نوع مقاله : علمی
نویسندگان
1 دانشگاه تبریز
2 استاد دانشگاه تبریز
3 عضو هیئت علمی دانشگاه تبریز
4 هیئت علمی دانشکده اقتصاد و مدیریت دانشگاه تبریز
چکیده
کلیدواژهها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
This study investigates herding behavior among shareholders of selected banks listed on the Tehran Stock Exchange across two distinct periods: pre-COVID-19 (22 January 2019 to 19 February 2020) and during the COVID-19 pandemic (20 February 2020 to 20 April 2022). Daily stock data were collected for eleven banks, including Sepah, Mellat, Saderat, Tejarat, Karafarin, Sina, Pasargad, Khavarmianeh, Eghtesad Novin, Post Bank, and Parsian. To capture the intensity and distributional differences of collective investor behavior in bullish and bearish markets, the CSAD quantile regression approach was employed. The findings reveal that while the COVID-19 outbreak did not have a significant direct impact on overall stock returns in the banking sector, herding behavior was pronounced throughout the pandemic in both market phases. In bullish markets, investors exhibited strong imitation of market trends at lower and median return quantiles, with independent decision-making and profit-taking emerging only at peak returns. Conversely, in bearish markets, herding persisted across all quantiles, highlighting the psychological pressure and fear of further price declines driving collective behavior. Analysis of the pre-pandemic period indicates that herding also existed before COVID-19, manifesting in both upward and downward market trends, but with relatively lower intensity and reduced impact on market volatility. These results underscore that herding behavior can diminish informational efficiency, amplify market fluctuations, and elevate systemic risk, emphasiآماره ting the need for robust risk management, cautious investment strategies, and transparent information dissemination by banks and regulatory authorities. By providing a comprehensive comparison of investor behavior across normal and crisis periods, this study offers valuable insights for policymakers, market participants, and researchers aiming to enhance financial market stability and resilience in the face of future shocks
کلیدواژهها [English]
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