%0 Journal Article
%T Empirical Analysis of Herd Behavior in the Turkish IPO Market
%A Ay£¿eg¨¹l £¿£¿MEN
%A Zeliha CAN ERG¨¹N
%J -
%D 2019
%X The behavioral issues behind initial public offerings (IPOs) are still unsolved phenomenon in finance literature. The aim of this paper is to find out the probable presence of herd behavior in the post-IPO period of the firms listed in Borsa Istanbul for the short term. Parker and Prechter (2012) emphasized that based on the socioeconomic theory, when there is uncertainty; people tend to imitate others due to evolutionary reasons. For this reason, the analysis is conducted to IPO market in which uncertainity is higher. The underlying reason is that people think unconsciously that ¡°sometimes others actually do know¡±, so according to them under uncertainty following others or showing herd behavior increases the overall chance of survival (Parker and Prechter, 2012, p.5). Kremer (2010) states that in emerging markets uncertainty is higher due to lack of perfect regulatory frameworks. Therefore, because of this uncertain environment, investors may follow others. Many researchers conducted studies about the evidence of herd behavior in developed (such as USA and England) and developing (such as Turkey and Brazil) countries¡¯ markets. According to the investigated literature, to the best of authors¡¯ knowledge, there is no study that focused on the evidence of herd behavior in the Turkish IPOs market and this study aims to fill this gap. Daily returns of the IPO aftermarket are used during a 30-day period. To detect the evidence of herd behavior, Christie and Huang (1995) method is implied by using cross sectional standard deviation (CSSD) as a dispersion. Regression analysis is employed by using Eviews software. The results indicate herd behavior is not present for the analysed period
%K Davran£¿£¿sal finans
%K s¨¹r¨¹ davran£¿£¿£¿
%K sezgiler
%K ilk halka arz
%K anomaliler
%U http://dergipark.org.tr/ije/issue/44254/546347