Herd Bias in Indian Stock Market under Extreme Market Conditions
Keywords:
herding behaviour, market efficiency, cross-sectional absolute deviation method (CSAD)
Abstract
Behavioural Finance is an area that needs to be studied within the context of the Indian stock market to assist investors in making rational investment decisions. This study examines the existence of herding behaviour in the Indian stock market considering various determinants of herd formation such as rising and declining market conditions and extreme market situations. The study is based on 46 companies selected from NSE Nifty 50 index based on their trading period. The methodology applied to validate the presence of herd formation is Cross-Sectional Absolute Deviation (CSAD) method. The results revealed that over the study period of extreme up market condition and high trading volume has shown herding behaviour in the Indian stock market.
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References
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Published
2021-06-17
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