英文论文


文献类型
Article
题名
Exploring herding behavior in an innovative-oriented stock market: evidence from ChiNext
作者
Ng, Sin-Huei; Zhuang, Zhehan; Toh, Moau-Yong; Ong, Tze-San; Teh, Boon-Heng
作者单位
[Ng, Sin-Huei; Toh, Moau-Yong] Xiamen Univ Malaysia, Sch Econ & Management, Sepang, Malaysia. [Zhuang, Zhehan] Hong Kong Baptist Univ, Sch Business, Kowloon Tsai, Hong Kong, Peoples R China. [Ong, Tze-San] Univ Putra Malaysia, Sch Business & Econ, Seri Kembangan, Selangor, Malaysia. [Teh, Boon-Heng] Multimedia Univ, Fac Management, Cyberjaya, Selangor, Malaysia.
通讯作者地址
Xiamen Univ Malaysia, Sch Econ & Management, Sepang, Malaysia.
Email
shng@xmu.edu.my
ResearchID
ORCID
期刊名称
JOURNAL OF APPLIED ECONOMICS
出版社
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
ISSN
1514-0326
出版信息
2022-12-31, 25 (1):523-542.
JCR
影响因子
ISBN
基金
Xiamen University Malaysia [XMUMRF/2018-C2/ISEM/0008]
会议名称
会议地点
会议开始日期
会议结束日期
关键词
herding behavior; ChiNext; cross-sectional absolute deviation (CSAD); rising and falling markets
摘要
We adopt the cross-sectional absolute deviation model (CSAD) to test the herding behavior of ChiNext, a decade-old NASDAQ-style stock market in China, based on its stocks from 2015-2019. Our findings show that the herding behavior is prevalent, implying that such behavior is widespread in a relatively new stock market themed with growth-oriented innovative enterprises and dominated by individual investors instead of institutional investors. Moreover, we find that herding tends to be more severe during the periods of falling market than rising market. We explain that several distinct attributes of the individual investors cause them to sell during the falling market, an act contrary to the standard account of the "disposition effect of holding the losers" in behavioral finance. We contribute to the herding behavior literature for a relatively new innovative-oriented stock market as well as our understanding of the investors' circumstances, which may disprove the often-quoted disposition effect.
一级学科
Economics
WOS入藏号
WOS:000777823100001
EI收录号
DOI
10.1080/15140326.2022.2050992
ESI
收录于
SSCI

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