Please use this identifier to cite or link to this item:
Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Investor Mood, Herding and the Ramadan Effect
Author(s): Gavriilidis, Konstantinos
Kallinterakis, Vasileios
Tsalavoutas, Ioannis
Contact Email:
Keywords: herding
social mood
Issue Date: Dec-2016
Date Deposited: 23-Sep-2015
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: 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
Licence URL(s):

Files in This Item:
File Description SizeFormat 
GKT2015_final submission_Clear.pdfFulltext - Accepted Version545.01 kBAdobe PDFView/Open

This item is protected by original copyright

A file in this item is licensed under a Creative Commons License Creative Commons

Items in the Repository are protected by copyright, with all rights reserved, unless otherwise indicated.

The metadata of the records in the Repository are available under the CC0 public domain dedication: No Rights Reserved

If you believe that any material held in STORRE infringes copyright, please contact providing details and we will remove the Work from public display in STORRE and investigate your claim.