COVID-19 KÜRESEL SALGINI SIRASINDA BORSA İSTANBUL’DA SÜRÜ DAVRANIŞININ TEST EDİLMESİ
Sürü davranışı kavramı, herhangi bir merkeze bağlı olmadan hareket etmeye meyilli yatırımcıların piyasada
gerçekleştirdikleri sözde koordineli veya işbirlikçi davranışlarının doğasına dayanmaktadır. Bu çalışma,
yeni koronavirüs salgını sırasında Borsa İstanbul (BIST) için sürü davranış fenomenini araştırmaktadır.
Tüm dönem, yerel anlamda ilk kez karşılaşılan COVID-19 vakasının resmi duyuru tarihi olan 11 Mart
2020 tarihini medyan noktası olarak dikkate alarak iki tane ayrık simetrik bir yıllık alt döneme ayrılmıştır.
Makale, 11 Mart 2019 – 9 Mart 2021 dönemi boyunca BIST 100 endeksini oluşturan hisselerin günlük hisse
senedi kapanış fiyatları kullanılarak, muhtemel sürü davranışını test etmek için Kesitsel ortalama mutlak
sapma (CSAD) ve Kesitsel standart sapma (CSSD) test etme metodolojisine dayanan modelleri esas almak
suretiyle ilerlemektedir.
TESTING FOR HERD BEHAVIOR IN BORSA ISTANBUL DURING THE COVID-19 PANDEMIC
The concept of herd behavior is based on the nature of decentralized acting investors’ pseudo-collaborative
behaviors in the market. This study investigates the herd behavior phenomenon for Borsa Istanbul (BIST)
amidst the new coronavirus outbreak. The whole period is split into symmetrical two discrete one-year
sub-periods considering the median date of March 11th, 2020, the official announcement date of the first
domestic COVID-19 case. The paper proceeds with the models based on the Cross-sectional mean absolute
deviation (CSAD) and the Cross-sectional standard deviation (CSSD) test methodology to test for probable
herd behavior, using daily stock closing prices of the BIST 100 index shares during the period from March
11th, 2019 to March 9th, 2021.
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