Fang Hao, Chung Chien-Ping, Lee Yen-Hsien, Yang Xiaohan
School of Economics, QuFu Normal University, Rizhao, China.
Management Undergraduate Program, National Taiwan University of Science and Technology, Taipei, Taiwan.
Front Public Health. 2021 Jul 2;9:695931. doi: 10.3389/fpubh.2021.695931. eCollection 2021.
Unlike past health crises that were more localized, the highly contagious coronavirus disease 2019 (COVID-19) crisis is impacting the world to an unprecedented extent. This is the first study examining how and whether the COVID-19 pandemic affects herding behavior in the Eastern European stock markets. Using samples from the stock markets of Russia, Poland, the Czech Republic, Hungary, Croatia, and Slovenia from January 1, 2010 to March 10, 2021, we demonstrate that the COVID-19 pandemic has increased herding behavior in all the sample stock markets. Our results show that the COVID-19 crisis reinforces the impact of global market returns on herding behavior in these specific stock markets. We find that COVID-19 strengthens the spillover effect of regional herding on herding behavior. Thus, financial authorities should monitor investors in the stock market to avoid the increase in herding behavior as well as the reinforcement of the global market returns and regional return dispersion on herding during the period of pandemic.
与过去那些更具局部性的健康危机不同，具有高度传染性的2019冠状病毒病（COVID-19）危机正以前所未有的程度影响着世界。这是第一项研究COVID-19大流行如何以及是否会影响东欧股票市场羊群行为的研究。我们使用2010年1月1日至2021年3月10日期间俄罗斯、波兰、捷克共和国、匈牙利、克罗地亚和斯洛文尼亚股票市场的样本，证明COVID-19大流行增加了所有样本股票市场中的羊群行为。我们的结果表明，COVID-19危机强化了全球市场回报对这些特定股票市场羊群行为的影响。我们发现，COVID-19增强了区域羊群行为对羊群行为的溢出效应。因此，金融当局应监测股票市场中的投资者，以避免在大流行期间羊群行为增加以及全球市场回报和区域回报差异对羊群行为的强化。
