Herding in the Italian Stock Market: A Case of Behavioral Finance
- 1 December 2004
- journal article
- Published by Taylor & Francis Ltd in Journal of Behavioral Finance
- Vol. 5 (4), 222-230
- https://doi.org/10.1207/s15427579jpfm0504_5
Abstract
This article studies the herding effect in the capital markets. Using data from the Italian Stock Exchange, the authors test for the presence of herding as described in Christie and Huang [1995], Chang, Cheng, and Khorana [2000], and Hwang and Salmon [2001]. The tests support Christie and Huang's conclusions that herding is present in extreme market conditions.Keywords
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