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Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Herding in Imperial Russia: Evidence from the St. Petersburg Stock Exchange (1865-1914)
Author(s): Gavriilidis, Konstantinos
Kallinterakis, Vasileios
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Keywords: Herding
Behavioral finance
St. Petersburg stock exchange
Issue Date: 18-Oct-2021
Date Deposited: 27-Sep-2021
Citation: Gavriilidis K & Kallinterakis V (2021) Herding in Imperial Russia: Evidence from the St. Petersburg Stock Exchange (1865-1914). Journal of Behavioral Finance.
Abstract: We present seminal empirical evidence on market-wide herding from historical markets drawing on a unique database for the St. Petersburg stock exchange for the 1865 – 1914 period. Our findings indicate the presence of herding in Imperial Russia’s largest equity market, which tends to vary among industries and grow stronger during months of negative performance and declining volatility. Controlling for the 1893-reform that prompted wider social participation in equity trading, we find that herding surfaces exclusively in the post-reform years, with no evidence of herding arising pre-reform. Our results confirm extant narrative evidence on the presence of herd behaviour in pre-20th century markets and showcase that the behaviour of investors in historical stock exchanges exhibits patterns similar to those of modern-day ones.
DOI Link: 10.1080/15427560.2021.1986715
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. This is an Accepted Manuscript version of the following article, accepted for publication in Journal of Behavioral Finance. It is deposited under the terms of the Creative Commons Attribution-NonCommercial License (, which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited.
Notes: Output Status: Forthcoming/Available Online
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