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A Social-Psychologi...
A Social-Psychological Perspective on Herding in Stock Markets
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- Andersson, Maria, 1977 (författare)
- Gothenburg University,Göteborgs universitet,Psykologiska institutionen,Centrum för finans,Department of Psychology,Centre for Finance
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- Hedesström, Martin, 1969 (författare)
- Gothenburg University,Göteborgs universitet,Centrum för finans,Psykologiska institutionen,Centre for Finance,Department of Psychology
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- Gärling, Tommy, 1941 (författare)
- Gothenburg University,Göteborgs universitet,Psykologiska institutionen,Centrum för finans,Department of Psychology,Centre for Finance
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(creator_code:org_t)
- 2014-09-05
- 2014
- Engelska.
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Ingår i: The Journal of Behavioral Finance. - : Informa UK Limited. - 1542-7560 .- 1542-7579. ; 15:3, s. 226-234
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https://doi.org/10.1...
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Abstract
Ämnesord
Stäng
- A social-psychological perspective conceives of herding in stock markets as informative social influence resulting from heuristic or systematic information processing. In three laboratory experiments employing undergraduates we apply this perspective to investigate factors that prevent herd influence that would lead to inaccurate predictions of stock prices. In Experiment 1 we show that an economic reward for making the same predictions as the herd increases the influence of a majority but not the influence of a minority, and that an individual economic reward for making accurate predictions reduces the influence of the majority. In Experiment 2 we show a reduced influence of a majority herd’s inaccurate predictions when requiring assessments of the accuracy of the majority herd´s predictions as compared to requiring judgments of their consistency. Experiment 3 shows that a lower volatility of stock prices reduces the influence of a majority herd´s inaccurate predictions
Ämnesord
- SAMHÄLLSVETENSKAP -- Psykologi -- Tillämpad psykologi (hsv//swe)
- SOCIAL SCIENCES -- Psychology -- Applied Psychology (hsv//eng)
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Nyckelord
- Herding
- social influence
- prediction
- stock price
Publikations- och innehållstyp
- ref (ämneskategori)
- art (ämneskategori)
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