Work

Herding and anti-herding behaviour in the UK, French and German stock markets before and during the Covid pandemic

Year: 2026

Type: article

Abstract: This paper studies herding and anti-herding behaviour in three European stock markets before and during the Covid-19 pandemic by employing both static and dynamic analysis. We examine four different questions related to herding behaviour: (i) Did herding behaviour increase during the pandemic? (ii) Does herding behaviour respond differently in up and down market conditions? (iii) Is herding behaviour related to the volume of trading activity? and (iv) Does herding behaviour increase in periods of high market volatility? We find that, contrary to much of the existing literature, there is very little evidence of herding activity, and if anything, we find the evidence points to anti-herding behaviour during the Covid-19 pandemic.

Source: White Rose Research Online (University of Leeds, The University of Sheffield, University of York)

Authors: Asteriou, D., Katsiampa, P., Pilbeam, K., Tziamalis, A.

Institution: Oxford Brookes University

Language: English

Topic: Financial Markets and Investment Strategies

Subfield: Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W7073988430

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