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Lookup NU author(s): Professor Bartosz GebkaORCiD, Professor Darren DuxburyORCiD, Dr Chen SuORCiD
This work is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0).
We investigate if religiosity promotes herding among stock market investors. In a global sample of 21 markets over the period 2006–2018, increasing religiosity fosters herding only when the absolute religiosity level is relatively high. At low levels, an increase in religiosity has the opposite effect, promoting anti-herding. Our finding that changes in religiosity, depending on its level (high versus low), exert opposing effects on herding helps to understand contradictory findings in prior literature. Religiosity further induces more herding when economic freedom is low and the state is either impotent or corrupt, and promotes anti-herding when institutional quality is high.
Author(s): El Hajjar S, Gebka B, Duxbury D, Su C
Publication type: Article
Publication status: Published
Journal: Finance Research Letters
Year: 2024
Volume: 62
Issue: Part A
Print publication date: 01/04/2024
Online publication date: 29/02/2024
Acceptance date: 28/02/2009
Date deposited: 14/03/2024
ISSN (print): 1544-6123
ISSN (electronic): 1544-6131
Publisher: Academic Press
URL: https://doi.org/10.1016/j.frl.2024.105165
DOI: 10.1016/j.frl.2024.105165
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