An empirical analysis of herd behavior in global stock markets

By T. C. Chiang, Dazhi Zheng. 2010

867 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/445251ce6f69b3c88c750dd6347c5f3eafa5dd85

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Citations in the corpus

Institutional herding in international markets (2015, background): “The few existing international herding studies apply market return data instead of holdings data (Chiang and Zheng, 2010, for example) to compute herding propensities indirectly.”
Dynamic Herding Behavior in Pacific-Basin Markets: Evidence and Implications (2013, methodology): “This evidence and the correlation analysis in table 5 are consistent with the results of Chiang and Zheng (2010), who find that stock return dispersions are correlated across international markets, but do not test for the interdependence of herding behavior across different markets 16.”
Firm specific and macro herding by professional and amateur investors and their effects on market volatility (2011, methodology): “19 Chiang and Zheng (2010) examine herding in 18 countries, but they use a considerably different herding metric from the one used in the current study.”
A cross-country analysis of herd behavior in Europe (2014, methodology): “Chiang and Zheng (2010) show the impact of different crises on herding coefficients, including both advanced and emerging markets.”
Individual and institutional herding and the impact on stock returns: Evidence from Taiwan stock market (2013, background): “Chiang and Zheng (2010) find significant evidence of herding in the US and Latin America during the crisis period.”
Investor mood, herding and the Ramadan effect (2016, background): “At the aggregate market level, Chang et al. (2000), Chiang and Zheng (2010) and Economou et al. (2011) produce evidence for the impact of different market states on the significance of herding. employ a sample of seven Muslim dominated countries: Bangladesh, Egypt, Indonesia, Malaysia, Morocco,…”
Cross-country effects in herding behaviour: Evidence from four south European markets (2011, neutral): “…a larger number of assets to achieve the desirable reduction of idiosyncratic risk, while in the extreme case that asset returns become almost perfectly correlated, risk reduction via diversification may become unattainable (Chang et al., 2000; Baur, 2006; Chiang and Zheng, 2010; Morelli, 2010).”
The effects of national culture and behavioral pitfalls on investors' decision-making: Herding behavior in international stock markets ☆ (2015, methodology): “Chiang and Zheng (2010), based on the suggestions of Chang et al. (2000), further conclude that when a stock price change expands and the difference between industrial and market returns narrows, investors demonstrate herding behavior.”
Herding behaviour in energy stock markets during the Global Financial Crisis, SARS, and ongoing COVID-19* (2020, neutral): “Several empirical studies have argued that financial crises are the result of widespread herding behaviour among market participants [28].”