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The Effect of the COVID-19 Pandemic on Borsa Istanbul Stock Indices: A Research on Herding Behavior

Year 2022, Issue: 73, 146 - 170, 29.07.2022
https://doi.org/10.51290/dpusbe.1093796

Abstract

During the COVID–19 pandemic, effective worldwide, there have been many developments in not only the health field but also the economy and finance. This study tested herding behavior in price movements in Borsa Istanbul (BIST) during the COVID–19 period. For this purpose, the cross-sectional absolute deviation of returns (CSAD) methodology developed by Chang, Cheng, and Khorana (2000) allowed us to analyze the cross-sectional behavior of stock returns in the same index. Considering the results obtained for the three periods, namely the pre-COVID–19 period, the COVID–19 period, and the entire period, herding behavior detected in the BIST 30 Index during the entire period and the COVID–19 period. Again, during the pandemic, we observed that investors acted with herding behavior only in BIST Dividend 25 and BIST Sustainability indices. In addition, we revealed the existence of herding behavior in BIST stock indices in both rising and falling market conditions for the COVID–19 period. Accordingly, we observed herding behavior in the indices that include the shares of firms with a small market capitalization in upmarket conditions (BIST All Shares–100 and BIST SME Industrial) and in indices that include the shares of firms with a high market capitalization in down-market conditions (BIST 30 and BIST 50).

