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All Journal Journal of Enterprise and Development (JED)
Aldeki, Raneem Ghazi
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Economics, Econometrics & Finance

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Herding behavior and financial market price behavior under the COVID-19 pandemic: implications for the Amman Stock Exchange Aldeki, Raneem Ghazi
Journal of Enterprise and Development (JED) Vol. 4 No. 1 (2022): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v4i1.5043

Abstract

Purpose — This study investigates herding behavior and the link between herding behavior with the liquidity and volatility of financial markets amid the COVID-19 pandemic.Research method —This study employed the Cross-Sectional Absolute Deviation (CSAD) approach technique for each of the previous and COVID-19 phases, as well as for the complete sample period. The sample includes 172 securities that have been traded in the Amman Stock Exchange from January 2006 to February 2022. The full sample data was separated into three subsamples: 1) the whole period from January 1, 2006, to February 28, 2022; 2) prior the COVID-19 outbreak from January 1, 2006 to February 28, 2020; and 3) during the COVID-19 outbreak from March 1, 2020, to February 28, 2022.Result — The results for the whole sample period show that herding behavior may be detected in the Amman Stock Exchange during down-market intervals, and the result does not change before or during the COVID-19. Furthermore, both down liquidity and down volatility periods exhibit contrary herding behavior. The study found that financial market price behavior is an important factor that may contribute to herding behavior, which occurs when volatility increases and liquidity decreases in the Amman Stock Exchange, and the result does not change prior to the COVID-19 period. While liquidity has a negative and large influence throughout the COVID-19 period, herding tendency does not increase when volatility changes.Recommendation —This study suggested traders to plan their purchasing and selling strategies of financial market instruments in various scenarios amid the COVID-19 pandemic.
Impact of stock market liquidity and external factors on herding behavior in the Amman Stock Exchange Aldeki, Raneem Ghazi
Journal of Enterprise and Development (JED) Vol. 6 No. 2 (2024): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v6i2.9761

Abstract

Purpose — The research investigation was centered on the potential for herding behavior in the Amman Stock Exchange. The major goal of the current investigation is to identify any herding behavior that may occur, including behavior caused by liquidity and global factor drivers (such as oil prices and Fed fund rates).Method — The study employed the quantitative research method. The sample consists of 50 observations from 171 companies, and the data were collected from monthly records spanning January 2019 to March 2023. The Generalized Method of Moments (GMM) and a deductive approach were utilized in the quantitative methodology of this study.Result — At this stage, employing a CSSD regression analysis makes it possible to observe evidence of herding behavior in the left tail. The study also found no evidence suggesting that stock market liquidity affects herding behavior in the right tail during periods of both high and low liquidity. However, it did find evidence indicating that liquidity affects herding behavior in the left tail. The Amman capital market has demonstrated that herding behavior is not significantly influenced by global factors.Practical implications  — This study suggests that the Amman Stock Exchange should make information accessible to all investors to encourage them to take an active role in making their own investment decisions.
Herding behavior and financial market price behavior under the COVID-19 pandemic: implications for the Amman Stock Exchange Aldeki, Raneem Ghazi
Journal of Enterprise and Development (JED) Vol. 4 No. 1 (2022): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v4i1.5043

Abstract

Purpose — This study investigates herding behavior and the link between herding behavior with the liquidity and volatility of financial markets amid the COVID-19 pandemic.Research method —This study employed the Cross-Sectional Absolute Deviation (CSAD) approach technique for each of the previous and COVID-19 phases, as well as for the complete sample period. The sample includes 172 securities that have been traded in the Amman Stock Exchange from January 2006 to February 2022. The full sample data was separated into three subsamples: 1) the whole period from January 1, 2006, to February 28, 2022; 2) prior the COVID-19 outbreak from January 1, 2006 to February 28, 2020; and 3) during the COVID-19 outbreak from March 1, 2020, to February 28, 2022.Result — The results for the whole sample period show that herding behavior may be detected in the Amman Stock Exchange during down-market intervals, and the result does not change before or during the COVID-19. Furthermore, both down liquidity and down volatility periods exhibit contrary herding behavior. The study found that financial market price behavior is an important factor that may contribute to herding behavior, which occurs when volatility increases and liquidity decreases in the Amman Stock Exchange, and the result does not change prior to the COVID-19 period. While liquidity has a negative and large influence throughout the COVID-19 period, herding tendency does not increase when volatility changes.Recommendation —This study suggested traders to plan their purchasing and selling strategies of financial market instruments in various scenarios amid the COVID-19 pandemic.
Impact of stock market liquidity and external factors on herding behavior in the Amman Stock Exchange Aldeki, Raneem Ghazi
Journal of Enterprise and Development (JED) Vol. 6 No. 2 (2024): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v6i2.9761

Abstract

Purpose — The research investigation was centered on the potential for herding behavior in the Amman Stock Exchange. The major goal of the current investigation is to identify any herding behavior that may occur, including behavior caused by liquidity and global factor drivers (such as oil prices and Fed fund rates).Method — The study employed the quantitative research method. The sample consists of 50 observations from 171 companies, and the data were collected from monthly records spanning January 2019 to March 2023. The Generalized Method of Moments (GMM) and a deductive approach were utilized in the quantitative methodology of this study.Result — At this stage, employing a CSSD regression analysis makes it possible to observe evidence of herding behavior in the left tail. The study also found no evidence suggesting that stock market liquidity affects herding behavior in the right tail during periods of both high and low liquidity. However, it did find evidence indicating that liquidity affects herding behavior in the left tail. The Amman capital market has demonstrated that herding behavior is not significantly influenced by global factors.Practical implications  — This study suggests that the Amman Stock Exchange should make information accessible to all investors to encourage them to take an active role in making their own investment decisions.
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