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Together We Invest? Individual and Institutional Investors’ Trading Behaviour in Poland

Lookup NU author(s): Professor Bartosz GebkaORCiD


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This paper contributes to the debate about individual and institutional investors’ trading behaviour with new evidence from the Polish stock market. While most existing studies focus on institutional investors’ trading in developed markets, we test for the presence of herding during market up- and down-swings on an emerging market. Our unique approach is to combine an established method relying on daily prices with institutional features of the Warsaw Stock Exchange. It enables us to separate individuals from institutions by examining two trading mechanisms with different investor structures. The empirical results suggest that individuals engage in herding during market downswings, while there is less evidence of imitating trading behaviour in bullish markets. Regardless of the state of the market, institutions’ trading behaviour does not appear to exhibit herd behaviour. Further evidence suggests that herding by individuals becomes less pronounced over time.

Publication metadata

Author(s): Gebka B, Goodfellow C, Bohl MT

Publication type: Article

Publication status: Published

Journal: International Review of Financial Analysis

Year: 2009

Volume: 18

Issue: 4

Pages: 212-221

ISSN (print): 1057-5219

ISSN (electronic): 1873-8079

Publisher: Elsevier BV


DOI: 10.1016/j.irfa.2009.03.002


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