Decomposing the Household Herding Behavior in Stock Investment: The Case of China

doi:10.3390/econometrics13020021

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 期刊論文 > Item 987654321/127353

Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/127353

Title:	Decomposing the Household Herding Behavior in Stock Investment: The Case of China
Authors:	Tseng, Yung-Ching;Hsiao, I-Fan;Wang, Guo-Chen
Keywords:	The herding effect;Household investment;Quantile regression;Quantile regression-based decomposition
Date:	2025-05-12
Issue Date:	2025-05-15 12:05:20 (UTC+8)
Abstract:	Financial studies on the herding effect have been very popular for decades, as detecting herding behavior helps to explain price deviations and market inefficiencies. However, studying the herding effect as a single influencing factor is believed to be insufficient to explain the changes in investment behavior, as the herding effect itself may be caused by other influencing factors. In other words, the issue must be studied alongside other factors. In this study, we adopt the quantile regression model to comprehensively understand the herding effect’s influence on household investment in China, and the empirical results indicate that herding behavior leads to different investment outcomes for households in different scenarios. In this analysis, we consider a variety of household characteristics, such as income level and risk tolerance, to provide a nuanced understanding of investment behavior. Additionally, in this study, we explore the interaction between herding behavior and macroeconomic variables. Nevertheless, the results suggest that, if herding behavior can be reduced by the head of the household, profitability can be increased, or at the very least, losses can be reduced.
Relation:	Econometrics 2025 13(2), 21
DOI:	10.3390/econometrics13020021
Appears in Collections:	[財務金融學系暨研究所] 期刊論文

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