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The Psychology of Crowds: Exploring Herd Behaviour in Modern Financial Systems

Year 2025, Volume: 20 Issue: 1, 334 - 362, 30.06.2025

Üzeyir Aydın , Zihni Tuncsiper , Selim Şanlısoy

https://doi.org/10.48145/gopsbad.1647749

Abstract

This study presents a comprehensive bibliometric analysis to trace the herding behaviour observed in financial markets in the academic literature between 2014 and 2025. The dataset obtained from the Scopus database is analysed based on the numerical increase in the number of publications, the most productive institutions, countries and authors, and the most cited studies. The analysis reveals that institutions such as Southern Illinois University Edwardsville and the University of Pretoria have made significant contributions to the swarm behaviour literature, while countries such as the United Kingdom, the United States and China have played central roles in terms of both productivity and scientific collaboration. It is observed that the upward trend in the literature is in parallel with the impact of COVID-19 on financial markets and the increasing interest in cryptocurrency markets, especially in the post-2020 period. Keyword analysis reveals that the concept of ‘herding behaviour’ is at the centre of the field of study and that related concepts such as ‘behavioural finance’, ‘cryptocurrency’ and ‘COVID-19’ form distinct thematic clusters in the literature. It is also found that research foci have changed in different periods, with early studies focusing on traditional topics such as information asymmetry, volatility and market reaction, while more recent studies have turned towards modern themes such as digital assets, social learning and pandemic effects.

Keywords

Herd Behaviour Behavioural Finance Financial Markets Cryptocurrencies Bibliometric Analysis

