Civil unrest and herding behavior: evidence in an emerging market

Espinosa, Christian

doi:10.1080/1331677x.2021.1962382

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Cited by 3 publications

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The Economic Consequences of Social Unrest: Evidence from Initial Public Offering

Boulton,

Barrett,

Nixon

2024

Preprint

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The Economic Consequences of Social Unrest: Evidence from Initial Public Offering

Boulton,

Barrett,

Nixon

2024

Preprint

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Misuse of Deferred Taxes in Portugal

2022

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Financial transparency is essential for stakeholders to make decisions, ensuring a correct amount of tax is paid to the state. Many companies have opted for the recognition of deferred tax assets to present a different result, but there is scant literature. This study investigates the impact of recognizing deferred tax assets and their contribution to earnings manipulation, together with the effect of the 2008 global financial crisis. Using data from 29 companies listed on the stock exchange and headquartered in Portugal between 2007 and 2012, formalize correlation tests and a linear regression model were used, concluding that more indebted companies tend to recognize more deferred tax assets, paying less tax to the state and that for the sample size and study period, it was not possible to conclude the impact of the 2008 financial crisis.

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Herding Behavior in Developed, Emerging, and Frontier European Stock Markets during COVID-19 Pandemic

Bogdan

Suštar

Draženović

2022

JRFM

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The behavior of market participants often does not rely on market signals, but replicates the investment decisions of other parties. The convergence of their investment behavior leads to the emergence of herd behavior with negative implications for financial stability. Moreover, this phenomenon may be even more pronounced in times of crisis. Although herding is an interesting topic which invites the interest of academic researchers, it still has not been sufficiently studied in terms of comparing the herd effect between differently developed stock markets. The first objective of this research was to determine the herd behavior during the COVID-19 pandemic using static and rolling regression analysis. The second objective was to investigate whether the herd behavior was triggered by the pandemic, while the third objective was to compare the differences in herd behavior between differently developed European stock markets. The results show that this phenomenon is most pronounced in emerging markets, followed by frontier markets and developed markets. Therefore, the results of this study are of particular importance for individual and institutional investors to achieve efficient risk diversification and for financial authorities to establish rules and avoid an increase in herd behavior.

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Civil unrest and herding behavior: evidence in an emerging market

Cited by 3 publications

References 55 publications

The Economic Consequences of Social Unrest: Evidence from Initial Public Offering

The Economic Consequences of Social Unrest: Evidence from Initial Public Offering

Misuse of Deferred Taxes in Portugal

Herding Behavior in Developed, Emerging, and Frontier European Stock Markets during COVID-19 Pandemic

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