References

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  • Aharon, D. Y. (2021). Uncertainty, fear and herding behavior: Evidence from size-ranked portfolios. Journal of Behavioral Finance, 22(3), 320-337. doi: 10.1080/15427560.2020.1774887.
  • Akçaalan, E., Dindaroğlu, B. ve Binatlı, A. O. (2020). International investors, volatility, and herd behavior: Borsa Istanbul. International Journal of Economics and Innovation, 6(2), 247–259.
  • Ali, M., Alam, N. ve Rizvi, S. A. R. (2020). Coronavirus (COVID-19) — An epidemic or pandemic for financial markets, Journal of Behavioral and Experimental Finance, 27. doi: 10.1016/j.jbef.2020.100341.
  • Allam, S., Abdelrhim, M. ve Mohamed, M. (2020). Determinants of herding behavior in the time of COVID-19: The case of Egyptian Stock Market sectors. SSRN Electronic Journal, (October), 0–35. doi: 10.2139/ssrn.3717995.
  • Altay, E. (2008). Herding in capital markets: analysis of herding towards the market in ISE. Journal of BRSA Banking and Financial Markets, 2(1), 27–58.
  • Avery, B. C. ve Zemsky, P. (1998). Multidimensional uncertainty and herd behavior in financial markets, The American Economic Review, 88(4), 724-748
  • Balcılar, M. ve Demirer, R. (2015). Effect of global shocks and volatility on herd behavior in an emerging market: Evidence from Borsa Istanbul. Emerging Markets Finance and Trade, 51(1), 140–159. doi: 10.1080/1540496X.2015.1011520.
  • Bikhchandani, S. ve Sharma, S. (2001). Herd behavior in financial markets. IMF Staff Papers, 47(3), 279–310.
  • Bouri, E., Demirer, R., Gupta, R. ve Nel, J. (2020). COVID-19 pandemic and investor herding in international stock markets. University of Pretoria Department of Economics Working Paper Series.
  • Çelik, S. (2013). Herd behavior in world stock markets: Evidence from quantile regression analysis. İktisat, İşletme ve Finans Dergisi, 329, 1–24. Doi.10.3848/iif.2013.329.3718
  • Cepoi, C. (2020). Asymmetric dependence between stock market returns and news during COVID–19 financial turmoil, Finance Research Letters, 36(June), doi: 10.1016/j.frl.2020.101658
  • Chang, E. C., Cheng, J. W. ve Khorana, A. (2000). An examination of herd behavior in equity markets: An international perspective. Journal of Banking and Finance, 24, 1651–1679.
  • Chiang, T. C., Li, J. ve Tan, L. (2010). Empirical investigation of herding behavior in Chinese stock markets: Evidence from quantile regression analysis. Global Finance Journal, 21, 111–124. doi:10.1016/j.gfj.2010.03.005
  • Chiang, T. C. ve Zheng, D. (2010). An empirical analysis of herd behavior in global stock markets. Journal of Banking and Finance, 34(8), 1911–1921. doi: 10.1016/j.jbankfin.2009.12.014
  • Christie, W. G. ve Huang, R. D. (1995). Following the pied piper: Do individual returns herd around the market?. Financial Analysts Journal, 51(4), 31–37. doi: 10.2469/faj.v51.n4.1918
  • Demirer, R., Kutan, A. ve Chen, C. (2010). Do investors herd in emerging stock markets? Evidence from the Taiwanese Market. Journal of Economic Behavior and Organization, 76(2), 283–295. doi: 10.1016/j.jebo.2010.06.013
  • Devenow, A. ve Welch, I. (1996). Rational herding in financial economics. European Economic Review, 40 (3–5), 603–615.
  • Dhall, R. ve Singh, B. (2020). The COVID–19 pandemic and herding behaviour: Evidence from India’s Stock Market. Millennial Asia, 11(3), 366-390. 1–25. doi: 10.1177/0976399620964635
  • Doğukanlı, H. ve Ergün, B. (2011). Herd behavior in ISE: A research on the basis of cross sectional deviation. The Dokuz Eylül University Faculty of Business Journal, 12(2), 227-242
  • Doğukanlı, H. ve Ergün, B. (2015). BIST’te sürü davranışı: Hwang ve Salmon yöntemi ile bir araştırma. Finans Politik and Ekonomik Yorumlar, 52(603), 7–24
  • Durukan, M. B., Özsu, H. ve Ergün, Z. C. (2017). Financial crisis and herd behavior: Evidence from the Borsa Istanbul, Economou, F., Gavriilidis, K., Gregoriou, G. N., Kallinterakis, V. (Ed.), Handbook of Investors Behavior During Financial Crises içinde (ss. 203-217). Academic Press. doi: 10.1016/B978–0–12–811252–6/00012–8.
  • Economou, F., Kostakis, A. ve Philippas, N. (2011). Cross-country effects in herding behaviour: Evidence from four south European markets. Journal of International Financial Markets, 21(3), 443–460. doi: 10.1016/j.intfin.2011.01.005.
  • Erdoğan, H. H. (2021). Beta herding in the COVID–19 Era: Evidence from Borsa Istanbul. Business and Economics Research Journal, 359-368 doi: https://doi.org/10.20409/berj.2021.326
  • Espinosa-Méndez, C. ve Arias, J. (2020a). COVID–19 effect on herding behaviour in European capital markets. Finance Research Letters, 38. doi: 10.1016/j.frl.2020.101787.
