publication . Other literature type . Article . 2016

Investor Mood, Herding and the Ramadan Effect

Gavriilidis, Konstantinos; Kallinterakis, Vasileios; Tsalavoutas, Ioannis;
  • Published: 01 Dec 2016
  • Publisher: Elsevier BV
  • Country: United Kingdom
Abstract
In view of evidence linking herding and social mood, we examine whether the positive mood documented during Ramadan translates into higher herding compared to non-Ramadan days. Drawing on a sample of seven majority Muslim countries, we report significant herding during Ramadan in most of our sample markets. Additionally, we show that herding appears significantly stronger within rather than outside Ramadan for most tests whereby its significance is manifested on both Ramadan- and non-Ramadan-days. Overall, herding significance within/outside Ramadan exhibits some variation in its levels across markets in relation to variables reflective of market states, both do...
Subjects
free text keywords: Economics, Herding, Monetary economics, Financial crisis, Market states, Market return, Microeconomics, Mood, Economy
Related Organizations
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publication . Other literature type . Article . 2016

Investor Mood, Herding and the Ramadan Effect

Gavriilidis, Konstantinos; Kallinterakis, Vasileios; Tsalavoutas, Ioannis;