References

  • Ahmad, M., & Wu, Q. (2022). Does herding behavior matter in investment management and perceived market efficiency? Evidence from an emerging market. Management Decision, 60(8), 2148-2173.
  • Aydın, Ü., Ağan, B., & Aydın, Ö. (2020). Herd behavior in crypto asset market and effect of financial information on herd behavior. International Journal of Economics and Finance Studies, 12(2), 581–604.
  • Babalos, V., Stavroyiannis, S., & Gupta, R. (2015). Do commodity investors herd? Evidence from a time-varying stochastic volatility model. Resources Policy, 46, 281-287.
  • Babu, B. B. (2020). Investment Strategies and Trading Approaches in Behavioural Finance. Shanlax International Journal of Management, 8(1), 42-47.
  • Balcılar, M., Demirer, R., & Ulussever, T. (2017). Does speculation in the oil market drive investor herding in emerging stock markets?. Energy Economics, 65, 50-63.
  • Ballis, A., & Drakos, K. (2020). Testing for herding in the cryptocurrency market. Finance Research Letters, 33, 101210.
  • Banerjee, A. V. (1992). A simple model of herd behavior. The Quarterly Journal of Economics, 107(3), 797–817.
  • Bett, S. K., Langat, P., & Kingori, G. (2024). Herding behaviour market information and individual investor decision-making at the Nairobi Securities Exchange. EPRA International Journal of Economics, Business and Management.
  • Bharti, & Kumar, A. (2022). Exploring herding behaviour in indian equity market during COVID-19 pandemic: impact of volatility and government response. Millennial Asia, 13(3), 513-531.
  • Bihari, A., Dash, M., Muduli, K., Kumar, A., Mulat-Weldemeskel, E., & Luthra, S. (2023). Does cognitive biased knowledge influence investor decisions? An empirical investigation using machine learning and artificial neural network. VINE Journal of Information and Knowledge Management Systems.
  • Bikhchandani, S., Hirshleifer, D., & Welch, I. (1992). A theory of fads, fashion, custom, and cultural change as informational cascades. Journal of political Economy, 100(5), 992-1026.
  • Bogdan, S., Brmalj, N., & Mujačević, E. (2023). Impact of liquidity and investors sentiment on herd behavior in cryptocurrency market. International journal of Financial Studies, 11(3), 97.
  • Bouri, E., Gupta, R., & Roubaud, D. (2019). Herding behaviour in cryptocurrencies. Finance Research Letters, 29, 216-221.
  • Bursztyn, L., Ederer, F., Ferman, B., & Yuchtman, N. (2014). Understanding mechanisms underlying peer effects: Evidence from a field experiment on financial decisions. Econometrica, 82(4), 1273-1301.
  • Cai, F., Han, S., Li, D., & Li, Y. (2019). Institutional herding and its price impact: Evidence from the corporate bond market. Journal of Financial economics, 131(1), 139-167.
  • Carro, A., Toral, R., & San Miguel, M. (2015). Markets, herding and response to external information. PloS one, 10(7), e0133287.
  • Chang, C. H., & Lin, S. J. (2015). The effects of national culture and behavioral pitfalls on investors' decision-making: Herding behavior in international stock markets. International Review of Economics & Finance, 37, 380-392.
  • Choi, N., & Skiba, H. (2015). Institutional herding in international markets. Journal of Banking & Finance, 55, 246-259.
  • Cipriani, M., & Guarino, A. (2014). Estimating a structural model of herd behavior in financial markets. American Economic Review, 104(1), 224-251.
  • da Gama Silva, P. V. J., Klotzle, M. C., Pinto, A. C. F., & Gomes, L. L. (2019). Herding behavior and contagion in the cryptocurrency market. Journal of Behavioral and Experimental Finance, 22, 41-50.
  • Dierks, L. H., & Tiggelbeck, S. (2021). Emotional finance: The Impact of emotions on investment decisions. Journal of New Finance, 2(2), 3.
  • Filip, A. M., & Pochea, M. M. (2023). Intentional and spurious herding behavior: A sentiment driven analysis. Journal of Behavioral and Experimental Finance, 38, 100810.
  • Galariotis, E. C., Krokida, S. I., & Spyrou, S. I. (2016). Herd behavior and equity market liquidity: Evidence from major markets. International Review of Financial Analysis, 48, 140-149.
  • Galariotis, E. C., Rong, W., & Spyrou, S. I. (2015). Herding on fundamental information: A comparative study. Journal of Banking & Finance, 50, 589-598.
  • Gao, X., & Ladley, D. (2022). Noise trading and market stability. The European Journal of Finance, 28(13-15), 1283-1301.
  • Gathergood, J., Hirshleifer, D., Leake, D., Sakaguchi, H., & Stewart, N. (2023). Naive buying diversification and narrow framing by individual investors. The Journal of Finance, 78(3), 1705-1741.
  • Gong, Q., & Diao, X. (2023). The impacts of investor network and herd behavior on market stability: Social learning, network structure, and heterogeneity. European Journal of Operational Research, 306(3), 1388-1398.
  • Gothe, R., & Mishra, J. (2023). Role of Herd Behavior on Investment Decision of Mutual Fund Investors in India-An Empirical Study. Tuijin Jishu/Journal of Propulsion Technology, 44(4), 2023.
  • Hasan, I., Tunaru, R., & Vioto, D. (2023). Herding behavior and systemic risk in global stock markets. Journal of Empirical Finance, 73, 107-133.
