Investors’ Herding In Indian Stock Market; An Empirical Analysis
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 1
Abstract
investors’ herding behavior is examined in Indian stock market for the period from 2007 to 2016, using Cross Sectional Absolute Deviation (CSAD) which is the absolute average of the total of the difference between the return of individual securities and the market return, as dependent variable and market return as independent variable in OLS Regression, As suggested in Chang et.al. (2000), the coefficients of squared market return for 43 selected constituent companies of India’s flag index NSE S&P CNX Nifty 50 are not negative, except in cases of HCLTECH, MARUTI, TCS and ULTRACEMCO in the whole period; ACC, AXISBANK, GAIL, GRASIM and ULTRACEMCO in the bullish period and HDFC and TCS in the bearish period, showing evidence that there exists no herding in Indian stock market as a whole and the investors are rational in investment decisions.
Authors and Affiliations
Dr. Babu Jose, James Varghese, Anooja Surendran
Keywords
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- EP ID EP409518
- DOI 10.9790/487X-2001047686.
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