  • Espinosa-Méndez, C. ve Arias, J. (2020b). Herding behaviour in Australian stock market: Evidence on COVID–19 effect. Applied Economics Letters, 1–4. doi: 10.1080/13504851.2020.1854659.
  • Ferreruela, S. ve Mallor, T. (2021). Herding in the bad times: The 2008 and COVID–19 crises. North American Journal of Economics and Finance, 58, https://doi.org/10.1016/j.najef.2021.101531
  • Graham, J. R. (1999). Herding among investment newsletters: Theory and evidence. Journal of Finance, 54(1), 237–268.
  • Grinblatt, B. M., Titman, S. ve Wermers, R. (1995). Momentum investment strategies, portfolio performance, and herding: A study of mutual fund behavior. The American Economic Review, 85(5), 1088–1105.
  • Guosong, W., Boxian, Y. ve Ningru, Z. (2020). Herding behavior in Chinese Stock Markets during COVID-19. Emerging Markets Finance and Trade, 56(15), 3578–3587. doi: 10.1080/1540496X.2020.1855138.
  • Heukelom, F. ve Sent, E-M. (2010), The Economics of the crisis and the crisis of economics lessons from behavioral economics. Journal for Contemporary Philosophy: Krisis, Issue 3, 26–37.
  • Hwang, S. ve Salmon, M. (2004). Market stress and herding. Journal of Empirical Finance, 11, 585–616.
  • Iheke, D. ve Lin, B. (2020). Stock markets and the COVID–19 fractal contagion effects, Finance Research Letters, doi: 10.1016/j.frl.2020.101640.
  • Kessler, A. (2010), Cognitive dissonance, the global financial crisis and the discipline of economics. Real-World Economics Review, 54, 2–18.
  • Khanthavit, A. (2021). Herding behavior model in investment decision on emerging markets: Experimental in Indonesia. Journal of Asian Finance, Economics and Business, 8(2), 1–13. doi:10.13106/jafeb.2020.vol7.no7.027
  • Kayalıdere, K. (2012) Hisse senedi piyasasında sürü davranışı: İMKB’de ampirik bir inceleme, İşletme Araştırmaları Dergisi, 4(4), 77–94.
  • Kuzu, S. ve Çelik, I. E. (2020). Borsa İstanbul’da sürü davranışı varlığının test edilmesi: Borsa İstanbul üzerine bir uygulama. Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi, 4(2), 363–375.
  • Küçükkocaoğlu, G. (2002). Optimal portföyün seçimi ve İMKB Ulusal–30 Endeksi üzerine bir uygulama. Bankacılık ve Finans Dergisi, 26, 74–91.
  • Luu, Q. T. ve Luong, H. T. T. (2020). Herding behavior in emerging and frontier stock markets during pandemic influenza panics. The Journal of Asian Finance, Economics and Business, 7(9), 147–158. https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.147
  • Mirza, N., Naqvi B., Rahat B. ve Rizvi S. K. (2020) Price reaction, volatility timing and funds performance during. Finance Research Letters, 36, doi: 10.1016/j.frl.2020.101657.
  • Nath, H. B. ve Brooks, R. D. (2020). Investor-herding and risk-profiles: A State-space model-based assessment. Pacific-Basin Finance Journal, 62. doi: 10.1016/j.pacfin.2020.101383.
  • Newey, W. ve West, K. (1987). A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix. Econometrica, 55(3), 703-708. doi:10.2307/1913610
  • Ouarda, M., El Bouri, A. ve Bernard, O. (2013). Herding behavior under markets condition: Empirical evidence on the European financial markets. International Journal of Economics and Financial Issues, 3(1), 214–228
  • Olds, C. (2020). Infectious diseases, stock market volatility, and public opinion on home buying in the United States: Implications from COVID–19 and beyond. Advances in Social Sciences Research Journal, 7(7), 859–871. doi: 10.14738/assrj.77.8731.
  • Özsu, H. H. (2015). Empirical analysis of herd behavior in Borsa Istanbul. International Journal of Economic Sciences, IV (4), 27–52. doi: 10.20472/es.2015.4.4.003.
  • Posner, R. A. (2009). A failure of capitalism. the crisis of 08 and the descent into depression. Cambridge: Harvard University Press.
  • Raafat, R. M., Chater, N. ve Frith, C. (2009). Herding in humans. Trends in Cognitive Sciences, 13(10), 420–428. doi: 10.1016/j.tics.2009.08.002.
  • Rahayu, S. (2021). Herding behavior model in investment decision on emerging markets: Experimental in Indonesia. Journal of Asian Finance, Economics and Business, 8(1): 53–59. https://doi.org/10.13106/jafeb.2021.vol8.no1.053
  • Saldanlı, A. ve Medetoğlu, B. (2019). Sürü davranışının hisse senedi fiyat hareketliliğine etkisi: BİST 100 örneği, Journal of Business Research-Turk, 11(2), 1191–1204. doi: 10.20491/isarder.2019.665.
  • Scharfstein, D. ve Stein, J. C. (1990). Herd behavior and investment. The American Economic Review, 80(3), 465–479.
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COVID–19 Salgınının Borsa İstanbul Pay Endekslerine Etkisi: Sürü Davranışı Üzerine Bir Araştırma

