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Does Herding Bias Drive the Firm Value? Evidence from the Chinese Equity Market

Sustainability, 2019-10, Vol.11 (20), p.5583 [Peer Reviewed Journal]

2019. This work is licensed under http://creativecommons.org/licenses/by/3.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2071-1050 ;EISSN: 2071-1050 ;DOI: 10.3390/su11205583

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  • Title:
    Does Herding Bias Drive the Firm Value? Evidence from the Chinese Equity Market
  • Author: Sayyed Sadaqat Hussain Shah ; Khan, Muhammad Asif ; Meyer, Natanya ; Meyer, Daniel F ; Oláh, Judit
  • Subjects: Behavior ; Bias ; Developing countries ; Equity ; Herding ; Institutional investments ; Investment advisors ; LDCs ; Securities markets ; Stock exchanges ; Studies ; Sustainability
  • Is Part Of: Sustainability, 2019-10, Vol.11 (20), p.5583
  • Description: Equity markets play a pivotal role in the sustainability of developing countries, such as China. The literature on the detection of herding biases is confined to the aggregate level (firms, sector/industry and market). The present study adds to the behavioral finance literature by addressing the surprisingly unnoticed phenomena of the behavioral impact of herding bias on firm value (FV) at the firm level, using the sample of A-Shares listed firms at the Shanghai and Shenzhen Stock Exchanges (SSE and SZSE) under panel fixed effect specification. Initially, we detect the existence of investors and managers herding (IHR and MHR) biases at firm-level, and later, we examine their impact (distinct and interactive) upon the FV. The empirical results document the presence of IHR and MHR bias at market, sector and firm-level in both equity markets, which potentially drive the FV, while the impact is more pronounced during the extreme trading period. The findings are robust under different time intervals, and industry classification, therefore, offers useful policy implications to understand the behavioral dynamics of investors and managers.
  • Publisher: Basel: MDPI AG
  • Language: English
  • Identifier: ISSN: 2071-1050
    EISSN: 2071-1050
    DOI: 10.3390/su11205583
  • Source: AUTh Library subscriptions: ProQuest Central
    GFMER Free Medical Journals
    ROAD: Directory of Open Access Scholarly Resources
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