Abstract
ABSTRACT This paper investigates herding behavior in the Chinese stock markets during the COVID-19 pandemic. We find that herding behavior is significantly lower than usual in Chinese stock markets during the COVID-19 period. Furthermore, we explore herding behavior under extreme market conditions induced by COVID-19. We find that herding behavior is more pronounced for upside market movement, lower market trading volume, and lower market volatility caused by COVID-19. These results are important for investors and regulators to enhance their understanding of stock markets and the financial effects of the COVID-19 pandemic.
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