دانلود مقاله ISI انگلیسی شماره 93233
ترجمه فارسی عنوان مقاله

سیاست پولی، نوسانات نرخ ارز، و رفتار بشر در بازار سهام

عنوان انگلیسی
Monetary policy, exchange rate fluctuation, and herding behavior in the stock market
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
93233 2017 10 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Business Research, Volume 76, July 2017, Pages 34-43

ترجمه کلمات کلیدی
رفتار بشر نوسانات ایدیوسینراکتیک، نرخ بهره، قیمت ارز،
کلمات کلیدی انگلیسی
Herding behavior; Idiosyncratic volatility; Interest rate; Exchange rate;
پیش نمایش مقاله
پیش نمایش مقاله  سیاست پولی، نوسانات نرخ ارز، و رفتار بشر در بازار سهام

چکیده انگلیسی

Interest rate and exchange rate are two important macroeconomic variables that exert considerable effects on the stock market. In this study, we investigate whether variations in interest and exchange rates induce herding behavior in the Chinese stock market. Empirical results indicate that interest rate increase and Chinese currency (CNY) depreciation will induce herding and this phenomenon is mainly manifested in down markets. Moreover, the herding level of the highest idiosyncratic volatility quintile portfolio is twice that of the lowest quintile portfolio which we consider evidence of intentional herding. This result is consistent with those of previous studies, which report that retail investors prefer and overweigh lottery-type stocks. Finally, we investigate the effects of monetary policy announcements and extreme exchange rate volatility on herding because these events elicit considerable public attention and may trigger collective behavior in the aggregate market.