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:: Volume 14, Issue 3 (Summer 2019) ::
J. Mon. Ec. 2019, 14(3): 317-333 Back to browse issues page
Impacts of Economic Variables on Herding Behavior in Tehran Stock Exchange Industries
Farzad Jafari 1, Reza Tehrani1, Ezatollah Abbasian1
1- University of Tehran
Abstract:   (758 Views)
The stock market is influenced by other parallel markets and macroeconomic variables; such variables have impacts on the behavior of financial market players. Accordingly, this study first examines the existence of herding behavior among investors in the Tehran Stock Exchange (TSE). It then investigates the effects of exogenous economic variables on this industry-level behavior in the Tehran Stock Exchange (TSE) throughout 2008- 2018. For this purpose, 12 different industries were studied, and the results of nonlinear regression analysis showed the existence of herding behavior in all selected industries in the bearish market. However, this is not true for the bullish market. The findings also indicate that the effects of exogenous variables are not the same in different industries.
Keywords: Herding Behavior, Cross-Sectional Standard Deviation, Financial Market, Macroeconomics
Full-Text [PDF 234 kb]   (402 Downloads)    
Type of Study: Original Research - Case Study | Subject: Macroeconomics
Received: 14 May 2019 | Accepted: 29 Feb 2020 | Published: 12 Apr 2020
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Jafari F, Tehrani R, Abbasian E. Impacts of Economic Variables on Herding Behavior in Tehran Stock Exchange Industries. J. Mon. Ec.. 2019; 14 (3) :317-333
URL: http://jme.mbri.ac.ir/article-1-417-en.html


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Volume 14, Issue 3 (Summer 2019) Back to browse issues page
Journal of Money and Economy Journal of Money And Economy
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