An Examination of Herd Behavior in Equity Markets: An International Perspective

@inproceedings{Chang2000AnEO,
  title={An Examination of Herd Behavior in Equity Markets: An International Perspective},
  author={Eric Chung-Hui Chang and Joseph Wui-Wing Cheng and A. B. Khorana},
  year={2000}
}
We examine the investment behavior of market participants within di€erent international markets (i.e., US, Hong Kong, Japan, South Korea, and Taiwan), speci®cally with regard to their tendency to exhibit herd behavior. We ®nd no evidence of herding on the part of market participants in the US and Hong Kong and partial evidence of herding in Japan. However, for South Korea and Taiwan, the two emerging markets in our sample, we document signi®cant evidence of herding. The results are robust… CONTINUE READING
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