Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/22245
Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Investor Mood, Herding and the Ramadan Effect
Authors: Gavriilidis, Konstantinos
Kallinterakis, Vasileios
Tsalavoutas, Ioannis
Contact Email: konstantinos.gavriilidis@stir.ac.uk
Keywords: herding
social mood
Ramadan
Issue Date: Dec-2016
Citation: Gavriilidis K, Kallinterakis V & Tsalavoutas I (2016) Investor Mood, Herding and the Ramadan Effect, Journal of Economic Behavior and Organization, 132 (Supplement), pp. 23-38.
Abstract: In view of evidence linking herding and social mood, we examine whether the positive mood documented during Ramadan translates into higher herding compared to non-Ramadan days. Drawing on a sample of seven majority Muslim countries, we report significant herding during Ramadan in most of our sample markets. Additionally, we show that herding appears significantly stronger within rather than outside Ramadan for most tests whereby its significance is manifested on both Ramadan- and non-Ramadan-days. Overall, herding significance within/outside Ramadan exhibits some variation in its levels across markets in relation to variables reflective of market states, both domestically (market returns; market volume) and internationally (US market returns; US investors' sentiment; global financial crisis) market states.
DOI Link: http://dx.doi.org/10.1016/j.jebo.2015.09.018
Rights: This item has been embargoed for a period. During the embargo please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study. Accepted refereed manuscript of: Gavriilidis K, Kallinterakis V & Tsalavoutas I (2016) Investor Mood, Herding and the Ramadan Effect, Journal of Economic Behavior and Organization, 132 (Supplement), pp. 23-38. DOI: 10.1016/j.jebo.2015.09.018 © 2015, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/

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