مقاله انگلیسی سی سال رفتار توده ای در بازارهای مالی
Abstract
Graphical abstract
Keywords
JEL classification
Introduction
Methodological design
Results
Conclusions
Author statement
Acknowledgments
References
ABSTRACT
Bibliometric studies have proven useful in helping researchers better explore the current research trends within a particular field of study. This study analyzes academic research on herd behavior in financial markets conducted over 30 years. The Web of Science database was selected to collect bibliographic material and provide various bibliometric indicators, including the number of citations, publications, and authors, while bibliometric techniques were also employed for visualizing the similarities. The results show a significant growth in research on herd behavior, especially following the subprime crisis. The concluding results from the literature indicate that there is no consensus regarding the causes of this phenomenon, but new perspective have emerged to expand research on herd behavior.
Introduction
Herd behavior is the conduct of individuals acting collectively without a centralized direction. This behavior may occur in animals and humans in several contexts. In the area of finance, herding is the tendency of individuals (or organizations) to imitate others’ actions following interactive observation of each other’s practices (Hirshleifer and Teoh, 2003). According to Erdenetsogt and Kallinterakis (2016), the practice of herding assumes that individuals follow others’ behavior disregarding their own private signals or prevailing market fundamentals. Scharfstein and Stein’s (1990) seminal study on herd behavior covered different periods, countries, financial crises, financial markets, and types of investors. In turn, various methods and models have been used to explain this behavior.