  • Haykir, O., & Yagli, I. (2022). Speculative bubbles and herding in cryptocurrencies. Financial innovation, 8(1), 78.
  • Hidayat, G., Anwar, M., & Affandi, A. (2024). Influence of Financial Literacy, Herding Behavior, and Risk Perception on Financial Behavior: Case Study in West Java, Indonesia. International Journal of Business, Law, and Education, 5(2), 2856-2865.
  • Hinvest, N. S., Alsharman, M., Roell, M., & Fairchild, R. (2021). Do Emotions Benefit Investment Decisions? Anticipatory Emotion and Investment Decisions in Non-professional Investors. Frontiers in Psychology, 12, 705476.
  • Jiang, R., Wen, C., Zhang, R., & Cui, Y. (2022). Investor's herding behavior in Asian equity markets during COVID-19 period. Pacific-Basin Finance Journal, 73, 101771.
  • Khan, M. S. R., Yoshimura, H., & Kadoya, Y. (2024). Emotional Instability and Financial Decisions: How Neuroticism Fuels Panic Selling. Risks, 12(12).
  • Kirman, A. P. (1993). Ants, rationality and recruitment. The Quarterly Journal of Economics, 108(1), 137–156.
  • Kumar, S., & Goyal, N. (2015). Behavioural biases in investment decision making–a systematic literature review. Qualitative Research in financial markets, 7(1), 88-108.
  • Li, W., Rhee, G., & Wang, S. S. (2017). Differences in herding: Individual vs. institutional investors. Pacific-Basin Finance Journal, 45, 174-185.
  • Lima, J. A., & Schimit, P. H. T. (2023). A model for herd behaviour based on a spatial public goods game. Physica A: Statistical Mechanics and its Applications, 623, 128897.
  • Lin, A. Y., & Lin, Y. N. (2014). Herding of institutional investors and margin traders on extreme market movements. International Review of Economics & Finance, 33, 186-198.
  • Mavruk, T. (2022). Analysis of herding behavior in individual investor portfolios using machine learning algorithms. Research in International Business and Finance, 62, 101740.
  • Mobarek, A., Mollah, S., & Keasey, K. (2014). A cross-country analysis of herd behavior in Europe. Journal of International Financial Markets, Institutions and Money, 32, 107-127.
  • Moreira Costa, V., De Sá Teixeira, N. A., Cordeiro Santos, A., & Santos, E. (2021). When more is less in financial decision-making: financial literacy magnifies framing effects. Psychological Research, 85(5), 2036-2046.
  • Nguyen, Y. V. B., & Vo, A. H. K. (2023). Herding behavior before and after COVID-19 pandemic: evidence from the Vietnam stock market. Journal of Economic Studies, 51(2), 357-374.
  • Özkahveci, E., Konak, F., & Kılıç, S. (2024). The Effect of Corporate Governance Capacity on Herd Behavior. Ege Academic Review, 24(4), 655-666.
  • Rana, B. (2024). Impact of Herding Behavior on Investment Decisions in the Nepalese Stock Market with Mediation and Moderation Effects. International Research Journal of MMC (IRJMMC), 5(2), 64-77.
  • Rubesam, A., & Júnior, G. D. S. R. (2022). Covid-19 and herding in global equity markets. Journal of Behavioral and Experimental Finance, 35, 100672.
  • Shah, S. S. H., Khan, M. A., Meyer, N., Meyer, D. F., & Oláh, J. (2019). Does herding bias drive the firm value? Evidence from the Chinese equity market. Sustainability, 11(20), 5583.
  • Shantha, K. V. A. (2019). Individual investors’ learning behavior and its impact on their herd bias: an integrated analysis in the context of stock trading. Sustainability, 11(5), 1448.
  • Singh, Y., Adil, M., & Haque, S. I. (2023). Personality traits and behaviour biases: the moderating role of risk-tolerance. Quality & Quantity, 57(4), 3549-3573.
  • Spelta, A., Flori, A., Pecora, N., Buldyrev, S., & Pammolli, F. (2020). A behavioral approach to instability pathways in financial markets. Nature communications, 11(1), 1707.
  • Vidal-Tomás, D., Ibáñez, A. M., & Farinós, J. E. (2019). Herding in the cryptocurrency market: CSSD and CSAD approaches. Finance Research Letters, 30, 181-186.
  • Wanidwaranan, P., & Padungsaksawasdi, C. (2022). Unintentional herd behavior via the Google search volume index in international equity markets. Journal of International Financial Markets, Institutions and Money, 77, 101503.
  • Westphal, R., & Sornette, D. (2020). Market impact and performance of arbitrageurs of financial bubbles in an agent-based model. Journal of Economic Behavior & Organization, 171, 1-23.
  • Wray, C. M., & Bishop, S. R. (2016). A financial market model incorporating herd behaviour. PloS one, 11(3), e0151790.
  • Yao, J., Ma, C., & He, W. P. (2014). Investor herding behaviour of Chinese stock market. International Review of Economics & Finance, 29, 12-29.
  • Yarovaya, L., Matkovskyy, R., & Jalan, A. (2021). The effects of a “black swan” event (COVID-19) on herding behavior in cryptocurrency markets. Journal of International Financial Markets, Institutions and Money, 75, 101321.
  • Yasir, A., Safdar, U., & Javaid, Y. (2022). Herd behaviour in foreign exchange market. Journal of Economic Structures, 11(1), 11.
  • Zhao, Y., Liu, N., & Li, W. (2022). Industry herding in crypto assets. International Review of Financial Analysis, 84, 102335.

