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Herd behavior and mood: An experimental study on the forecasting of share prices

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  • Filiz, Ibrahim
  • Nahmer, Thomas
  • Spiwoks, Markus

Abstract

This experimental study examines the influence of emotions on the tendency towards herd behavior. The subjects forecast share prices, and while doing so they are offered the chance to orientate themselves towards other subjects and to possibly exhibit herding behavior. In a between-subjects design, three treatments are used (neutral, positive and negative mood). Mood is influenced by means of film excerpts which are shown to the subjects. It is shown that mood really does have an influence on the tendency towards herding behavior. A neutral mood in particular favors a tendency towards herd behavior.

Suggested Citation

  • Filiz, Ibrahim & Nahmer, Thomas & Spiwoks, Markus, 2019. "Herd behavior and mood: An experimental study on the forecasting of share prices," Journal of Behavioral and Experimental Finance, Elsevier, vol. 24(C).
    • Handle: RePEc:eee:beexfi:v:24:y:2019:i:c:s2214635019300218
    DOI: 10.1016/j.jbef.2019.07.004
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    More about this item

    Keywords

    Share price forecasts; Herding behavior; Emotions; Behavioral finance; Experiments;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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