Abstract

This investigation is the first to analyze how civil unrest impacts herding behavior in an emerging economy. Using series of prices and daily traded volumes of the companies that make up the IGPA of the Santiago Stock Exchange between 2010 and 2020, it was found that civil unrest causes reverse herding behavior in the Chilean stock market. Thus, herding behavior and inverse herding behavior are more complex behaviors than the financial literature has reported to date, especially in a period of civil unrest. Different robustness tests support the findings.

中文翻译：

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内乱和羊群行为：新兴市场的证据

摘要

这项调查首次分析了内乱如何影响新兴经济体的羊群行为。使用 2010 年至 2020 年间构成圣地亚哥证券交易所 IGPA 的公司的一系列价格和每日交易量，发现内乱导致智利股市出现反向羊群行为。因此，羊群行为和反向羊群行为是比迄今为止金融文献报道的更为复杂的行为，尤其是在内乱时期。不同的稳健性检验支持这些发现。