Search results

This study examines whether the Russia–Ukraine war affects herding behavior in the Moscow Exchange.

The authors employ the daily stock closing prices of 40 firms, which constitute the MOEX Russia Index from June 16, 2021, to November 30, 2022. The period before the invasion ranges from June 16, 2021, to February 23, 2022, while the post-invasion period runs from February 24, 2022, to November 30, 2022.

The findings suggest that the Russia–Ukraine war led to the formation of herding behavior among investors in Moscow Exchange. However, this herding behavior seems to be prevalent only during market downturns.

The results are important for policymakers and fund managers since they help them understand behavior patterns of investors during periods of war. Given the devastating effect of herd behavior on market stability, policymakers should implement a strategy to avoid this behavior. The formation of herding behavior during the Russia–Ukraine war indicates that uncertainty and fear caused by Western sanctions lead investors to imitate others which, in turn, could lead to equity mispricing. Thus, firm managers should take into account this evidence in equity issuance decisions in order to time the market. The findings raise questions about the validity of the efficient market hypothesis during the periods of war.

This study represents the first attempt to explore whether the Russia–Ukraine conflict contributes to the appearance of herding behavior among investors on Moscow Exchange.

The purpose of this paper is to integrate the Theory of Planned Behavior (TPB), Technology Acceptance Model (TAM) and Palka et al.'s model to predict young Chinese consumers' mobile viral attitudes, intents and behavior.

A paper survey was administered to 835 college students in Beijing, Shanghai, Kunming, and Liuzhou in summer and fall, 2010. The data were subject to statistic analyses including Pearson correlation, structural equation modeling, and backward regression with SPSS and AMOS.

The SEM model testing results confirmed the chain of young Chinese consumers' viral attitudes to intents to actual behavior. Subjective norm, perceived cost and pleasure were significant predictors of their viral attitudes. Their viral attitudes, perceived utility and subjective norm predicted their intent to pass along entertaining electronic messages. Their intent to forward useful electronic messages was determined by their viral attitudes, perceived utility and market mavenism. Their viral attitudes, intents and market mavenism predicted their mobile viral behavior.

It pays to foster Chinese consumers' favorable attitudes toward mobile viral marketing. It is advisable to know both target consumers and their associates very well. It is recommended to convince Chinese consumers that their friends and relatives can benefit greatly from viral content forwarding. Mobile messages with entertaining, useful, relevant and self‐involved values can go viral more easily.

The paper is probably the first study the integration of the TPB, TAM and Palka et al.'s model to predict Chinese consumers' mobile viral attitudes, intents and behavior.

The purpose of this paper is to empirically test whether a systematic relationship exists between firms’ level of entrepreneurial marketing (EM) behaviours and firms’ characteristics, including firm age, firm size and firm’s founder.

This paper quantitatively investigates EM behaviours from data collected from 752 business owners through structured interviews. The data analysis applied was multi-group confirmatory factor analysis (multi-group CFA).

Results from the analysis show that not all of the firms’ characteristics determine firms’ level of EM practice. The level of EM behaviours has a systematic relationship with firms’ age but not with the founding status of the firms’ manager. The impact of firm size on the level of EM behaviours is evident only when the firms’ age is taken into account.

This paper concludes that relationships between EM behaviours and firm characteristics are more complicated than anticipated. Firms’ characteristics alone may not be a good measure for identifying the level of a firm’s EM. EM cannot be conceptualized solely in relation to the activities of small firms, young firms or founder-operated firms.

This paper examines EM behaviours in a large survey and uses multi-group CFA to examine firms’ EM practice through latent variables, instead of observed variables. The findings should complement knowledge regarding the EM concept generated from existing literature.

The purpose of this paper is to examine the investment behavior of Pakistani stock market participants, specifically with respect to their tendency to exhibit herd behavior.

The study employed two different methodologies suggested by Christie and Huang (1995) and Chang et al. (2000) to test herd formation. Results are based on daily and monthly stock of KSE-100 index for the period 2002-2007.

Results based on daily and monthly stock data from Karachi Stock Exchange indicate the non-existence of herd behavior for the period 2002-2007 and find no support for the rational asset pricing model and investor behavior found inefficient. This study denied proved evidence of herding due to market return asymmetry, high and low trading volume states and asymmetric market volatility. Macroeconomic fundamentals have insignificant role in decision-making process of investor therefore has no impact on herding behavior. However, during liquidity crisis of March 2005, Pakistani stock market exhibit herding behavior due to asymmetry of information among investors, presence of speculator and questionable badla financing-local leverage financing mechanism.

In future, this study can be improved by employing stock returns portfolios based on market capitalization or sector wise portfolio returns from KSE-100. Furthermore by identifying those factors that cause market to be overall inefficient and define the pattern of the investor trading activities.

For an accurate valuation of assets investors should incorporate the herding factor.

As the assets are mispriced, investor behavior is uncertain and markets are inefficient, foreign investors should invest with caution, as large numbers of securities are needed to achieve the same level of diversification than in an otherwise normal market.

In Karachi Stock Exchange, it is first attempt to uncover the herding behavior. This paper contribute to the body of knowledge by investigating the herding behavior in the emerging markets since most of the previous study concentrate more on the developed markets. Furthermore, the study also analyzed the herding behavior in different economic condition and includes economic variables and examines asymmetric effect. This study presents an integrated model to test herding behavior in Pakistani equity market. Consideration of said behavioral effect in the decision-making process of investor will make the decisions more rational and optimal.

