Herding Does Not Exist or Just a Measurement Problem? A Meta-Analysis

Nizar Hachicha, Amina Amirat and Abdelfettah Bouri
Additional contact information
Nizar Hachicha: University of Economics and Management of Sfax, P.O. Box 1088, 3018 Sfax, Tunisia
Amina Amirat: University of Economics and Management of Sfax, P.O. Box 1088, 3018 Sfax, Tunisia
Abdelfettah Bouri: University of Economics and Management of Sfax, P.O. Box 1088, 3018 Sfax, Tunisia

Chapter 34 in Handbook on Business Information Systems, 2010, pp 817-852 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe topic of herd behavior is at the heart of wide-ranging debate in the growth literature. While there is an increasing interest in the attention paid by financial markets to imitation phenomenon, the empirical results of studies performed within different markets still oscillate between the existence or non-existence of this bias.We use four different methodologies to test whether returns do not behave as predicted by the capital asset pricing model in the Toronto stock exchange (TSX).We also contribute by applying a meta-analysis to existing studies estimating the impact of different measures on the validation of herding. We find that the lack of herding evidence is due to the used measures that present several shortcomings and cannot be directly applied to any stock market.

Keywords: Information Systems; Systemization; Business Process Development; Health Care; Industrial Management; Data Management; Semantic Web Services; Knowledge Management; Risk Management (search for similar items in EconPapers)
Date: 2010
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9789812836069_0034 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9789812836069_0034 (text/html)
Ebook Access is available upon purchase.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789812836069_0034

Ordering information: This item can be ordered from

Access Statistics for this chapter

More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().