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An empirical investigation of herd behaviour in COVID-19 perspective: evidence from Dhaka stock exchange

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  • Md. Miad Uddin Fahim
  • Shabnaz Amin

Abstract

This paper aims to examine the presence of herding behaviour in the Dhaka stock exchange (DSE), in light of the COVID-19 perspective with a sample of 351 firms listed with DSE for the period from 2016 to 2021. The study applied cross-sectional standard deviation (CSSD) and cross-sectional absolute deviation (CSAD) models to observe the herding behaviour by using both daily and monthly data where the time-frequency of the analysis has been segmented into three phases: pre-COVID, post-COVID, and the full study period (2016-2021). Based on daily observations, the findings document the herding behaviour, under the CSAD model, during the bull market condition in the pre-COVID period and the bearish market condition in the post-COVID period. The monthly data showed the presence of herding during extreme market conditions at a 1% significant level in the pre-COVID period and during the bull market condition in the post-COVID period.

Suggested Citation

  • Md. Miad Uddin Fahim & Shabnaz Amin, 2026. "An empirical investigation of herd behaviour in COVID-19 perspective: evidence from Dhaka stock exchange," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 34(2), pages 219-240.
    • Handle: RePEc:ids:gbusec:v:34:y:2026:i:2:p:219-240
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