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Journals / Finansal Araştırmalar ve Çalışmalar Dergisi / 2018 / Cilt: 10 - Sayı: 19

AN INVESTIGATION OF HERDING BEHAVIOR IN TURKISH MUTUAL FUND INDUSTRY

Pınar EVRİM MANDACI
Zeliha CAN ERGÜN
F. Dilvin TAŞKIN YEŞİLOVA
Pages
291–302
Publication Date
2022-10-18
DOI
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Additionally, we apply an alternative measure of herding introduced by Oehler (1998), to determine the overall extent of mutual fund herding (market-wide herding).

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This paper investigates the herding behavior of mutual fund managers in Turkey by using monthly data for the period from March 2014 to April 2017.
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Key Findings & Data:We collect data from the monthly reports of 18 common stock mutual funds.
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Conclusion & Impact:Additionally, we apply an alternative measure of herding introduced by Oehler (1998), to determine the overall extent of mutual fund herding (market-wide herding).
🔬Design:Research Article
📍Scope:2014 Verileri
⚙️Variables:Behavioral Finance · Herding Behavior · Mutual Funds

Özet

This paper investigates the herding behavior of mutual fund managers in Turkey by using monthly data for the period from March 2014 to April 2017. We collect data from the monthly reports of 18 common stock mutual funds. First, we use the herding measure (Hi,t) that was developed by Lakanishok, Shleifer and Vishny (1992) to point out the stock picking herding, and then we apply the buying and selling side herding measures of Wermers (1999) to see the direction of this stock picking herding. Additionally, we apply an alternative measure of herding introduced by Oehler (1998), to determine the overall extent of mutual fund herding (market-wide herding). While our results on stock picking herding indicate the existence of any herding, the results on market-wide herding indicates the presence of it.

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Cite This Article

MANDACI, P. E., ERGÜN, Z. C., YEŞİLOVA, F. D. T. (2022). AN INVESTIGATION OF HERDING BEHAVIOR IN TURKISH MUTUAL FUND INDUSTRY. Finansal Araştırmalar ve Çalışmalar Dergisi, Cilt: 10 - Sayı: 19, 291–302. https://ajindex.com/articles/516399

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