Original scientific paper
https://doi.org/10.1080/1331677X.2021.1962382
Civil unrest and herding behavior: evidence in an emerging market
Christian Espinosa-Méndez
Abstract
This investigation is the first to analyze how civil unrest impacts
herding behavior in an emerging economy. Using series of prices
and daily traded volumes of the companies that make up the
IGPA of the Santiago Stock Exchange between 2010 and 2020, it
was found that civil unrest causes reverse herding behavior in the
Chilean stock market. Thus, herding behavior and inverse herding
behavior are more complex behaviors than the financial literature
has reported to date, especially in a period of civil unrest.
Different robustness tests support the findings.
Keywords
Civil unrest; herding behavior; emerging markets; stock markets; Chile
Hrčak ID:
302041
URI
Publication date:
31.3.2023.
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