Dynamic herding behavior in Pacific-Basin markets: Evidence and implications
نویسندگان
چکیده
This study examines investor herding behavior in Pacific-Basin equity markets. We find that herding is present in both rising and falling markets. Importantly, the level of herding is time-varying. We also find that herding is positively related to stock returns, but negatively related to market volatility. Herding estimates across markets are positively correlated, signifying co-movement of investor behavior in the region.
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