Kitle Psikolojisi: Modern Finansal Sistemlerde Sürü Davranışını Keşfetmek

Year 2025, Volume: 20 Issue: 1, 334 - 362, 30.06.2025

Üzeyir Aydın , Zihni Tuncsiper , Selim Şanlısoy

https://doi.org/10.48145/gopsbad.1647749

Abstract

Bu çalışma, 2014-2025 yılları aralığında finansal piyasalarda gözlemlenen sürü davranışının akademik literatürdeki izini sürmek amacıyla kapsamlı bir bibliyometrik analiz sunmaktadır. Scopus veri tabanından edinilen veri seti, araştırma kapsamındaki yayınların sayısal artışı, en üretken kurumlar, ülkeler ve yazarlar ile en çok atıf alan çalışmalar üzerinden değerlendirilmiştir. Analiz sonucunda, Southern Illinois University Edwardsville ve University of Pretoria gibi kurumların sürü davranışı literatürüne önemli katkılar sağladığı, Birleşik Krallık, Amerika Birleşik Devletleri ve Çin gibi ülkelerin hem üretkenlik hem de bilimsel iş birliği açısından merkezi roller üstlendiği tespit edilmiştir. Literatürdeki yükseliş trendinin, özellikle 2020 sonrası dönemde COVID-19’un finansal piyasalara etkisi ve kripto para piyasalarında artan ilgiyle paralel seyrettiği gözlemlenmiştir. Anahtar kelime analizi, “herding behavior” kavramının çalışma alanının merkezinde yer aldığını ve bununla bağlantılı olarak “behavioral finance”, “cryptocurrency” ve “COVID-19” gibi kavramların literatürde belirgin tematik kümeler oluşturduğunu ortaya koymuştur. Ayrıca, farklı dönemlerde araştırma odaklarının değiştiği, erken dönemlerde bilgi asimetrisi, volatilite ve piyasa tepkisi gibi geleneksel konulara odaklanılırken, daha yeni çalışmaların dijital varlıklar, sosyal öğrenme ve pandeminin etkileri gibi modern temalara yöneldiği saptanmıştır.

Keywords

Sürü Davranışı Davranışsal Finans Finansal Piyasalar Kripto Paralar Bibliyometrik Analiz

