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dc.creatorBlasco de las Heras, Natividades_ES
dc.creatorCorredor Casado, María Pilares_ES
dc.creatorFerreruela Garcés, Sandraes_ES
dc.date.accessioned2015-10-27T12:21:04Z
dc.date.available2015-10-27T12:21:04Z
dc.date.issued2012
dc.identifier.issn0810-5391 (Print)
dc.identifier.issn1467-629X (Electronic)
dc.identifier.urihttps://hdl.handle.net/2454/18651
dc.descriptionThis is the peer reviewed version of the following article: Blasco, N., Corredor, P. and Ferreruela, S. (2012), Market sentiment: a key factor of investors’ imitative behaviour. Accounting & Finance, 52: 663–689, which has been published in final form at doi: 10.1111/j.1467-629X.2011.00412.x. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.en
dc.description.abstractThe aim of this paper is to explore herding behavior among investors in order to determine its rational and emotional component factors and identify relationships among them. We apply causality tests to evaluate the impact of return and market sentiment on herding intensity. The herding intensity is quantified using the measure developed by Patterson and Sharma (2006). The research was conducted during the period 1997-2003 in the Spanish stock market, where the presence of herding has been confirmed. The results reveal that the herding intensity depends on past returns and sentiment or subjective assessments and confirm the presence of both a rational and an emotional factor.en
dc.description.sponsorshipThe authors acknowledge the financial support of the Spanish Ministry of Science and Innovation (ECO2009-12819), ERDF funds, the Caja de Ahorros of the Inmaculada (Europe XXI Programme), the Government of Aragon and the Government of Navarra.en
dc.format.mimetypeapplication/pdfen
dc.language.isoengen
dc.publisherWileyen
dc.relation.ispartofAccounting and Finance 52 (2012) 663–689en
dc.rights© 2011 The Authors. Accounting and Finance © 2011 AFAANZen
dc.subjectHerdingen
dc.subjectStock marketen
dc.subjectBehavioral financeen
dc.subjectSentimenten
dc.titleMarket sentiment: a key factor of investors' imitative behaviouren
dc.typeArtículo / Artikuluaes
dc.typeinfo:eu-repo/semantics/articleen
dc.contributor.departmentGestión de Empresases_ES
dc.contributor.departmentEnpresen Kudeaketaeu
dc.rights.accessRightsAcceso abierto / Sarbide irekiaes
dc.rights.accessRightsinfo:eu-repo/semantics/openAccessen
dc.identifier.doi10.1111/j.1467-629X.2011.00412.x
dc.relation.projectIDinfo:eu-repo/grantAgreement/MICINN//ECO2009-12819-C03-01/ES/en
dc.relation.publisherversionhttps://dx.doi.org/10.1111/j.1467-629X.2011.00412.x
dc.type.versionVersión aceptada / Onetsi den bertsioaes
dc.type.versioninfo:eu-repo/semantics/acceptedVersionen
dc.contributor.funderGobierno de Navarra / Nafarroako Gobernua


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