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

页码：341 / 359

页数：19

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