Civil unrest and herding behavior: evidence in an emerging market

被引:4
|
作者
Espinosa-Mendez, Christian [1 ]
机构
[1] Univ Santiago de Chile USACH, Fac Adm & Econ, Dept Adm, Santiago, Chile
来源
ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA | 2022年 / 35卷 / 01期
关键词
Civil unrest; herding behavior; emerging markets; stock markets; Chile; STOCK MARKETS; INVESTORS; PROTEST; INFORMATION; CHINESE; CRISIS; IMPACT;
D O I
10.1080/1331677X.2021.1962382
中图分类号
F [经济];
学科分类号
02 ;
摘要
This investigation is the first to analyze how civil unrest impacts herding behavior in an emerging economy. Using series of prices and daily traded volumes of the companies that make up the IGPA of the Santiago Stock Exchange between 2010 and 2020, it was found that civil unrest causes reverse herding behavior in the Chilean stock market. Thus, herding behavior and inverse herding behavior are more complex behaviors than the financial literature has reported to date, especially in a period of civil unrest. Different robustness tests support the findings.
引用
收藏
页码:1243 / 1261
页数:19
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