References

  • Ahmad, M., & Wu, Q. (2022). Does herding behavior matter in investment management and perceived market efficiency? Evidence from an emerging market. Management Decision, 60(8), 2148-2173.
  • Aydın, Ü., Ağan, B., & Aydın, Ö. (2020). Herd behavior in crypto asset market and effect of financial information on herd behavior. International Journal of Economics and Finance Studies, 12(2), 581–604.
  • Babalos, V., Stavroyiannis, S., & Gupta, R. (2015). Do commodity investors herd? Evidence from a time-varying stochastic volatility model. Resources Policy, 46, 281-287.
  • Babu, B. B. (2020). Investment Strategies and Trading Approaches in Behavioural Finance. Shanlax International Journal of Management, 8(1), 42-47.
  • Balcılar, M., Demirer, R., & Ulussever, T. (2017). Does speculation in the oil market drive investor herding in emerging stock markets?. Energy Economics, 65, 50-63.
  • Ballis, A., & Drakos, K. (2020). Testing for herding in the cryptocurrency market. Finance Research Letters, 33, 101210.
  • Banerjee, A. V. (1992). A simple model of herd behavior. The Quarterly Journal of Economics, 107(3), 797–817.
  • Bett, S. K., Langat, P., & Kingori, G. (2024). Herding behaviour market information and individual investor decision-making at the Nairobi Securities Exchange. EPRA International Journal of Economics, Business and Management.
  • Bharti, & Kumar, A. (2022). Exploring herding behaviour in indian equity market during COVID-19 pandemic: impact of volatility and government response. Millennial Asia, 13(3), 513-531.
  • Bihari, A., Dash, M., Muduli, K., Kumar, A., Mulat-Weldemeskel, E., & Luthra, S. (2023). Does cognitive biased knowledge influence investor decisions? An empirical investigation using machine learning and artificial neural network. VINE Journal of Information and Knowledge Management Systems.
  • Bikhchandani, S., Hirshleifer, D., & Welch, I. (1992). A theory of fads, fashion, custom, and cultural change as informational cascades. Journal of political Economy, 100(5), 992-1026.
  • Bogdan, S., Brmalj, N., & Mujačević, E. (2023). Impact of liquidity and investors sentiment on herd behavior in cryptocurrency market. International journal of Financial Studies, 11(3), 97.
  • Bouri, E., Gupta, R., & Roubaud, D. (2019). Herding behaviour in cryptocurrencies. Finance Research Letters, 29, 216-221.
  • Bursztyn, L., Ederer, F., Ferman, B., & Yuchtman, N. (2014). Understanding mechanisms underlying peer effects: Evidence from a field experiment on financial decisions. Econometrica, 82(4), 1273-1301.
  • Cai, F., Han, S., Li, D., & Li, Y. (2019). Institutional herding and its price impact: Evidence from the corporate bond market. Journal of Financial economics, 131(1), 139-167.
  • Carro, A., Toral, R., & San Miguel, M. (2015). Markets, herding and response to external information. PloS one, 10(7), e0133287.
  • Chang, C. H., & Lin, S. J. (2015). The effects of national culture and behavioral pitfalls on investors' decision-making: Herding behavior in international stock markets. International Review of Economics & Finance, 37, 380-392.
  • Choi, N., & Skiba, H. (2015). Institutional herding in international markets. Journal of Banking & Finance, 55, 246-259.
  • Cipriani, M., & Guarino, A. (2014). Estimating a structural model of herd behavior in financial markets. American Economic Review, 104(1), 224-251.
  • da Gama Silva, P. V. J., Klotzle, M. C., Pinto, A. C. F., & Gomes, L. L. (2019). Herding behavior and contagion in the cryptocurrency market. Journal of Behavioral and Experimental Finance, 22, 41-50.
  • Dierks, L. H., & Tiggelbeck, S. (2021). Emotional finance: The Impact of emotions on investment decisions. Journal of New Finance, 2(2), 3.
  • Filip, A. M., & Pochea, M. M. (2023). Intentional and spurious herding behavior: A sentiment driven analysis. Journal of Behavioral and Experimental Finance, 38, 100810.
  • Galariotis, E. C., Krokida, S. I., & Spyrou, S. I. (2016). Herd behavior and equity market liquidity: Evidence from major markets. International Review of Financial Analysis, 48, 140-149.
  • Galariotis, E. C., Rong, W., & Spyrou, S. I. (2015). Herding on fundamental information: A comparative study. Journal of Banking & Finance, 50, 589-598.
  • Gao, X., & Ladley, D. (2022). Noise trading and market stability. The European Journal of Finance, 28(13-15), 1283-1301.
  • Gathergood, J., Hirshleifer, D., Leake, D., Sakaguchi, H., & Stewart, N. (2023). Naive buying diversification and narrow framing by individual investors. The Journal of Finance, 78(3), 1705-1741.
  • Gong, Q., & Diao, X. (2023). The impacts of investor network and herd behavior on market stability: Social learning, network structure, and heterogeneity. European Journal of Operational Research, 306(3), 1388-1398.
  • Gothe, R., & Mishra, J. (2023). Role of Herd Behavior on Investment Decision of Mutual Fund Investors in India-An Empirical Study. Tuijin Jishu/Journal of Propulsion Technology, 44(4), 2023.
  • Hasan, I., Tunaru, R., & Vioto, D. (2023). Herding behavior and systemic risk in global stock markets. Journal of Empirical Finance, 73, 107-133.
