Journal of Empirical Finance, 16(3): 388-393.

Herd Behavior in Investment Decisions: A Literature Review

Yıl 2021, Cilt 3, Sayı 2, 129 - 141, 31.12.2021

Öz

Buying or selling a financial asset following the community in financial markets is a common behavior. Herd behavior is the decision of the individual influenced by the majority, rather than own opinions, by being affected by the behavior of other individuals. Herd behavior may occur due to reasons such as the individual's lack of efficient information or confidence in own knowledge, as well as psychological factors distracting the individual from rationality, like following the trend. Professional managers and individual investors can follow the herd behavior. In markets dominated by uncertainty and in economic conditions where volatility is observed, investors try to avoid risks by following the generally accepted view in the market, unlike rationality assumption. Herd behavior causes the efficiency of markets to deteriorate and affects asset pricing process. Herd behavior has been suggested as an important behavioral factor especially in times of in financial crisis.

Kaynakça

  • Akçaalan, E. (2017). Herd behavior in the Turkey stock market (Yayımlanmamış yüksek lisans tezi). İzmir Ekonomi Üniversitesi Sosyal Bilimler Enstitüsü, İzmir.
  • Altay, E. (2008). Sermaye piyasasında sürü davranışı: İMKB'de piyasa yönünde sürü davranışının analizi. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 2(1): 27-58.
  • Altunöz,U. ve Altunöz, H. (2018). Davranışsal ekonomi (nörofinans). Ankara: Seçkin Yayıncılık.
  • Avery, C. and Zemsky, P. (1998). Multidimensional uncertainty and herd behavior in financial markets. American Economic Review, 88(4): 724-748.
  • Banerjee, A. (1992). A simple model for herd behavior. Quarterly Journal of Economics, 107(3): 797-817.
  • Berger, S., Feldhaus, C. and Ockenfels, A. (2018). A shared identity promotes herding in an information cascade game. Journal of the Economic Science Association, 4(1): 63-72.
  • Bikhchandani, S., Hirshleifer, D. and Welch, I. (1992). A theory of fads, fashion, custom and cultural change as informational cascades. Journal of Political Economy, 100(5): 992-1026.
  • Borensztein, E. R. and Gelos, R. G. (2001). A Panic-prone pack? The behavior of emerging market mutual funds (CESifo Working Paper, No. 564). Retrieved from https://www.econstor.eu/bitstream/10419/75769/1/cesifo_wp564.pdf
  • Boyer, B., Kumagai, T. and Yuan, K. (2006). How do crises spread? Evidence from accessible and inaccessible stock indices. Journal of Finance, 61(2): 957–1003.
  • Canbaş, S. ve Kandır, S. (2007). Yatırımcı Duyarlılığının İ.M.K.B. Sektör Getirileri Üzerine Etkisi. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Dergisi, 22(2): 219-248.
  • Chang, E. C., Cheng, J. W. and Khorana, A. (2000). An examination of herd behavior in equity markets: An international perspective. Journal of Banking and Finance, 24(10): 1651-1679.
  • Chiang, T. C., Jeon, B. N. and Li, H. (2007). Dynamic correlation analysis of financial contagion: Evidence from Asian markets. Journal of International Money and Finance, 26(7): 1206-1228.
  • Choi, N. and Sias, R. W. (2009). Institutional industry herding. Journal of Financial Economics, 94(3): 469-491.
  • Christie, W. G. and Huang, R. D. (1995). Following the pied piper: Do individual returns herd around the market? Financial Analysts Journal, 51(4): 31-37.
  • Cipriani, M. and Guarino, A. (2008). Herd behavior and contagion in financial markets. The B.E. Journal of Theoretical Economics, 8(1):1-56. Retrieved from http://www.bepress.com/bejte/vol8/iss1/art24
  • Corsetti, G., Pericoli, M. and Sbracia, M. (2005). Some contagion, some interdependence: More pitfalls in tests of financial contagion. Journal of International Money and Finance 24(8): 1177–1199.
  • Dewan, P. and Dharni, K. (2019). Herding behaviour in investment decision making: A review. Journal of Economics, Management and Trade, 24(2): 1-12.
  • Doğukanlı, H. ve Ergün, B. (2015). BIST’te sürü davranışı: Hwang ve Salmon Yöntemi ile bir araştırma. Finans Politik ve Ekonomik Yorumlar Dergisi, 52(603): 7-24.
