Research seminar
Speaker: Carsten Burhop (Universität zu Köln)
On Thursday, September 20 at 4.40pm International College of Economics and Finance and International Laboratory of Financial Economics held the Research seminar in Finance.
Speaker: Carsten Burhop (Universität zu Köln)
Theme:«Stock market investors' herding behaviour during the German hyerinflation, 1919-1923»
Venue:Shabolovka st., 26, room 3209
Abstract:Herding on stock markets has been subject to research for many years since it deepens insights into the interaction of investors and, in particular, into the extend to which they follow each other thereby ignoring fundamentals. We raise the question of whether herding behavior is more likely to arise during periods of economic and political crises. Based on a sample of 19 individual stocks, we analyze the case of Germany during the early 1920s, a time period which was characterized by an unprecedented hyper ination as well as other events which led to severe uncertainty. Wend evidence in favor of intensied herding in times of extreme economic and political uncertainty.