This study looks for evidence of investor herding in the Turkish banking sector. We apply the methodology of Chang et al. (2000) to daily stock returns between 2007 and 2012 and find evidence of herding. This result is robust under model specifications that control for market and firm fundamentals. Herding behaviour shows asymmetric effects, and investors herd only in rising markets.
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Çakan et al. (2013) studied this question.
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