  • Döm, S. (2003). Yatırımcı psikolojisi. İstanbul: Değişim Yayınları.
  • Economou, F., Kostakis, A. and Philippas, N. (2011). Cross-country effects in herding behaviour: Evidence from four south European markets. Journal of International Financial Markets, Institutions and Money, 21(3): 443-460.
  • Fama, E. F. (1970). Efficient capital markets: A review of theory and emprical work. Journal of Finance, 25(2): 383-417.
  • Grinblatt, M., Titman, S. and Wermers, R. (1995). Momentum investment strategies, portfolio performance, and herding: A study of mutual fund behavior. The American Economic Review, 85(5): 1088-1105.
  • Hayta, A. B. (2014). Bireysel yatırımcıların finansal risk algısına etki eden psikolojik önyargılar. Türkiye Sosyal Araştırmalar Dergisi, 18 (3): 329-352.
  • Hirshleifer, D. A. and Teoh, S. H. (2001). Herd behavior and cascading in capital markets: A review and synthesis (Dice Center Working Paper No. 2001-20). Retrieved from https://ssrn.com/abstract=296081.
  • Hwang, S. and Salmon, M. (2004). Market stress and herding. Journal of Empirical Finance, 11(4): 585-616. Kahn, R. N. (2004). What investors can learn from a very alternative market. Financial Analysts Journal, 60(5): 17-20.
  • Kallinterakis, V. and T. Kratunova. (2007). Does thin trading impact upon the measurement of herding? Evidence from Bulgaria. Ekonomia 10(1): 42–65.
  • Kim, W. and Wei, S.-J. (1999). Foreign portfolio investors before and during a crisis. (NBER Working Paper No. 6968). Retrieved from https://www.nber.org/system/files/working_papers/w6968/w6968.pdf
  • Lakanishok, J., Shleifer, A. and Vishny R. W. (1992). The impact of institutional trading on stock prices. Journal of Financial Economics, 32(1): 23-43.
  • Lee, I. H. (1998). Market crashes and informational avalanches. The Review of Economic Studies, 65(4): 741-759.
  • Legadeesh, N. and Kim, W. (2010). Do analysts herd? An analysis of recommendations and market reactions. The Review of Financial Studies, 23(2): 901-937.
  • Lin, M. C. (2018). The impact of aggregate uncertainty on herding in analysts' stock recommendations. International Review of Financial Analysis, 57: 90-105.
  • Nofsinger, J. R. (2013). Yatırım Psikolojisi. (Çev., S. Gazel), Ankara: Nobel Akademik Yayıncılık.
  • Nofsinger, J. R., ve Sias, R. W. (1999). Herding and feedback trading by institutional and individual investors. The Journal of finance, 54(6), 2263-2295.
  • Özsu, H. H. (2015). Herd behavior on Borsa İstanbul (BİST): An empirical analysis (Yayımlanmamış doktora tezi). Dokuz Eylül Üniversitesi Sosyal Bilimler Ensititüsü, İzmir.
  • Peterson, R. L. (2012). Aklın para üzerindeki gücü -Karar anı (Çev., C. Feyyat). İstanbul: Scala Yayıncılık.
  • Rickards, J. (2015). Kur savaşları: Bir sonraki küresel krizin oluşumu (Çev., N. Domaniç ve N. Avhan). İstanbul: Scala Yayıncılık.
  • Rook, L. (2006). An economic psychological approach to herd behavior. Journal of Economic Issues, 40(1): 75-95.
  • Scharfstein, D. and Stein, J. (1990). Herd behavior and investment. American Economic Review, 80(3): 465-479.
  • Shleifer, A. (2000). Inefficient markets: An introduction to behavioral finance. Oxford: Oxford University Press.
  • Tan, L., Chiang, T. C., Mason, J. R. and Nelling, E. (2008). Herding behavior in chinese stock markets: An examination of a and b shares. Pacific-Basin Finance Journal, 16(1-2): 61–77.
  • Welch, I. (1992). Sequential sales, learning, and cascades. The Journal of Finance, 47(2): 695-732.
  • Wermers, R. (1999). Mutual fund herding and the impact on stock prices. The Journal of Finance, 54(2): 581-622.
  • Zhou, R. T. and Lai, R. N. (2009). Herding and information based trading. Journal of Empirical Finance, 16(3): 388-393.

Ayrıntılar

Birincil Dil Türkçe
Konular İktisat
Bölüm Araştırma Makaleleri
Yazarlar

Yasemin BAŞARIR (Sorumlu Yazar)
Gelir İdaresi Başkanlığı
0000-0003-4723-7120
Türkiye

Yayımlanma Tarihi 31 Aralık 2021
Yayınlandığı Sayı Yıl 2021, Cilt 3, Sayı 2

Kaynak Göster

APA Başarır, Y. (2021). Yatırım Kararlarının Alınmasında Sürü Davranışı: Literatür Taraması . Ekonomi ve Finansal Araştırmalar Dergisi , 3 (2) , 129-141 . Retrieved from https://dergipark.org.tr/tr/pub/jefr/issue/68029/1062087