-making process. Herding is the deliberate mimicking of the decisions of other agents. Examples of mimicry range from the choice of … restaurant, fashion and financial market participants, to academic research. Herding may conjure negative images of irrational … provide a direct test of herding behaviour, namely the extent to which small traders mimic the positions of large speculators …

It has been argued in the literature that financial markets with a Confucian background tend to exhibit herding … financial herding behaviour by examining index returns from the stock markets in China and Taiwan. The sample period is from 1 … Taiwan, both of which have Confucian cultures. The empirical results demonstrate significant herding behaviour under both …