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Herding and feedback trading: Evidence on their relationship at the macro level

2008Journal article Open access
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dc.contributor.authorFerreira, Mário Pedro
dc.date.accessioned2010-10-16T17:06:45Z
dc.date.available2010-10-16T17:06:45Z
dc.date.issued2008
dc.description.abstractThe behavioural expressions of herding and feedback trading maintain properties that render their coexistence a possibility. Although their joint presence has been largely confirmed by empirical work in the Finance literature at the micro level (i.e. using micro data), the pursuit of this issue at the macro level (i.e. the level of the aggregate market) has remained largely unexplored. To that end, we jointly test for herding and feedback trading at the market level using data from the Portuguese market for the 1993-2005 period. Our results indicate the combined significant presence of herding and positive feedback trading for that period, with this significance exhibiting signs of clustering during the second half of the 1990s, which accommodated a series of boom-bust episodes for that market.por
dc.identifier.citationFERREIRA, Mário Pedro - Herding and feedback trading: Evidence on their relationship at the macro level. Social Science Research Network. 39p.por
dc.identifier.urihttp://hdl.handle.net/10400.14/3028
dc.language.isoengpor
dc.publisherSSRN - Social Science Research Networkpor
dc.relation.publisherversionAvailable on-line at SSRN: http://ssrn.com/abstract=984681
dc.titleHerding and feedback trading: Evidence on their relationship at the macro levelpor
dc.typejournal article
dspace.entity.typePublication
rcaap.rightsopenAccesspor
rcaap.typearticlepor

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