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Mutual Fund Herding in Industries: The Turkish Case
Date
2024-01-01
Author
Tekel, Onur
Şendeniz Yüncü, İlkay
Metadata
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Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License
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This study investigates the industry herding of mutual funds traded in Turkey and the effects of industry herding on industry valuations. Using a sample of monthly portfolio holdings of 37 equity-intensive mutual funds traded in Borsa Istanbul (BIST), we employ the LSV and Sias herding measures. We find significant industry herding with the LSV measure and no overall industry herding with the Sias measure. We show that fund flows of underlying investors, individual stock herding, and the investing style of the mutual funds are not relevant drivers of industry herding. Furthermore, we document that industry herding is not a factor that destabilizes industry returns. These findings are especially crucial for investors who trade in concentrated markets since they raise questions regarding aspects such as the lower number of investors and stocks, as well as the information content of industry components, which have been claimed to have an impact on herding behavior in such a setting.
Subject Keywords
Herding
,
industry values
,
mutual funds
URI
https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85190481139&origin=inward
https://hdl.handle.net/11511/109304
Journal
Emerging Markets Finance and Trade
DOI
https://doi.org/10.1080/1540496x.2024.2331007
Collections
Department of Business Administration, Article
Citation Formats
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MLA
BibTeX
O. Tekel and İ. Şendeniz Yüncü, “Mutual Fund Herding in Industries: The Turkish Case,”
Emerging Markets Finance and Trade
, pp. 0–0, 2024, Accessed: 00, 2024. [Online]. Available: https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85190481139&origin=inward.