Year 2022, Issue: 73, 146 - 170, 29.07.2022
https://doi.org/10.51290/dpusbe.1093796

Abstract

Tüm dünyada etkili olan COVID–19 pandemi süresince sadece sağlık alanında değil ekonomi ve finans alanlarında da pek çok gelişme yaşanmıştır. Bu çalışmada, COVID–19 döneminde Borsa İstanbul’da (BİST) ortaya çıkan fiyat hareketlerinde sürü davranışının varlığı test edilmiştir. Bu amaçla çalışmada Chang, Cheng ve Khorana (2000) tarafından geliştirilen, aynı endekste yer alan pay getirilerinin yatay kesit davranışlarını analiz etmemizi sağlayan getirilerin yatay kesit mutlak sapması (CSAD) metodolojisi kullanılmıştır. COVID–19 öncesi dönem, COVID–19 dönemi ve tüm dönem olmak üzere üç döneme ilişkin elde edilen sonuçlar göz önüne alındığında, tüm dönemde ve COVID–19 salgını sırasında BİST 30 Endeksinde sürü davranışının varlığı tespit edilmiştir. Yine salgın süresince, sadece BİST Temettü 25 ve BİST Sürdürülebilirlik endekslerinde yatırımcıların sürü davranışı ile hareket ettiği görülmüştür. Ayrıca, daha çok COVID–19 dönemi için hem yükselen hem de düşen piyasa koşullarında BİST pay endekslerinde sürü davranışının varlığı ortaya koyulmuştur. Buna göre, yükselen piyasa koşullarında piyasa değeri küçük şirketlerin paylarının yer aldığı endekslerde (BİST Tüm–100 ve BİST KOBİ Sanayi), düşen piyasa koşullarında ise piyasa değeri yüksek şirketlerin paylarının yer aldığı endekslerde (BİST 30 ve BİST 50) sürü davranışı görülmüştür.

