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Do Investors Herd Under Global Crises? A Comparative Study between Chinese and the United States Stock Markets

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发布日期：2024年06月09日上次修订日期：2024年06月09日

Shuo Xing 暂无 Nankai University Tingting Cheng Tingting.Cheng@nankai.edu.cn Nankai University Shuanglin Sun 暂无 Nankai University

摘要

This paper investigates the impact of two global crises, the global financial crisis and the COVID-19 crisis, on herding behavior in the Chinese and U.S. stock markets. We find no evidence of herding behavior during these two global crises in the U.S. stock market, yet significant herding emerges under the COVID-19 crisis in Chinese mainland stock market. Additionally, the observed herding behavior in mainland China is primarily driven by sentiment. Our results reveal and explain the differences in the effects of financial crisis and public health crisis on herding behavior, as well as variations between emerging and developed stock markets.

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关键词：

Global crisis herding behavior Stock markets

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