The effects of national culture and behavioral pitfalls on investors decision-making: Herding behavior in international stock markets

被引：89

作者：

Chang, Chih-Hsiang ^{[1
]}

Lin, Shih-Jia ^{[2
]}

机构：

[1] Natl Univ Kaohsiung, Dept Finance, Kaohsiung 81148, Taiwan

[2] Natl Univ Kaohsiung, Kaohsiung 81148, Taiwan

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2015年 / 37卷

关键词：

Herding behavior; National culture; Behavioral pitfalls; International stock markets; Behavioral finance; PORTFOLIO; OVERCONFIDENCE; INFORMATION; TRADERS;

D O I：

10.1016/j.iref.2014.12.010

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The purpose of this study is to explore the determinants of investor decision-making in international stock markets. Unlike previous literature, this study provides insight into the effects of national culture and behavioral pitfalls on investors' decision-making processes in international stock markets. Its empirical results provide evidence that herding behaviors occur in Confucian and less sophisticated equity markets. Additionally, it finds that some national culture indexes are closely correlated with the exhibition of herding. Finally, it shows that investors' behavioral pitfalls dominate their herding tendency, as shown in cross-sectional absolute deviations of returns. (C) 2015 Elsevier Inc. All rights reserved.

引用

页码：380 / 392

页数：13

共 42 条

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