References

  • Altunöz, U. ve Altunöz, H. (2019). Davranışsal ekonomi: Kavram, teori, uygulama. İstanbul: Seçkin Yayınları.
  • Aharon, D. Y. (2021). Uncertainty, fear and herding behavior: Evidence from size-ranked portfolios. Journal of Behavioral Finance, 22(3), 320-337. doi: 10.1080/15427560.2020.1774887.
  • Akçaalan, E., Dindaroğlu, B. ve Binatlı, A. O. (2020). International investors, volatility, and herd behavior: Borsa Istanbul. International Journal of Economics and Innovation, 6(2), 247–259.
  • Ali, M., Alam, N. ve Rizvi, S. A. R. (2020). Coronavirus (COVID-19) — An epidemic or pandemic for financial markets, Journal of Behavioral and Experimental Finance, 27. doi: 10.1016/j.jbef.2020.100341.
  • Allam, S., Abdelrhim, M. ve Mohamed, M. (2020). Determinants of herding behavior in the time of COVID-19: The case of Egyptian Stock Market sectors. SSRN Electronic Journal, (October), 0–35. doi: 10.2139/ssrn.3717995.
  • Altay, E. (2008). Herding in capital markets: analysis of herding towards the market in ISE. Journal of BRSA Banking and Financial Markets, 2(1), 27–58.
  • Avery, B. C. ve Zemsky, P. (1998). Multidimensional uncertainty and herd behavior in financial markets, The American Economic Review, 88(4), 724-748
  • Balcılar, M. ve Demirer, R. (2015). Effect of global shocks and volatility on herd behavior in an emerging market: Evidence from Borsa Istanbul. Emerging Markets Finance and Trade, 51(1), 140–159. doi: 10.1080/1540496X.2015.1011520.
  • Bikhchandani, S. ve Sharma, S. (2001). Herd behavior in financial markets. IMF Staff Papers, 47(3), 279–310.
  • Bouri, E., Demirer, R., Gupta, R. ve Nel, J. (2020). COVID-19 pandemic and investor herding in international stock markets. University of Pretoria Department of Economics Working Paper Series.
  • Çelik, S. (2013). Herd behavior in world stock markets: Evidence from quantile regression analysis. İktisat, İşletme ve Finans Dergisi, 329, 1–24. Doi.10.3848/iif.2013.329.3718
  • Cepoi, C. (2020). Asymmetric dependence between stock market returns and news during COVID–19 financial turmoil, Finance Research Letters, 36(June), doi: 10.1016/j.frl.2020.101658
  • Chang, E. C., Cheng, J. W. ve Khorana, A. (2000). An examination of herd behavior in equity markets: An international perspective. Journal of Banking and Finance, 24, 1651–1679.
  • Chiang, T. C., Li, J. ve Tan, L. (2010). Empirical investigation of herding behavior in Chinese stock markets: Evidence from quantile regression analysis. Global Finance Journal, 21, 111–124. doi:10.1016/j.gfj.2010.03.005
  • Chiang, T. C. ve Zheng, D. (2010). An empirical analysis of herd behavior in global stock markets. Journal of Banking and Finance, 34(8), 1911–1921. doi: 10.1016/j.jbankfin.2009.12.014
  • Christie, W. G. ve Huang, R. D. (1995). Following the pied piper: Do individual returns herd around the market?. Financial Analysts Journal, 51(4), 31–37. doi: 10.2469/faj.v51.n4.1918
  • Demirer, R., Kutan, A. ve Chen, C. (2010). Do investors herd in emerging stock markets? Evidence from the Taiwanese Market. Journal of Economic Behavior and Organization, 76(2), 283–295. doi: 10.1016/j.jebo.2010.06.013
  • Devenow, A. ve Welch, I. (1996). Rational herding in financial economics. European Economic Review, 40 (3–5), 603–615.
  • Dhall, R. ve Singh, B. (2020). The COVID–19 pandemic and herding behaviour: Evidence from India’s Stock Market. Millennial Asia, 11(3), 366-390. 1–25. doi: 10.1177/0976399620964635
  • Doğukanlı, H. ve Ergün, B. (2011). Herd behavior in ISE: A research on the basis of cross sectional deviation. The Dokuz Eylül University Faculty of Business Journal, 12(2), 227-242
  • Doğukanlı, H. ve Ergün, B. (2015). BIST’te sürü davranışı: Hwang ve Salmon yöntemi ile bir araştırma. Finans Politik and Ekonomik Yorumlar, 52(603), 7–24
  • Durukan, M. B., Özsu, H. ve Ergün, Z. C. (2017). Financial crisis and herd behavior: Evidence from the Borsa Istanbul, Economou, F., Gavriilidis, K., Gregoriou, G. N., Kallinterakis, V. (Ed.), Handbook of Investors Behavior During Financial Crises içinde (ss. 203-217). Academic Press. doi: 10.1016/B978–0–12–811252–6/00012–8.
  • Economou, F., Kostakis, A. ve Philippas, N. (2011). Cross-country effects in herding behaviour: Evidence from four south European markets. Journal of International Financial Markets, 21(3), 443–460. doi: 10.1016/j.intfin.2011.01.005.
  • Erdoğan, H. H. (2021). Beta herding in the COVID–19 Era: Evidence from Borsa Istanbul. Business and Economics Research Journal, 359-368 doi: https://doi.org/10.20409/berj.2021.326
