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    ASIA unversity > 管理學院 > 經營管理學系  > 期刊論文 >  Item 310904400/111987


    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/111987


    Title: "Confucius and Herding Behaviour in the Stock Markets in China and Taiwan"
    Authors: Batmunkh John Munkh-Ulzii;Michael McAleer;Massoud Moslehpour;Wing-Keung Wong
    Contributors: 經營管理學系
    Date: 2018-12
    Issue Date: 2019-09-10 13:56:20 (UTC+8)
    Abstract: It has been argued in the literature that financial markets with a Confucian background tend to exhibit herding behaviour, or correlated behavioural patterns in individuals. This paper applies the return dispersion model to investigate financial herding behaviour by examining index returns from the stock markets in China and Taiwan. The sample period is from 1 January 1999 to 31 December 2014, and the data were obtained from Thomson Reuters Datastream. Although the sample period finishes in 2014, the data are more than sufficient to test the three hypotheses relating to the stock markets in China and Taiwan, both of which have Confucian cultures. The empirical results demonstrate significant herding behaviour under both general and specified markets conditions, including bull and bear markets, and high-low trading volume states. This paper contributes to the herding literature by examining three different hypotheses regarding the stock markets in China and Taiwan, and showing that there is empirical support for these hypotheses.
    Relation: Sustainability Accounting Management and Policy Journal
    Appears in Collections:[經營管理學系 ] 期刊論文

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