Herding dynamics in exchange groups: Evidence from Euronext

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dc.contributor.authorEconomou, Fotini
dc.contributor.authorGavriilidis, Konstantinos
dc.contributor.authorGoyal, Abhinav
dc.contributor.authorKallinterakis, Vasileios
dc.date.accessioned2020-01-22T15:36:39Z
dc.date.available2020-01-22T15:36:39Z
dc.date.issued2014-12-04
dc.date.updated2020-01-22T15:33:27Z
dc.description.abstractThis study investigates in the context of the Euronext, whether joining an exchange group affects herding in the group's member-markets and if this effect persists when accounting for various domestic and international market states, the dynamics of the group's member-markets and the outbreak of financial crises. We find that herding is significant post-merger in all four constituent equity markets (Belgium, France, the Netherlands and Portugal) of the Euronext, with herding in Portugal being significant (yet less strong) pre-merger as well. These results are robust when controlling for various domestic and international market states, as well as the dynamics of the group's markets. The period following the outbreak of the euro-zone sovereign debt crisis produces significant herding in Belgium, the Netherlands and Portugal, with this herding being motivated by the dynamics of the group's two largest markets (France and the Netherlands).en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationEconomou, F., Gavriilidis, K., Goyal, A. and Kallinterakis, V. (2015) 'Herding dynamics in exchange groups: Evidence from Euronext', Journal of International Financial Markets, Institutions and Money, 34, pp. 228-244. doi: 10.1016/j.intfin.2014.11.013en
dc.identifier.doi10.1016/j.intfin.2014.11.013en
dc.identifier.endpage244en
dc.identifier.issn1042-4431
dc.identifier.journaltitleJournal of International Financial Markets Institutions & Moneyen
dc.identifier.startpage228en
dc.identifier.urihttps://hdl.handle.net/10468/9560
dc.identifier.volume34en
dc.language.isoenen
dc.publisherElsevieren
dc.relation.urihttp://www.sciencedirect.com/science/article/pii/S1042443114001450
dc.rights© 2014 Elsevier B.V. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence.en
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/en
dc.subjectEuro-zone sovereign debt crisisen
dc.subjectEuronexten
dc.subjectExchange groupsen
dc.subjectHerdingen
dc.subjectMarket statesen
dc.titleHerding dynamics in exchange groups: Evidence from Euronexten
dc.typeArticle (peer-reviewed)en
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