Decomposing the Household Herding Behavior in Stock Investment: The Case of China
學年 113
學期 2
出版（發表）日期 2025-05-12
作品名稱 Decomposing the Household Herding Behavior in Stock Investment: The Case of China
作品名稱（其他語言）
著者 Yung-Ching Tseng; I-Fan Hsiao; Guo-Chen Wang
單位
出版者
著錄名稱、卷期、頁數 Econometrics 2025 13(2), 21
摘要 Financial studies on the herding effect have been very popular for decades, as detecting herding behavior helps to explain price deviations and market inefficiencies. However, studying the herding effect as a single influencing factor is believed to be insufficient to explain the changes in investment behavior, as the herding effect itself may be caused by other influencing factors. In other words, the issue must be studied alongside other factors. In this study, we adopt the quantile regression model to comprehensively understand the herding effect’s influence on household investment in China, and the empirical results indicate that herding behavior leads to different investment outcomes for households in different scenarios. In this analysis, we consider a variety of household characteristics, such as income level and risk tolerance, to provide a nuanced understanding of investment behavior. Additionally, in this study, we explore the interaction between herding behavior and macroeconomic variables. Nevertheless, the results suggest that, if herding behavior can be reduced by the head of the household, profitability can be increased, or at the very least, losses can be reduced.
關鍵字 The herding effect; Household investment; Quantile regression; Quantile regression-based decomposition
語言 en_US
ISSN
期刊性質 國外
收錄於 ESCI Scopus NotTSSCI
產學合作
通訊作者 I-Fan Hsiao
審稿制度 是
國別 CHE
公開徵稿
出版型式 ,電子版
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