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Herding in Imperial Russia: Evidence from the St. Petersburg Stock Exchange (1865–1914)

Gavriilidis, K.; Kallinterakis, V.

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Authors

K. Gavriilidis



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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