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Durham Research Online
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Gender and Herding

Zheng, Z and Tang, K and Liu, Y and Guo, M (2021) 'Gender and Herding.', Journal of Empirical Finance .

Abstract

This study uses a unique dataset from a large anonymous brokerage firm to examine the herding behavior of Chinese individual investors. The empirical evidence reveals that females are more inclined to follow the behavior of ‘same-sex’ investors. Market conditions and stock characteristics affect females and males similarly in that individual investors herd more intensively in the bull market, on stocks with better liquidity and larger market capitalization. By using individual-level herding measurements and examining the consequences of intensive herding, we show that the lower portfolio turnover of females is the main source of difference in herding between genders. However, females lose more due to their intensive herding tendency, as herding has a greater negative impact on trading than overconfidence in the Chinese stock market.

Item Type:Article
Full text:Publisher-imposed embargo
(AM) Accepted Manuscript
Available under License - Creative Commons Attribution Non-commercial No Derivatives 4.0.
File format - PDF
(1141Kb)
Status:Peer-reviewed
Publisher Web site:https://www.sciencedirect.com/journal/journal-of-empirical-finance
Date accepted:07 October 2021
Date deposited:07 October 2021
Date of first online publication:2021
Date first made open access:No date available

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