  • Espinosa-Méndez, C. ve Arias, J. (2020a). COVID–19 effect on herding behaviour in European capital markets. Finance Research Letters, 38. doi: 10.1016/j.frl.2020.101787.
  • Espinosa-Méndez, C. ve Arias, J. (2020b). Herding behaviour in Australian stock market: Evidence on COVID–19 effect. Applied Economics Letters, 1–4. doi: 10.1080/13504851.2020.1854659.
  • Ferreruela, S. ve Mallor, T. (2021). Herding in the bad times: The 2008 and COVID–19 crises. North American Journal of Economics and Finance, 58, https://doi.org/10.1016/j.najef.2021.101531
  • Graham, J. R. (1999). Herding among investment newsletters: Theory and evidence. Journal of Finance, 54(1), 237–268.
  • Grinblatt, B. M., Titman, S. ve Wermers, R. (1995). Momentum investment strategies, portfolio performance, and herding: A study of mutual fund behavior. The American Economic Review, 85(5), 1088–1105.
  • Guosong, W., Boxian, Y. ve Ningru, Z. (2020). Herding behavior in Chinese Stock Markets during COVID-19. Emerging Markets Finance and Trade, 56(15), 3578–3587. doi: 10.1080/1540496X.2020.1855138.
  • Heukelom, F. ve Sent, E-M. (2010), The Economics of the crisis and the crisis of economics lessons from behavioral economics. Journal for Contemporary Philosophy: Krisis, Issue 3, 26–37.
  • Hwang, S. ve Salmon, M. (2004). Market stress and herding. Journal of Empirical Finance, 11, 585–616.
  • Iheke, D. ve Lin, B. (2020). Stock markets and the COVID–19 fractal contagion effects, Finance Research Letters, doi: 10.1016/j.frl.2020.101640.
  • Kessler, A. (2010), Cognitive dissonance, the global financial crisis and the discipline of economics. Real-World Economics Review, 54, 2–18.
  • Khanthavit, A. (2021). Herding behavior model in investment decision on emerging markets: Experimental in Indonesia. Journal of Asian Finance, Economics and Business, 8(2), 1–13. doi:10.13106/jafeb.2020.vol7.no7.027
  • Kayalıdere, K. (2012) Hisse senedi piyasasında sürü davranışı: İMKB’de ampirik bir inceleme, İşletme Araştırmaları Dergisi, 4(4), 77–94.
  • Kuzu, S. ve Çelik, I. E. (2020). Borsa İstanbul’da sürü davranışı varlığının test edilmesi: Borsa İstanbul üzerine bir uygulama. Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi, 4(2), 363–375.
  • Küçükkocaoğlu, G. (2002). Optimal portföyün seçimi ve İMKB Ulusal–30 Endeksi üzerine bir uygulama. Bankacılık ve Finans Dergisi, 26, 74–91.
  • Luu, Q. T. ve Luong, H. T. T. (2020). Herding behavior in emerging and frontier stock markets during pandemic influenza panics. The Journal of Asian Finance, Economics and Business, 7(9), 147–158. https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.147
  • Mirza, N., Naqvi B., Rahat B. ve Rizvi S. K. (2020) Price reaction, volatility timing and funds performance during. Finance Research Letters, 36, doi: 10.1016/j.frl.2020.101657.
  • Nath, H. B. ve Brooks, R. D. (2020). Investor-herding and risk-profiles: A State-space model-based assessment. Pacific-Basin Finance Journal, 62. doi: 10.1016/j.pacfin.2020.101383.
  • Newey, W. ve West, K. (1987). A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix. Econometrica, 55(3), 703-708. doi:10.2307/1913610
  • Ouarda, M., El Bouri, A. ve Bernard, O. (2013). Herding behavior under markets condition: Empirical evidence on the European financial markets. International Journal of Economics and Financial Issues, 3(1), 214–228
  • Olds, C. (2020). Infectious diseases, stock market volatility, and public opinion on home buying in the United States: Implications from COVID–19 and beyond. Advances in Social Sciences Research Journal, 7(7), 859–871. doi: 10.14738/assrj.77.8731.
  • Özsu, H. H. (2015). Empirical analysis of herd behavior in Borsa Istanbul. International Journal of Economic Sciences, IV (4), 27–52. doi: 10.20472/es.2015.4.4.003.
  • Posner, R. A. (2009). A failure of capitalism. the crisis of 08 and the descent into depression. Cambridge: Harvard University Press.
  • Raafat, R. M., Chater, N. ve Frith, C. (2009). Herding in humans. Trends in Cognitive Sciences, 13(10), 420–428. doi: 10.1016/j.tics.2009.08.002.
  • Rahayu, S. (2021). Herding behavior model in investment decision on emerging markets: Experimental in Indonesia. Journal of Asian Finance, Economics and Business, 8(1): 53–59. https://doi.org/10.13106/jafeb.2021.vol8.no1.053
  • Saldanlı, A. ve Medetoğlu, B. (2019). Sürü davranışının hisse senedi fiyat hareketliliğine etkisi: BİST 100 örneği, Journal of Business Research-Turk, 11(2), 1191–1204. doi: 10.20491/isarder.2019.665.
  • Scharfstein, D. ve Stein, J. C. (1990). Herd behavior and investment. The American Economic Review, 80(3), 465–479.
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There are 60 citations in total.

