巴西股市的放牧和谷歌搜索查询

IF 1.9 Q2 BUSINESS, FINANCE

Review of Behavioral Finance Pub Date : 2023-09-07 DOI:10.1108/rbf-12-2022-0296

Jeferson Carvalho, Paulo Vitor Jordão da Gama Silva, M. Klotzle

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引用次数: 0

摘要

本研究调查了2012年至2020年巴西股市中的羊群现象，并将其与谷歌平台的搜索量联系起来。设计/方法/方法以下方法用于调查羊群的存在:收益的横截面标准差(CSSD)，横截面绝对偏差(CSAD)和资产贝塔对市场的横截面偏差。大多数模型都发现了羊群现象。此外，谷歌搜索量的峰值与整个时期的羊群发生率之间存在因果关系，特别是在2015年和2019年。原创性/价值本研究表明，确认偏差影响投资者购买或出售资产的决策。

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Herding and Google search queries in the Brazilian stock market

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.

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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.