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Does war spread the herding effect in stock markets? Evidence from emerging and developed markets during the Russia-Ukraine war

Author

Listed:
  • Blasco, Natividad
  • Casas, Luis
  • Ferreruela, Sandra

Abstract

This paper investigates the influence of the Russia-Ukraine conflict on herding behavior in global stock markets. Examining MSCI World and MSCI Emerging indexes alongside Russia, the study explores imitation tendencies before the invasion, immediately after commencement of war, and during an extended war period. Findings reveal that emerging markets facing heightened geopolitical risk, either due to their proximity to the conflict or to commercial interests in energy markets, exhibit herding during the initial war phase. This analysis sheds light on the impact of geopolitical events on financial market dynamics, particularly in emerging economies.

Suggested Citation

  • Blasco, Natividad & Casas, Luis & Ferreruela, Sandra, 2024. "Does war spread the herding effect in stock markets? Evidence from emerging and developed markets during the Russia-Ukraine war," Finance Research Letters, Elsevier, vol. 63(C).
    • Handle: RePEc:eee:finlet:v:63:y:2024:i:c:s1544612324003957
    DOI: 10.1016/j.frl.2024.105365
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    More about this item

    Keywords

    Herding; CSAD; Russia-Ukraine war; Geopolitical risk; MSCI;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G4 - Financial Economics - - Behavioral Finance

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