The Causes and Influences of Institutional Investors Herding Behavior in the Taiwan Stock Market

Autor:	Kuei-Yuan Wang, Ying-Li Lin, Yu-Sin Huang, Chien-Kuo Han
Rok vydání:	2019
Předmět:	Computer science Institutional investor Financial crisis Stock market Monetary economics Herding Volatility (finance) Excess return Spurious relationship Herd behavior
Zdroj:	Innovative Mobile and Internet Services in Ubiquitous Computing ISBN: 9783030222628 IMIS
Popis:	This study took the Taiwan stock market as samples to discuss the causes and influences of institutional investors herding behavior. The empirical period was from January 2007 to December 2017. The empirical results showed that: (1) The institutional investors generally had herding behavior; (2) The institutional investors had both intentional herding and spurious herding; (3) Herding behavior of the institutional investors presented a positive relationship with excess returns of the next period of individual stocks; (4) Market volatility would affect the herding behavior of the institutional investors; (5) The financial crisis would not affect the cause of herding behaviors of the institutional investors. But, However, it would cause changes in the influence of the institutional investors’ herd behavior on excess returns and market fluctuations. The above empirical results provided investors with new direction when selecting stocks.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::48902a5d12c4be90be7fbc5c4676666e https://doi.org/10.1007/978-3-030-22263-5_70 Zobrazit plný text záznamu