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Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Herding Dynamics in Exchange Groups: Evidence from Euronext
Author(s): Economou, Fotini
Gavriilidis, Konstantinos
Goyal, Abhinav
Kallinterakis, Vasileios
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Keywords: Herding
exchange groups
euro-zone sovereign debt crisis
market states
Issue Date: Jan-2015
Citation: Economou F, Gavriilidis K, Goyal A & Kallinterakis V (2015) Herding Dynamics in Exchange Groups: Evidence from Euronext, Journal of International Financial Markets, Institutions and Money, 34, pp. 228-244.
Abstract: This study investigates in the context of the Euronext, whether joining an exchange group affects herding in the group's member-markets and if this effect persists when accounting for various domestic and international market states, the dynamics of the group's member-markets and the outbreak of financial crises. We find that herding is significant post-merger in all four constituent equity markets (Belgium, France, the Netherlands and Portugal) of the Euronext, with herding in Portugal being significant (yet less strong) pre-merger as well. These results are robust when controlling for various domestic and international market states, as well as the dynamics of the group's markets. The period following the outbreak of the euro-zone sovereign debt crisis produces significant herding in Belgium, the Netherlands and Portugal, with this herding being motivated by the dynamics of the group's two largest markets (France and the Netherlands).
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Rights: Published in Journal of International Financial Markets, Institutions and Money by Elsevier; Elsevier believes that individual authors should be able to distribute their AAMs for their personal voluntary needs and interests, e.g. posting to their websites or their institution’s repository, e-mailing to colleagues. However, our policies differ regarding the systematic aggregation or distribution of AAMs to ensure the sustainability of the journals to which AAMs are submitted. Therefore, deposit in, or posting to, subject-oriented or centralized repositories (such as PubMed Central), or institutional repositories with systematic posting mandates is permitted only under specific agreements between Elsevier and the repository, agency or institution, and only consistent with the publisher’s policies concerning such repositories. Voluntary posting of AAMs in the arXiv subject repository is permitted.

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