Herding and Google search queries in the Brazilian stock market

被引：1
|
作者：
Carvalho, Jeferson [1 ]
Silva, Paulo Vitor Jordao da Gama [1 ]
Klotzle, Marcelo Cabus [2 ]
机构：
[1] Unigranrio, Dept Finance, Rio De Janeiro, Brazil
[2] Pontificia Univ Catolica Rio De Janeiro, Dept Finance, Rio De Janeiro, Brazil
来源：
REVIEW OF BEHAVIORAL FINANCE | 2024年 / 16卷 / 02期
关键词：
Efficient market hypothesis; Behavioral finance; Herding effect; Google trends; Brazilian stock market; G10; G15; G40; INVESTOR ATTENTION; BEHAVIOR; UNCERTAINTY;
D O I：
10.1108/RBF-12-2022-0296
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
PurposeThis study investigates the presence of herding in the Brazilian stock market between 2012 and 2020 and associates it with the volume of searches on the Google platform.Design/methodology/approachFollowing methodologies are used to investigate the presence of herding: the Cross-Sectional Standard Deviation of Returns (CSSD), the Cross-Sectional Absolute Deviation (CSAD) and the Cross-Sectional Deviation of Asset Betas to the Market.FindingsMost of the models detected herding. In addition, there was a causal relationship between peaks in Google search volumes and the incidence of herding across the whole period, especially in 2015 and 2019.Originality/valueThis study suggests that confirmation bias influences investors' decisions to buy or sell assets.
引用
收藏
页码：341 / 359
页数：19
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