Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
976407 | Pacific-Basin Finance Journal | 2008 | 17 Pages |
Abstract
This study examines herding behavior in dual-listed Chinese A-share and B-share stocks. We find evidence of herding within both the Shanghai and Shenzhen A-share markets that are dominated by domestic individual investors, and also within both B-share markets, in which foreign institutional investors are the main participants. Herding occurs in both rising and falling market conditions. Herding behavior by A-share investors in the Shanghai market is more pronounced under conditions of rising markets, high trading volume, and high volatility, while no asymmetry is apparent in the B-share market.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Lin Tan, Thomas C. Chiang, Joseph R. Mason, Edward Nelling,