Özet:

The aim of this study is to examine the presence of herd behavior in BIST during the term of 2009-2011. For the first time, data of real investors are employed in testing the presence of herd behavior. Secondary data obtained from the point of surveys carried out in previous works or profits of stocks are used. In line with the objectives of the study, the relations between transaction volume of 100 domestic individual stock investor making transactions during the term of 04.01.2009-31.12.2011 and BIST’s whole transaction volume are investigated. In the second part of the study, the relations between the transaction volume of individual investors and transaction volumes of domestic and foreign investors are investigated. Subsequently, the differences in terms of the level of indicating herd behavior according to socio-economic and demographic factors of the investors are investigated. As a result of Univariate and Multivariate Regression Analyses, findings pertaining to the presence of herd behavior in terms of individual investors in BİST are obtained. Furthermore, it has been seen that a set of socio-economic and demographic factors are influential upon the level of indicating herd behavior.

Anahtar Kelimeler: