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Country herding in the global market

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  • Tao Chen

Abstract

Using the tick-by-tick transaction data for 41 stock markets, the authors examine whether investors follow each other into and out of the same countries, dubbed country herding. Empirical evidence is sought to substantiate the existence of country herding in international markets regardless of retail and institutional investors. Additional tests suggest that country herding is not simply a reflection of stock herding, industry herding, and market co-movements. Finally, the findings demonstrate that country herding may be partly driven by investigative herding, market stresses, and investor sentiments.

Suggested Citation

  • Tao Chen, 2020. "Country herding in the global market," Journal of Behavioral Finance, Taylor & Francis Journals, vol. 21(2), pages 174-185, April.
    • Handle: RePEc:taf:hbhfxx:v:21:y:2020:i:2:p:174-185
    DOI: 10.1080/15427560.2019.1663852
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    Cited by:

    1. Tao Chen & Robert K. Larson & Han Mo, 2024. "Investor Herding and Price Informativeness in Global Markets: Evidence from Earnings Announcements," Journal of Behavioral Finance, Taylor & Francis Journals, vol. 25(1), pages 92-110, January.
    2. Ooi Kok Loang & Zamri Ahmad, 2024. "Does Volatility Cause Herding in Malaysian Stock Market? Evidence from Quantile Regression Analysis," Millennial Asia, , vol. 15(2), pages 197-215, June.
    3. Tao Chen, 2022. "A cross‐country study on informed herding," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(4), pages 4336-4349, October.
    4. Monica Laura Zlati & Romeo Victor Ionescu & Valentin Marian Antohi, 2022. "Modelling the Vulnerability of Financial Accounting Systems during Global Challenges: A Comparative Analysis," Mathematics, MDPI, vol. 10(9), pages 1-21, April.
    5. Papadamou, Stephanos & Kyriazis, Nikolaos A. & Tzeremes, Panayiotis & Corbet, Shaen, 2021. "Herding behaviour and price convergence clubs in cryptocurrencies during bull and bear markets," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
    6. Fabio Della Rossa & Lorenzo Giannini & Pietro DeLellis, 2020. "Herding or wisdom of the crowd? Controlling efficiency in a partially rational financial market," PLOS ONE, Public Library of Science, vol. 15(9), pages 1-16, September.

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