Applying an alternative test of herding behavior: A case study of the Indian stock market

► The paper presents an alternative approach to test herding behavior in the Indian equity market using symmetric properties of the cross-sectional return distribution. ► Using the proposed approach, the paper finds evidence of herding in the Indian equity market during the sample period. ► We also observe pronounced herding during the 2007 crash in the Indian equity market. ► Finally, the paper also reports that the rate of increase in security return dispersion is relatively lower in the up market than in the down market days.