idiosyncratic stocks. This sheds light on why herding is not detected in the prior studies as it may be concentrated among stocks … with certain characteristics. Further, it provides evidence of adverse herding …

of the major areas of behavioral finance. Herding, basically, implies trading by a large group of investors in the same … for asymmetric returns, herding is indicated by both the markets. Further, inclusion of CSAD of DJIA as an explanatory …