COVID-19大流行期间社会责任投资者的羊群行为

IF 1.9 Q2 BUSINESS, FINANCE

Review of Behavioral Finance Pub Date : 2023-09-26 DOI:10.1108/rbf-04-2023-0101

Manuel Lobato, Javier Rodríguez, Herminio Romero-Perez

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引用次数: 0

摘要

本研究旨在检验社会责任交易所交易基金(SR etf)与传统etf在COVID-19大流行期间的羊群行为。设计/方法/方法为了检验羊群行为，作者使用了横截面绝对偏差和二次市场模型。疫情期间，对社会责任金融产品的投资迅速增长。受欢迎的SR etf的投资者在这一特殊时期趋之若趋，而传统etf的持有者则不然。社会责任投资的投资者必须进行自己的研究，做出自己的财务决策，而不是随波逐流，尤其是在2019冠状病毒病大流行等极端事件期间。有证据表明，在疫情期间，对社会负责的etf的行为符合羊群效应的理论预测，即在极端市场条件下，羊群效应更为显著。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Herding behavior by socially responsible investors during the COVID-19 pandemic

Purpose This study aims to examine the herding behavior of socially responsible exchange traded funds (SR ETFs) in comparison to conventional ETFs during the COVID-19 pandemic. Design/methodology/approach To test for herding behavior, the authors use the cross-sectional absolute deviation and a quadratic market model. Findings During the pandemic, investments in socially responsible financial products grew rapidly. And investors in the popular SR ETFs herd during this special period, while holders of conventional ETFs did not. Practical implications Investors in socially responsible investments must do their own research and make their own financial decisions, rather than follow the crowd, especially during extreme events like the COVID-19 pandemic. Originality/value The evidence shows that, during the pandemic, socially responsible ETFs behaved in line with theoretical predictions of herding, that is, herding is more significant during extreme market conditions.

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来源期刊

Review of Behavioral Finance BUSINESS, FINANCE-

CiteScore

4.70

自引率

5.00%

发文量

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.