Advanced Search
MyIDEAS: Login to save this article or follow this journal

The Role of Herd Behaviour in Determining the Investor‘s Monday Irrationality


Author Info

  • Rayenda Brahmana

    (Financial Market Based Research Cluster, School of Management, Universiti Sains Malaysia, 11800 Pulau Pinang)

  • Chee Wooi Hooy

    (Financial Market Based Research Cluster, School of Management, Universiti Sains Malaysia, 11800 Pulau Pinang)

  • Zamri Ahmad

    (Financial Market Based Research Cluster, School of Management, Universiti Sains Malaysia, 11800 Pulau Pinang)


With regards to determining whether herding is spontaneous and irrational behavior causing the Day-of-the-week anomaly, this paper intersects the Christie and Huang (1995) herd behaviour model with French's (1980) Day-of-the-week model in several layers of tests. We use firm-level data and investigate the return dispersion of 846 Bursa Malaysia stocks during 1990–2010. This paper found the herd behaviour is the determinant for investor’s Monday irrationality, especially in small caps industry.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL:
Download Restriction: no

Bibliographic Info

Article provided by Penerbit Universiti Sains Malaysia in its journal Asian Academy of Management Journal of Accounting and Finance.

Volume (Year): 8 (2012)
Issue (Month): 2 ()
Pages: 1-20

as in new window
Handle: RePEc:usm:journl:aamjaf00802_1-20

Contact details of provider:
Web page:
More information through EDIRC

Related research

Keywords: herding; day-of-the-week anomaly; Malaysian listed companies;


No references listed on IDEAS
You can help add them by filling out this form.



This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


Access and download statistics


When requesting a correction, please mention this item's handle: RePEc:usm:journl:aamjaf00802_1-20. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Journal Division).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.