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Civil unrest and herding behavior: evidence in an emerging market

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  • Christian Espinosa-Méndez

Abstract

This investigation is the first to analyze how civil unrest impacts herding behavior in an emerging economy. Using series of prices and daily traded volumes of the companies that make up the IGPA of the Santiago Stock Exchange between 2010 and 2020, it was found that civil unrest causes reverse herding behavior in the Chilean stock market. Thus, herding behavior and inverse herding behavior are more complex behaviors than the financial literature has reported to date, especially in a period of civil unrest. Different robustness tests support the findings.

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  • Christian Espinosa-Méndez, 2022. "Civil unrest and herding behavior: evidence in an emerging market," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 1243-1261, December.
    • Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1243-1261
    DOI: 10.1080/1331677X.2021.1962382
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    Cited by:

    1. Ghosh, Saibal, 2023. "Social unrest and corporate behaviour during the Arab Spring period," The Journal of Economic Asymmetries, Elsevier, vol. 27(C).

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