An analysis of herd behavior in Latin American stock markets

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Juan Benjamín Duarte Duarte
Universidad Industrial de Santander, Colombia. Escuela de Estudios Industriales y Empresariales, Grupo de investigación Finance & Management.

Laura Daniela Garcés Carreño
Universidad Industrial de Santander, Colombia. Escuela de Estudios Industriales y Empresariales, Grupo de investigación Finance & Management.

Katherine Julieth Sierra Suárez
Universidad Industrial de Santander, Colombia. Escuela de Estudios Industriales y Empresariales, Grupo de investigación Finance & Management.

Keywords

Herd Behavior, Latin America Stock Markets, Variation in Returns

Abstract

This research investigates whether the major stock markets in Latin America (Brazil, Mexico, Chile, Colombia, Peru and Argentina) exhibited herd behavior over the period January 2, 2002 to June 30, 2014, using the variation in the returns overall and by sector in the most representative stock market index in each country, using the model proposed by Christie y Huang (1995). The results do not reveal any herd behavior in the total market, or in the sectors of the markets examined in the study.

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Published
Jun 22, 2016
DOI https://doi.org/10.17230/ecos.2016.42.1

Article Details

How to Cite
Duarte Duarte, J. B., Garcés Carreño, L. D., & Sierra Suárez, K. J. (2016). An analysis of herd behavior in Latin American stock markets. Ecos De Economía, 20(42), 4–18. https://doi.org/10.17230/ecos.2016.42.1
Issue
Vol. 20 No. 42 (2016)
Section
Articles
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