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Herding in financial markets: a review of the literature

Author

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  • Spyros Spyrou

Abstract

Purpose - – The purpose of this paper is to provide a review of theory and empirical evidence on herding behavior in financial markets. Design/methodology/approach - – Review and discussion of the literature. Findings - – More than two decades of empirical and theoretical research have provided a significant insight on investor herding behavior. Research limitations/implications - – The discussion indicates that there are still open issues and areas with inconclusive evidence, e.g. the author knows relatively little for markets other than equity markets. Practical implications - – The paper may need empirical methodologies to evaluate herding that address current limitations. Originality/value - – The paper reviews recent empirical evidence and identifies open issues for future research.

Suggested Citation

  • Spyros Spyrou, 2013. "Herding in financial markets: a review of the literature," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 5(2), pages 175-194, November.
    • Handle: RePEc:eme:rbfpps:v:5:y:2013:i:2:p:175-194
    DOI: 10.1108/RBF-02-2013-0009
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