Herd behavior in emerging equity markets: evidence from Vietnam

Abstract

This study examines the herding behavior of investors in the Vietnam stock market using a sample of 299 companies listed on the Ho Chi Minh City Stock Exchange covering the time period 2005-2015. Employing the least squares estimation method, we find the evidence of herding in both rising and falling market. Further analysis by applying quantile regression to estimate the herding equation, we find supporting evidence of herding during the whole period studied as well as when splitting the market into two sub-periods; however, the level of this trend is somewhat different conditional on quantile region.