  • Haykir, O., & Yagli, I. (2022). Speculative bubbles and herding in cryptocurrencies. Financial innovation, 8(1), 78.
  • Hidayat, G., Anwar, M., & Affandi, A. (2024). Influence of Financial Literacy, Herding Behavior, and Risk Perception on Financial Behavior: Case Study in West Java, Indonesia. International Journal of Business, Law, and Education, 5(2), 2856-2865.
  • Hinvest, N. S., Alsharman, M., Roell, M., & Fairchild, R. (2021). Do Emotions Benefit Investment Decisions? Anticipatory Emotion and Investment Decisions in Non-professional Investors. Frontiers in Psychology, 12, 705476.
  • Jiang, R., Wen, C., Zhang, R., & Cui, Y. (2022). Investor's herding behavior in Asian equity markets during COVID-19 period. Pacific-Basin Finance Journal, 73, 101771.
  • Khan, M. S. R., Yoshimura, H., & Kadoya, Y. (2024). Emotional Instability and Financial Decisions: How Neuroticism Fuels Panic Selling. Risks, 12(12).
  • Kirman, A. P. (1993). Ants, rationality and recruitment. The Quarterly Journal of Economics, 108(1), 137–156.
  • Kumar, S., & Goyal, N. (2015). Behavioural biases in investment decision making–a systematic literature review. Qualitative Research in financial markets, 7(1), 88-108.
  • Li, W., Rhee, G., & Wang, S. S. (2017). Differences in herding: Individual vs. institutional investors. Pacific-Basin Finance Journal, 45, 174-185.
  • Lima, J. A., & Schimit, P. H. T. (2023). A model for herd behaviour based on a spatial public goods game. Physica A: Statistical Mechanics and its Applications, 623, 128897.
  • Lin, A. Y., & Lin, Y. N. (2014). Herding of institutional investors and margin traders on extreme market movements. International Review of Economics & Finance, 33, 186-198.
  • Mavruk, T. (2022). Analysis of herding behavior in individual investor portfolios using machine learning algorithms. Research in International Business and Finance, 62, 101740.
  • Mobarek, A., Mollah, S., & Keasey, K. (2014). A cross-country analysis of herd behavior in Europe. Journal of International Financial Markets, Institutions and Money, 32, 107-127.
  • Moreira Costa, V., De Sá Teixeira, N. A., Cordeiro Santos, A., & Santos, E. (2021). When more is less in financial decision-making: financial literacy magnifies framing effects. Psychological Research, 85(5), 2036-2046.
  • Nguyen, Y. V. B., & Vo, A. H. K. (2023). Herding behavior before and after COVID-19 pandemic: evidence from the Vietnam stock market. Journal of Economic Studies, 51(2), 357-374.
  • Özkahveci, E., Konak, F., & Kılıç, S. (2024). The Effect of Corporate Governance Capacity on Herd Behavior. Ege Academic Review, 24(4), 655-666.
  • Rana, B. (2024). Impact of Herding Behavior on Investment Decisions in the Nepalese Stock Market with Mediation and Moderation Effects. International Research Journal of MMC (IRJMMC), 5(2), 64-77.
  • Rubesam, A., & Júnior, G. D. S. R. (2022). Covid-19 and herding in global equity markets. Journal of Behavioral and Experimental Finance, 35, 100672.
  • Shah, S. S. H., Khan, M. A., Meyer, N., Meyer, D. F., & Oláh, J. (2019). Does herding bias drive the firm value? Evidence from the Chinese equity market. Sustainability, 11(20), 5583.
  • Shantha, K. V. A. (2019). Individual investors’ learning behavior and its impact on their herd bias: an integrated analysis in the context of stock trading. Sustainability, 11(5), 1448.
  • Singh, Y., Adil, M., & Haque, S. I. (2023). Personality traits and behaviour biases: the moderating role of risk-tolerance. Quality & Quantity, 57(4), 3549-3573.
  • Spelta, A., Flori, A., Pecora, N., Buldyrev, S., & Pammolli, F. (2020). A behavioral approach to instability pathways in financial markets. Nature communications, 11(1), 1707.
  • Vidal-Tomás, D., Ibáñez, A. M., & Farinós, J. E. (2019). Herding in the cryptocurrency market: CSSD and CSAD approaches. Finance Research Letters, 30, 181-186.
  • Wanidwaranan, P., & Padungsaksawasdi, C. (2022). Unintentional herd behavior via the Google search volume index in international equity markets. Journal of International Financial Markets, Institutions and Money, 77, 101503.
  • Westphal, R., & Sornette, D. (2020). Market impact and performance of arbitrageurs of financial bubbles in an agent-based model. Journal of Economic Behavior & Organization, 171, 1-23.
  • Wray, C. M., & Bishop, S. R. (2016). A financial market model incorporating herd behaviour. PloS one, 11(3), e0151790.
  • Yao, J., Ma, C., & He, W. P. (2014). Investor herding behaviour of Chinese stock market. International Review of Economics & Finance, 29, 12-29.
  • Yarovaya, L., Matkovskyy, R., & Jalan, A. (2021). The effects of a “black swan” event (COVID-19) on herding behavior in cryptocurrency markets. Journal of International Financial Markets, Institutions and Money, 75, 101321.
  • Yasir, A., Safdar, U., & Javaid, Y. (2022). Herd behaviour in foreign exchange market. Journal of Economic Structures, 11(1), 11.
  • Zhao, Y., Liu, N., & Li, W. (2022). Industry herding in crypto assets. International Review of Financial Analysis, 84, 102335.
There are 58 citations in total.

