Jeferson Carvalho, Paulo Vitor Jordão da Gama Silva, M. Klotzle
{"title":"Herding and Google search queries in the Brazilian stock market","authors":"Jeferson Carvalho, Paulo Vitor Jordão da Gama Silva, M. Klotzle","doi":"10.1108/rbf-12-2022-0296","DOIUrl":null,"url":null,"abstract":"PurposeThis study investigates the presence of herding in the Brazilian stock market between 2012 and 2020 and associates it with the volume of searches on the Google platform.Design/methodology/approachFollowing methodologies are used to investigate the presence of herding: the Cross-Sectional Standard Deviation of Returns (CSSD), the Cross-Sectional Absolute Deviation (CSAD) and the Cross-Sectional Deviation of Asset Betas to the Market.FindingsMost of the models detected herding. In addition, there was a causal relationship between peaks in Google search volumes and the incidence of herding across the whole period, especially in 2015 and 2019.Originality/valueThis study suggests that confirmation bias influences investors' decisions to buy or sell assets.","PeriodicalId":44559,"journal":{"name":"Review of Behavioral Finance","volume":"42 1","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Behavioral Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/rbf-12-2022-0296","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
PurposeThis study investigates the presence of herding in the Brazilian stock market between 2012 and 2020 and associates it with the volume of searches on the Google platform.Design/methodology/approachFollowing methodologies are used to investigate the presence of herding: the Cross-Sectional Standard Deviation of Returns (CSSD), the Cross-Sectional Absolute Deviation (CSAD) and the Cross-Sectional Deviation of Asset Betas to the Market.FindingsMost of the models detected herding. In addition, there was a causal relationship between peaks in Google search volumes and the incidence of herding across the whole period, especially in 2015 and 2019.Originality/valueThis study suggests that confirmation bias influences investors' decisions to buy or sell assets.
期刊介绍：
Review of Behavioral Finance publishes high quality original peer-reviewed articles in the area of behavioural finance. The RBF focus is on Behavioural Finance but with a very broad lens looking at how the behavioural attributes of the decision makers influence the financial structure of a company, investors’ portfolios, and the functioning of financial markets. High quality empirical, experimental and/or theoretical research articles as well as well executed literature review articles are considered for publication in the journal.
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