Destabilizing Impacts of herding behaviour in Portuguese Capital Market

Detalhes bibliográficos
Autor(a) principal: Santos, Carlos Manuel Machado Dos
Data de Publicação: 2018
Outros Autores: Leite, Gabriela, Silva, Amélia
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10348/8935
Resumo: The present work seeks to analyze the herding behavior phenomenon as a destabilizing factor of the capital market, while studying the relation between the herding behavior phenomenon and market profitability and volatility. The results allow us to verify the existence of a significant intensity of herding, especially when price variation occurs. Conversely, asymmetrical and elevated volatility levels ensue, with a higher probability of profit than losses of the same magnitude. However, results are less visible when one looks at the causality relation between herding and market volatility. This paper contributes to a deeper understanding of herding behavior and its relation with market efficiency.
id RCAP_0196eb213a2611e20f231b073fb1e3a7
oai_identifier_str oai:repositorio.utad.pt:10348/8935
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling Destabilizing Impacts of herding behaviour in Portuguese Capital MarketHerding behaviorbehavioral financesvolatilitycapital marketsinvestors’ rationalityThe present work seeks to analyze the herding behavior phenomenon as a destabilizing factor of the capital market, while studying the relation between the herding behavior phenomenon and market profitability and volatility. The results allow us to verify the existence of a significant intensity of herding, especially when price variation occurs. Conversely, asymmetrical and elevated volatility levels ensue, with a higher probability of profit than losses of the same magnitude. However, results are less visible when one looks at the causality relation between herding and market volatility. This paper contributes to a deeper understanding of herding behavior and its relation with market efficiency.El presente trabajo busca analizar el fen´omeno del comportamiento gregario como un factor desetabilizante en el mercado de capitales, estudiando la relaci´on entre el fen´omeno del comportamiento gregario y la rentabilidad y volatilidad del mercado. Los resultados nos permiten verificar la existencia de una intensidad significativa de gregarismo, especialmente cuando tienen lugar variaciones de precios. Rec´ıprocamente, sobrevienen niveles elevados y asim´etricos de volatilidad cuando hay mayor probabilidad de beneficios que de p´erdidas con la misma magnitud. Sin embargo, los resultados son menos visibles cuando se observa la realidad de causalidad entre gregarismo y volatilidad de mercado. Este art´ıculo contribuye a una comprensi´on m´as profunda del comportamiento gregario y su relaci´on con la eficiencia del mercado.2018-11-30T11:24:52Z2018-01-01T00:00:00Z20182018-11-29T23:42:01Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10348/8935eng1886-516XSantos, Carlos Manuel Machado DosLeite, GabrielaSilva, Améliainfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-02-02T12:36:17Zoai:repositorio.utad.pt:10348/8935Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T02:01:25.674110Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Destabilizing Impacts of herding behaviour in Portuguese Capital Market
title Destabilizing Impacts of herding behaviour in Portuguese Capital Market
spellingShingle Destabilizing Impacts of herding behaviour in Portuguese Capital Market
Santos, Carlos Manuel Machado Dos
Herding behavior
behavioral finances
volatility
capital markets
investors’ rationality
title_short Destabilizing Impacts of herding behaviour in Portuguese Capital Market
title_full Destabilizing Impacts of herding behaviour in Portuguese Capital Market
title_fullStr Destabilizing Impacts of herding behaviour in Portuguese Capital Market
title_full_unstemmed Destabilizing Impacts of herding behaviour in Portuguese Capital Market
title_sort Destabilizing Impacts of herding behaviour in Portuguese Capital Market
author Santos, Carlos Manuel Machado Dos
author_facet Santos, Carlos Manuel Machado Dos
Leite, Gabriela
Silva, Amélia
author_role author
author2 Leite, Gabriela
Silva, Amélia
author2_role author
author
dc.contributor.author.fl_str_mv Santos, Carlos Manuel Machado Dos
Leite, Gabriela
Silva, Amélia
dc.subject.por.fl_str_mv Herding behavior
behavioral finances
volatility
capital markets
investors’ rationality
topic Herding behavior
behavioral finances
volatility
capital markets
investors’ rationality
description The present work seeks to analyze the herding behavior phenomenon as a destabilizing factor of the capital market, while studying the relation between the herding behavior phenomenon and market profitability and volatility. The results allow us to verify the existence of a significant intensity of herding, especially when price variation occurs. Conversely, asymmetrical and elevated volatility levels ensue, with a higher probability of profit than losses of the same magnitude. However, results are less visible when one looks at the causality relation between herding and market volatility. This paper contributes to a deeper understanding of herding behavior and its relation with market efficiency.
publishDate 2018
dc.date.none.fl_str_mv 2018-11-30T11:24:52Z
2018-01-01T00:00:00Z
2018
2018-11-29T23:42:01Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10348/8935
url http://hdl.handle.net/10348/8935
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 1886-516X
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
_version_ 1799137098406559744

Registros relacionados