Details

Primary Language Turkish
Subjects Behavioural Economy, Financial Economy
Journal Section Research Article
Authors

Üzeyir Aydın 0000-0003-2777-6450

Zihni Tuncsiper 0009-0000-9291-3410

Selim Şanlısoy 0000-0002-0629-0905

Early Pub Date June 28, 2025
Publication Date June 30, 2025
Submission Date February 26, 2025
Acceptance Date May 26, 2025
Published in Issue Year 2025 Volume: 20 Issue: 1

Cite

APA Aydın, Ü., Tuncsiper, Z., & Şanlısoy, S. (2025). Kitle Psikolojisi: Modern Finansal Sistemlerde Sürü Davranışını Keşfetmek. Sosyal Bilimler Araştırmaları Dergisi, 20(1), 334-362. https://doi.org/10.48145/gopsbad.1647749
AMA Aydın Ü, Tuncsiper Z, Şanlısoy S. Kitle Psikolojisi: Modern Finansal Sistemlerde Sürü Davranışını Keşfetmek. JSSR. June 2025;20(1):334-362. doi:10.48145/gopsbad.1647749
Chicago Aydın, Üzeyir, Zihni Tuncsiper, and Selim Şanlısoy. “Kitle Psikolojisi: Modern Finansal Sistemlerde Sürü Davranışını Keşfetmek”. Sosyal Bilimler Araştırmaları Dergisi 20, no. 1 (June 2025): 334-62. https://doi.org/10.48145/gopsbad.1647749.
EndNote Aydın Ü, Tuncsiper Z, Şanlısoy S (June 1, 2025) Kitle Psikolojisi: Modern Finansal Sistemlerde Sürü Davranışını Keşfetmek. Sosyal Bilimler Araştırmaları Dergisi 20 1 334–362.
IEEE Ü. Aydın, Z. Tuncsiper, and S. Şanlısoy, “Kitle Psikolojisi: Modern Finansal Sistemlerde Sürü Davranışını Keşfetmek”, JSSR, vol. 20, no. 1, pp. 334–362, 2025, doi: 10.48145/gopsbad.1647749.
ISNAD Aydın, Üzeyir et al. “Kitle Psikolojisi: Modern Finansal Sistemlerde Sürü Davranışını Keşfetmek”. Sosyal Bilimler Araştırmaları Dergisi 20/1 (June 2025), 334-362. https://doi.org/10.48145/gopsbad.1647749.
JAMA Aydın Ü, Tuncsiper Z, Şanlısoy S. Kitle Psikolojisi: Modern Finansal Sistemlerde Sürü Davranışını Keşfetmek. JSSR. 2025;20:334–362.
MLA Aydın, Üzeyir et al. “Kitle Psikolojisi: Modern Finansal Sistemlerde Sürü Davranışını Keşfetmek”. Sosyal Bilimler Araştırmaları Dergisi, vol. 20, no. 1, 2025, pp. 334-62, doi:10.48145/gopsbad.1647749.
Vancouver Aydın Ü, Tuncsiper Z, Şanlısoy S. Kitle Psikolojisi: Modern Finansal Sistemlerde Sürü Davranışını Keşfetmek. JSSR. 2025;20(1):334-62.
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