Proceedings of the 8th Global Conference on Business, Management, and Entrepreneurship (GCBME 2023)

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Aggregate Herding Behavior in Asymmetric and During COVID-19 Pandemic: Evidence from ASEAN Capital Market

Authors
Gusni Gusni1, *, Nugraha Nugraha2, Disman Disman2, Maya Sari2
1Widyatama University, Bandung, Indonesia
2Universitas Pendidikan Indonesia, Bandung, Indonesia
*Corresponding author. Email: gusni.tanjung@widyatama.ac.id
Corresponding Author
Gusni Gusni
Available Online 26 June 2024.
DOI
10.2991/978-94-6463-443-3_7How to use a DOI?
Keywords
herding behavior; asymmetric herding; COVID-19 pandemic; ASEAN capital market
Abstract

Aggregate herding behavior can arise in asymmetric scenarios when the market is in different states (up and down markets) and during the COVID-19 pandemic, which may lead to stock market stress. This study aims to look into the existence of aggregate herding behaviour in asymmetric conditions and during the COVID-19 pandemic from four capital markets in ASEAN. This study employs a cross-sectional dispersion approach to capture herding by employing daily closing stock price data from January 2015 to December 2020. The findings revealed that asymmetric herding was only discovered in the Thailand capital market when the market was down, whereas other capital markets had no asymmetric herding behaviour. During the COVID-19 pandemic, herding behavior occurred in the Malaysian, Thailand, and Singapore capital markets but not in the Indonesian capital market. These findings may assist capital market officials in anticipating herding behavior to keep capital markets stable, especially during times of high market volatility in ASEAN capital markets.

Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 8th Global Conference on Business, Management, and Entrepreneurship (GCBME 2023)
Series
Advances in Economics, Business and Management Research
Publication Date
26 June 2024
ISBN
978-94-6463-443-3
ISSN
2352-5428
DOI
10.2991/978-94-6463-443-3_7How to use a DOI?
Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Gusni Gusni
AU  - Nugraha Nugraha
AU  - Disman Disman
AU  - Maya Sari
PY  - 2024
DA  - 2024/06/26
TI  - Aggregate Herding Behavior in Asymmetric and During COVID-19 Pandemic: Evidence from ASEAN Capital Market
BT  - Proceedings of the 8th Global Conference on Business, Management, and Entrepreneurship (GCBME 2023)
PB  - Atlantis Press
SP  - 43
EP  - 48
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-443-3_7
DO  - 10.2991/978-94-6463-443-3_7
ID  - Gusni2024
ER  -