| ESG, Market Microstructure, and Herding Behavior: Evidence from CSAD Tests in Taiwan | |
|---|---|
| 學年 | 114 |
| 學期 | 1 |
| 出版（發表）日期 | 2025-12-22 |
| 作品名稱 | ESG, Market Microstructure, and Herding Behavior: Evidence from CSAD Tests in Taiwan |
| 作品名稱（其他語言） | |
| 著者 | Jui-Cheng Hung; An-Chi Wu; I-Fan Hsiao |
| 單位 | |
| 出版者 | |
| 著錄名稱、卷期、頁數 | International Review of Economics and Finance 105, p.104865 |
| 摘要 | This study examines how ESG transparency and market microstructure reform shape herding behavior in Taiwan’s equity markets. Using nonlinear CSAD models, we find that low-ESG firms exhibit stronger herding, especially in the OTC market and during market stress. The 2020 shift to continuous trading further amplifies herding among low-ESG firms. Return-dispersion decomposition shows that this convergence is mainly intentional and driven by noise trading. High-ESG firms display consistently weaker herding, underscoring the informational value of ESG. Overall, ESG transparency helps mitigate behaviorally induced co-movements and enhances market efficiency. |
| 關鍵字 | ESG transparency; Market microstructure reform; Herding behavior; CSAD models |
| 語言 | en_US |
| ISSN | 1059-0560 |
| 期刊性質 | 國外 |
| 收錄於 | SSCI |
| 產學合作 | |
| 通訊作者 | An-Chi Wu |
| 審稿制度 | 是 |
| 國別 | USA |
| 公開徵稿 | |
| 出版型式 | ,電子版 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/128337 ) |
| SDGS | 優質教育 |
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