Herd Behavior in Frontier Markets: Evidence from Nigeria and Morocco
Abstract
Herd behavior has attracted research interest during the last decades due to its important implications for stock market efficiency and portfolio diversification. However, herding has not been widely studied in the context of frontier markets. In this chapter we examine herd behavior in two African frontier markets, namely Nigeria and Morocco, employing the cross-sectional dispersion approach of Chang et al. (Chang, E.C., Cheng, J.W., Khorana, A., 2000. An examination of herd behavior in equity markets: an international perspective. J. Bank. Financ. 24, 1651–1679), also testing for asymmetries ...
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