{"id":"https://openalex.org/W2052963805","doi":"https://doi.org/10.5539/ijbm.v7n7p121","title":"Asymmetric Effects and the Herd Behavior in the Australian Equity Market","display_name":"Asymmetric Effects and the Herd Behavior in the Australian Equity Market","publication_year":2012,"publication_date":"2012-03-28","ids":{"openalex":"https://openalex.org/W2052963805","doi":"https://doi.org/10.5539/ijbm.v7n7p121","mag":"2052963805"},"language":"en","primary_location":{"id":"doi:10.5539/ijbm.v7n7p121","doi":"https://doi.org/10.5539/ijbm.v7n7p121","is_oa":true,"landing_page_url":"https://doi.org/10.5539/ijbm.v7n7p121","pdf_url":null,"source":{"id":"https://openalex.org/S4210230633","display_name":"International Journal of Business and Management","issn_l":"1833-3850","issn":["1833-3850","1833-8119"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core"],"host_organization":"https://openalex.org/P4310322531","host_organization_name":"Canadian Center of Science and Education","host_organization_lineage":["https://openalex.org/P4310322531"],"host_organization_lineage_names":["Canadian Center of Science and Education"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Business and Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.5539/ijbm.v7n7p121","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5024449710","display_name":"Mohammad Al\u2010Shboul","orcid":"https://orcid.org/0000-0001-6807-2842","observed_orcids":["https://orcid.org/0000-0001-6807-2842"]},"institutions":[{"id":"https://openalex.org/I100086675","display_name":"Al-Hussein Bin Talal University","ror":"https://ror.org/019dkd780","country_code":"JO","type":"education","lineage":["https://openalex.org/I100086675"]}],"countries":["JO"],"is_corresponding":true,"raw_author_name":"Mohammad Q Al-Shboul","raw_affiliation_strings":["Al- Hussein Bin Talal University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Al- Hussein Bin Talal University","institution_ids":["https://openalex.org/I100086675"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5024449710"],"corresponding_institution_ids":["https://openalex.org/I100086675"],"apc_list":null,"apc_paid":null,"fwci":2.127,"has_fulltext":false,"cited_by_count":24,"citation_normalized_percentile":{"value":0.90090541,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"7","issue":"7","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9937000274658203,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9937000274658203,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.005200000014156103,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/investor-herding","display_name":"investor herding","score":0.7540000081062317},{"id":"https://openalex.org/keywords/australian-stock-market","display_name":"Australian stock market","score":0.7760000228881836},{"id":"https://openalex.org/keywords/conditional-capm","display_name":"conditional CAPM","score":0.5960000157356262},{"id":"https://openalex.org/keywords/trading-volume","display_name":"trading volume","score":0.6620000004768372},{"id":"https://openalex.org/keywords/market-volatility","display_name":"market volatility","score":0.8650000095367432},{"id":"https://openalex.org/keywords/financial-crises","display_name":"financial crisis","score":0.7149999737739563},{"id":"https://openalex.org/keywords/stock-returns","display_name":"stock returns","score":0.4300000071525574}],"concepts":[{"id":"https://openalex.org/C177605951","wikidata":"https://www.wikidata.org/wiki/Q1484503","display_name":"Herding","level":2,"score":0.8454166054725647},{"id":"https://openalex.org/C102235558","wikidata":"https://www.wikidata.org/wiki/Q1609678","display_name":"Herd behavior","level":3,"score":0.718439519405365},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.6325654983520508},{"id":"https://openalex.org/C194775826","wikidata":"https://www.wikidata.org/wiki/Q209542","display_name":"Herd","level":2,"score":0.5454637408256531},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.531080424785614},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.507665753364563},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.4935346841812134},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.48837512731552124},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.388060986995697},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.34524238109588623},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.10538747906684875},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C42972112","wikidata":"https://www.wikidata.org/wiki/Q170201","display_name":"Veterinary medicine","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C97137747","wikidata":"https://www.wikidata.org/wiki/Q38112","display_name":"Forestry","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.5539/ijbm.v7n7p121","doi":"https://doi.org/10.5539/ijbm.v7n7p121","is_oa":true,"landing_page_url":"https://doi.org/10.5539/ijbm.v7n7p121","pdf_url":null,"source":{"id":"https://openalex.org/S4210230633","display_name":"International Journal of Business and Management","issn_l":"1833-3850","issn":["1833-3850","1833-8119"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core"],"host_organization":"https://openalex.org/P4310322531","host_organization_name":"Canadian Center of Science and Education","host_organization_lineage":["https://openalex.org/P4310322531"],"host_organization_lineage_names":["Canadian Center of Science and Education"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Business and