Herd Behavior in Stock Markets: a Nordic Study
In this paper, the investment behavior among market participants in four Nordic countries (Denmark, Finland, Norway and Sweden) is studied, more specifically with regard to their propensity to exhibit herd behavior. The approach of Chiang and Zheng (2010) is applied to detect market-wide herding during the time period 2001-2012. Significant evidence of local market-wide herding is found in Finland