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Herding Behavior in the Moroccan Stock Exchange

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  • El Mehdi Ferrouhi

Abstract

This paper aims to examine the existence of herding behavior in the Moroccan Stock Exchange for the period 2007–2017. Thus, we analyze the existence of herding behavior in the overall market and in each one of the four portfolios created according to firms’ capitalizations. We also estimate the impact of liquidity, volatility and asymmetric market states on herding behavior. Results obtained show the existence of herding behavior in the overall market and in all size-based portfolios. Also, results show a positive impact of liquidity and volatility on investors’ herding behavior for the four portfolios and for the overall market.

Suggested Citation

  • El Mehdi Ferrouhi, 2021. "Herding Behavior in the Moroccan Stock Exchange," Journal of African Business, Taylor & Francis Journals, vol. 22(3), pages 309-319, July.
    • Handle: RePEc:taf:wjabxx:v:22:y:2021:i:3:p:309-319
    DOI: 10.1080/15228916.2020.1752598
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    Cited by:

    1. Artem Stopochkin & Inessa Sytnik & Janusz Wielki & Nataliia Zemlianska, 2021. "Methodology for Building Trader's Investment Strategy Based on Assessment of the Market Value of the Company," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 913-935.
    2. Siniša Bogdan & Natali Brmalj & Elvis Mujačević, 2023. "Impact of Liquidity and Investors Sentiment on Herd Behavior in Cryptocurrency Market," IJFS, MDPI, vol. 11(3), pages 1-17, July.
    3. Adeabah, David & Abakah, Emmanuel Joel Aikins & Tiwari, Aviral Kumar & Hammoudeh, Shawkat, 2023. "How far have we come and where should we go after 30+ years of research on Africa's emerging financial markets? A systematic review and a bibliometric network analysis," Emerging Markets Review, Elsevier, vol. 55(C).

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