Herding behaviour in the Chinese and Indian stock markets

被引：119

作者：

Lao, Paulo ^{[1
]}

Singh, Harminder ^{[1
]}

机构：

[1] Deakin Univ, Fac Business & Law, Burwood, Vic 3125, Australia

来源：

JOURNAL OF ASIAN ECONOMICS | 2011年 / 22卷 / 06期

关键词：

Herding; Market efficiency;

D O I：

10.1016/j.asieco.2011.08.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The existence of herding behaviour challenges the validity of the "efficient market hypothesis''. This study examines herding behaviour in the Chinese and Indian stock markets; our findings suggest that herding behaviour exists in both. The level of herding depends on market conditions. In the Chinese market, herding behaviour is greater when the market is falling and the trading volume is high. On the other hand, in India the study finds that it occurs during up-swings in market conditions. Herding behaviour is more prevalent during large market movements in both markets. In relative terms, a lower prevalence of herding behaviour was detected in the Indian stock market. Crown Copyright (C) 2011 Published by Elsevier Inc. All rights reserved.

引用

页码：495 / 506

页数：12

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