Details

Primary Language Turkish
Journal Section RESEARCH ARTICLES
Authors

Nasıf Özkan 0000-0003-2612-6368

Kiymet Yavuzaslan 0000-0002-3016-3084

Publication Date July 29, 2022
Published in Issue Year 2022 Issue: 73

Cite

APA Özkan, N., & Yavuzaslan, K. (2022). COVID–19 Salgınının Borsa İstanbul Pay Endekslerine Etkisi: Sürü Davranışı Üzerine Bir Araştırma. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi(73), 146-170. https://doi.org/10.51290/dpusbe.1093796
AMA Özkan N, Yavuzaslan K. COVID–19 Salgınının Borsa İstanbul Pay Endekslerine Etkisi: Sürü Davranışı Üzerine Bir Araştırma. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. July 2022;(73):146-170. doi:10.51290/dpusbe.1093796
Chicago Özkan, Nasıf, and Kiymet Yavuzaslan. “COVID–19 Salgınının Borsa İstanbul Pay Endekslerine Etkisi: Sürü Davranışı Üzerine Bir Araştırma”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 73 (July 2022): 146-70. https://doi.org/10.51290/dpusbe.1093796.
EndNote Özkan N, Yavuzaslan K (July 1, 2022) COVID–19 Salgınının Borsa İstanbul Pay Endekslerine Etkisi: Sürü Davranışı Üzerine Bir Araştırma. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 73 146–170.
IEEE N. Özkan and K. Yavuzaslan, “COVID–19 Salgınının Borsa İstanbul Pay Endekslerine Etkisi: Sürü Davranışı Üzerine Bir Araştırma”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 73, pp. 146–170, July 2022, doi: 10.51290/dpusbe.1093796.
ISNAD Özkan, Nasıf - Yavuzaslan, Kiymet. “COVID–19 Salgınının Borsa İstanbul Pay Endekslerine Etkisi: Sürü Davranışı Üzerine Bir Araştırma”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 73 (July 2022), 146-170. https://doi.org/10.51290/dpusbe.1093796.
JAMA Özkan N, Yavuzaslan K. COVID–19 Salgınının Borsa İstanbul Pay Endekslerine Etkisi: Sürü Davranışı Üzerine Bir Araştırma. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2022;:146–170.
MLA Özkan, Nasıf and Kiymet Yavuzaslan. “COVID–19 Salgınının Borsa İstanbul Pay Endekslerine Etkisi: Sürü Davranışı Üzerine Bir Araştırma”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 73, 2022, pp. 146-70, doi:10.51290/dpusbe.1093796.
Vancouver Özkan N, Yavuzaslan K. COVID–19 Salgınının Borsa İstanbul Pay Endekslerine Etkisi: Sürü Davranışı Üzerine Bir Araştırma. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2022(73):146-70.

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