K. Gavriilidis
Herding in Imperial Russia: Evidence from the St. Petersburg Stock Exchange (1865–1914)
Gavriilidis, K.; Kallinterakis, V.
Abstract
We present seminal empirical evidence on market-wide herding from historical markets for the St. Petersburg stock exchange between 1865 and 1914. Our findings indicate the presence of herding in Imperial Russia’s largest equity market, which tends to vary among industries and grow stronger during months of negative performance and declining volatility. Controlling for the 1893-reform that prompted wider social participation in equity trading, we find that herding surfaces exclusively in the post-reform years, with no evidence of herding arising pre-reform. Our results showcase that the behavior of investors in historical stock exchanges exhibits patterns similar to those of modern-day ones.
Citation
Gavriilidis, K., & Kallinterakis, V. (2023). Herding in Imperial Russia: Evidence from the St. Petersburg Stock Exchange (1865–1914). Journal of Behavioral Finance, 24(4), 383-397. https://doi.org/10.1080/15427560.2021.1986715
Journal Article Type | Article |
---|---|
Acceptance Date | Sep 18, 2021 |
Online Publication Date | Oct 18, 2021 |
Publication Date | 2023 |
Deposit Date | Mar 31, 2023 |
Publicly Available Date | Sep 20, 2024 |
Journal | Journal of Behavioral Finance |
Print ISSN | 1542-7560 |
Electronic ISSN | 1542-7579 |
Publisher | Taylor and Francis Group |
Peer Reviewed | Peer Reviewed |
Volume | 24 |
Issue | 4 |
Pages | 383-397 |
DOI | https://doi.org/10.1080/15427560.2021.1986715 |
Public URL | https://durham-repository.worktribe.com/output/1177169 |
Publisher URL | https://www.tandfonline.com/doi/full/10.1080/15427560.2021.1986715 |
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http://creativecommons.org/licenses/by-nc-nd/4.0/
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