Management","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.5539/ijbm.v7n7p121","doi":"https://doi.org/10.5539/ijbm.v7n7p121","is_oa":true,"landing_page_url":"https://doi.org/10.5539/ijbm.v7n7p121","pdf_url":null,"source":{"id":"https://openalex.org/S4210230633","display_name":"International Journal of Business and Management","issn_l":"1833-3850","issn":["1833-3850","1833-8119"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core"],"host_organization":"https://openalex.org/P4310322531","host_organization_name":"Canadian Center of Science and Education","host_organization_lineage":["https://openalex.org/P4310322531"],"host_organization_lineage_names":["Canadian Center of Science and Education"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Business and Management","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":47,"referenced_works":["https://openalex.org/W247413142","https://openalex.org/W1573257242","https://openalex.org/W1964205316","https://openalex.org/W1965645085","https://openalex.org/W1965898788","https://openalex.org/W1969059645","https://openalex.org/W1971007294","https://openalex.org/W1974409212","https://openalex.org/W1975994995","https://openalex.org/W1982685613","https://openalex.org/W1988508674","https://openalex.org/W1993443607","https://openalex.org/W1995830454","https://openalex.org/W2004599763","https://openalex.org/W2009957539","https://openalex.org/W2019767861","https://openalex.org/W2027056148","https://openalex.org/W2034874274","https://openalex.org/W2046570092","https://openalex.org/W2047803175","https://openalex.org/W2081353638","https://openalex.org/W2081815669","https://openalex.org/W2086266089","https://openalex.org/W2088768721","https://openalex.org/W2091264350","https://openalex.org/W2091785586","https://openalex.org/W2092156386","https://openalex.org/W2106284146","https://openalex.org/W2112223125","https://openalex.org/W2113208252","https://openalex.org/W2115926002","https://openalex.org/W2123792892","https://openalex.org/W2131675768","https://openalex.org/W2137807883","https://openalex.org/W2139751589","https://openalex.org/W2163685283","https://openalex.org/W2180736400","https://openalex.org/W3121275215","https://openalex.org/W3121356804","https://openalex.org/W3122000667","https://openalex.org/W3122516223","https://openalex.org/W3123968228","https://openalex.org/W3124277734","https://openalex.org/W3124410807","https://openalex.org/W3125431097","https://openalex.org/W3125754252","https://openalex.org/W3126084142"],"related_works":["https://openalex.org/W7097154306","https://openalex.org/W7100570117","https://openalex.org/W1982685613","https://openalex.org/W929705329","https://openalex.org/W7065937905","https://openalex.org/W1981115019","https://openalex.org/W3023906485","https://openalex.org/W4229024137","https://openalex.org/W3125484690","https://openalex.org/W4242144902"],"abstract_inverted_index":{"The":[0],"purpose":[1],"of":[2,16,27,32,46,66,105,122,149,187,208,238,243],"this":[3],"paper":[4],"is":[5,22,42,61,211],"to":[6,84,171],"investigate":[7],"whether":[8],"Australian":[9,19,165,221],"stock":[10,77],"investors":[11,166,222,239],"do":[12,176],"herd.":[13],"A":[14],"sample":[15],"the":[17,25,30,39,50,53,64,67,75,120,128,131,134,140,153,156,236,244,246],"largest251":[18],"listed":[20],"firms":[21],"employed":[23],"from":[24],"beginning":[26],"2003":[28],"until":[29],"end":[31],"2010":[33],"on":[34,228],"daily":[35,51],"and":[36,52,58,97,130,145,155,232,248],"monthlybasis.":[37],"When":[38],"CH":[40],"approach":[41,136],"used,":[43],"no":[44],"evidence":[45,186,207],"herd":[47],"behavior":[48],"for":[49,117,159,198,213],"monthly":[54,216,230],"return":[55],"series":[56],"ofAOI":[57],"S&P300":[59],"indices":[60,200],"reported.":[62],"However,":[63,100,202],"application":[65],"CCK":[68,135],"provides":[69],"better":[70],"results":[71],"than":[72],"thoseobtained":[73],"by":[74,81,138,191,235],"cross-sectional":[76],"price\u2019s":[78],"model":[79],"developed":[80],"CH.":[82],"According":[83],"CCK,":[85],"in":[86,127,152,181,195,203,224,240],"normal":[87],"conditions,the":[88],"conditional":[89],"CAPM":[90],"specifies":[91],"a":[92,109],"linear":[93],"relationship":[94,111,142],"between":[95,143],"CSAD":[96,144],"market":[98,106,146],"returns.":[99,147,201,217],"if":[101],"herdingoccurs":[102],"during":[103],"periods":[104],"stress,":[107],"then":[108],"nonlinear":[110,141],"will":[112],"also":[113],"exist.":[114],"To":[115],"accommodate":[116],"thepossibility":[118],"that":[119,164,220],"degree":[121],"herding":[123,150,168,180,188,210,226],"may":[124],"be":[125],"asymmetric":[126,179,209],"up":[129,154],"down":[132,157],"markets,":[133],"isapplied":[137],"examining":[139],"Evidence":[148],"isfound":[151],"markets":[158,242],"both":[160,199],"indices.":[161],"This":[162,218],"indicates":[163],"exhibitasymmetric":[167],"with":[169],"respect":[170],"financial":[172],"crisis,":[173],"while":[174],"they":[175],"not":[177],"exhibit":[178],"terms":[182],"offundamentals.":[183],"Findings":[184],"show":[185],"asymmetry":[189],"created":[190],"trading":[192],"volume":[193],"only":[194],"high":[196,204],"volumestate":[197],"volatility":[205],"state,":[206],"found":[212],"onlythe":[214],"AOI":[215],"suggests":[219],"remain":[223],"showing":[225],"activities":[227],"dailyand":[229],"basis":[231],"are":[233],"affected":[234],"decisions":[237],"foreign":[241],"US,":[245],"UK":[247],"China.":[249]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":3},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":4},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":3},{"year":2014,"cited_by_count":1}],"updated_date":"2026-09-26T08:19:03.415552","created_date":"2016-06-24T00:00:00"}