In recent years, significant research has focused on the question of whether severe market periods are accompanied by herding behavior. As herding behavior is a considerable cause of the speculative bubble and leads to stock market deviations from their basic values it is necessary to examine the motivators which led to herding behavior among investors. The paper aims to discuss this issue.

In this study, the authors performed a two-phase analysis to address the research questions of the study. In the first phase, for text analysis NVivo software was used to identify the factors driving herding behavior among Indian stock investors. The analysis of a text was performed using word frequency analysis. While in the second phase, the Fuzzy-AHP analysis techniques were employed to examine the relative importance of all the factors determined and assign priorities to the factors extracted.

Results of the study depicted Investor Cognitive Psychology (ICP), Market Information (MI), Stock Characteristics (SC) as the top-ranked factors driving herding behavior, while Socio-Economic Factors (SEF) emerged as the least important factor driving herding behavior.

The current study was undertaken among stock investors from North India only. Moreover, numerous factors are not part of the study but might significantly influence the investors' herding behaviors.

Comprehending the influences of the different factors discussed in the study would enable stock investors to be more aware of their investment choices and not resort to herd behavior. This research enables decision-makers to understand the reasons for herd activity and helps them act accordingly to improve the stock market's performance.

The current study will provide an inclusive overview of herding behavior motivators among Indian stock investors. This study's results can be extremely useful for both academics and policymakers to gain some insight into the functioning of the Indian stock market.

This study examines the issue of how export market‐oriented behaviors influence export success. Using survey data obtained from Hong Kong based manufacturing exporters, our findings suggest that export market‐oriented behaviors are important predictors of several dimensions of export performance. In particular, it appears that this behavior is most important for exporters operating under conditions of high environmental turbulence. The export market‐oriented behavior – export performance relationship for these firms, was generally positive and strong. However, under conditions of low environmental turbulence, the costs of developing and implementing high levels of export market‐oriented behavior may outweigh the benefits accrued.

The purpose of this paper is to present the contributions of Wroe Alderson to the buyer behavior literature from an historical perspective. His views of the consumer in the 1950s revolutionized the way we now teach and do research in this domain of marketing.

This research relied heavily on Alderson's own published work and the work of others familiar with his work. The historical research tradition of document interpretation was employed and personal interviews were conducted.

The findings revealed that Alderson contributed much to buyer behavior thought than is generally believed. This eminent theorist – practitioner was ahead of his time in his conceptualization of the consumer/household purchasing agent as an information processor and a problem solver in the behavioral process of buying and consuming.

A detailed account of Alderson's contributions to the then emerging science of consumer behavior is unique especially in the context of thought contributions originating from other sciences.

This paper deeply investigates the herd behavior of the Egyptian mutual funds under changing and different conditions of the market pre- and post-events and compares the impact of asymmetric risk conditions on the herding behavior of the Egyptian mutual funds in both up and down markets.

We test for the existence of herding for the whole period from 2003 to 2022, as well as for the pre-and post-different Egyptian uprising periods. We employ two well-known models, namely the cross-sectional standard deviation (CSSD) and cross-sectional absolute deviation (CSAD) models. Additionally, we use the quantile regression approach.

We find that the behavior of mutual funds does not change following the different political and social events. For the whole period, we find evidence of herding behavior using only the model of CSAD in down-market conditions. We generalize our finding to be evidence of the existence herding behavior in different quantiles, under only the down market in specific points’ pre, post or both given events throughout the whole series. Conversely, during the upper market, we show a full absence of herding behavior considering all different quantiles. When the market is down, managers are afraid of the condition of uncertainty, neglecting their own private information, avoid acting independently and consequently, following other mutual funds. When the market is up, managers become rational and act fully independent.

Future research should delve deeper into the drivers of herding behavior, assess its longer-term effects, develop risk management strategies and consider regulatory measures to mitigate the potential negative impact on mutual fund performance and investor outcomes.

The study reveals that the behavior of mutual funds remains consistent despite various political and social events, suggesting a degree of resilience in their investment strategies. The research uncovers evidence of herding behavior in both high and low quantiles, but exclusively in down markets. In such conditions of market decline, fund managers appear to forsake their private information, exhibiting a tendency to follow the crowd rather than acting independently.

The study reveals that the behavior of mutual funds remains consistent despite various political and social events, suggesting a degree of resilience in their investment strategies. The research uncovers evidence of herding behavior in both high and low quantiles, but exclusively in down markets. In such conditions of market decline, fund managers appear to forsake their private information, exhibiting a tendency to follow the crowd rather than acting independently. Future research should delve deeper into the drivers of herding behavior, assess its longer-term effects, develop risk management strategies and consider regulatory measures to mitigate the potential negative impact on mutual fund performance and investor outcomes.

The paper investigates the herd behavior of the Egyptian mutual funds under asymmetric risk conditions, the study follows the spectrum of the herding behavior analysis and Egyptian mutual funds, extending the research with imperial analysis of market conditions pre- and post-events including currency floating, COVID-19 and political elections. The study gives substantial recommendations for policymakers and investors in emerging markets mutual funds.

This study aims to analyze the herding behavior in Southeast Asian stock markets. A cross-sectional absolute deviation of the returns approach is used to identify the presence of herding. Individual stocks and market returns were employed on each stock market on a daily basis during the period of January 2008 to December 2014 from five countries selected to obtain the necessary data. The samples observed consisted of stocks having higher liquidity and larger market capitalization for each stock market. The results suggest that there is significant evidence of herding behavior found in Kuala Lumpur and Philippines Stock Exchanges. In addition, there is no evidence of herding behavior in Indonesia, Singapore, and Thailand Stock Exchanges.