An examination of herd behavior in equity markets: A European Perspective

Effective Tax Rates and Ownership Effects on Cash Flows: Evidence from Latin America

With the increased level of interconnectedness among markets around the world, contagion literature has received immeasurable attention from researchers and academics over the years. In order to expand this pool of literature, this study proposes a test to distinguish between interdependence, contagion and the decoupling hypothesis between advanced markets and emerging markets based on entropy theory. The test is applied on time-varying conditional correlations obtained from an asymmetric dynamic conditional correlation generalized autoregressive conditional heteroscedasticity (A-DCC GARCH) model by comparing the extent of correlations over tranquil and turmoil periods across financial crises. In this study, the US and EU are identified as advanced economies and emerging markets are identified by region with the aim to uncover whether they are homogenous or heterogenous as receivers of shocks from advanced economies. Our findings present evidence in support of the decoupling hypothesis in the cases of Brazil and Russia during the GFC and Turkey during the ESDC. Furthermore, strong evidence in support of the existence of contagion effects between advanced and emerging markets is reported and the presence of interdependence was constantly rejected. The findings of this paper provide valuable insights for policy makers, investors and asset managers.

Contagion or decoupling? Evidence from emerging stock markets

ABSTRACT Consumers' investment decision‐making, specifically referring to retail investors, significantly influences market trends; yet a comprehensive review of this field remains limited. This study addresses this gap by systematically analysing retail investors' investment behaviour. Using the TCM (Theory‐Context‐Method) and ADO (Antecedents‐Decisions‐Outcomes) frameworks, we reviewed 264 peer‐reviewed articles from 2001 to April 2025. Key findings highlight dominant theories (e.g., Prospect Theory), prevalent research contexts (e.g., USA, India) and key antecedents like psychological biases, socioeconomic factors, global disruptions (e.g., COVID‐19, financial crises) and technological advancements (e.g., digital platforms, robo‐advisors). These factors shape decisions such as portfolio diversification and risk‐taking, impacting outcomes like investment performance and financial stability. The study identifies research gaps, including the role of emerging technologies and cultural influences, offering directions for future research. Theoretically, it advances behavioural finance by integrating TCM and ADO frameworks. Practically, it provides insights for policymakers and financial institutions to enhance market efficiency and support informed decision‐making, aligning with evolving market trends. 

Consumer Investment Behaviour: A Systematic Review Using <scp>TCM</scp> and <scp>ADO</scp> Frameworks

Financial Crisis 2020: Problems and Elements of Forecasting

The study examines evidence for the transmission of the US and EU financial crises via investor holdings into the Chilean stock market following two global financial crises, in 2008 and 2011. The study modified the models of Bekaert et al. (2014), and Dungey and Gajurel (2015) on the 2007–2009 global financial crisis and extends the period to include the European debt crisis of 2010–2011. The study produced three main contributions. First, changes in the equity holdings of retail investors were a key source of contagion following the 2008 US financial crisis. Second, investor herding during the 2011 financial crisis is shown to be low based on the co-movement of equity holdings between the four investor groups studied. Third, investor behavior during the 2011 EU crisis differs from that of the 2008 US financial crisis, which we attribute to firms in Chile adopting international financial reporting standards (IFRS) and improving their corporate governance. We compared the findings to the prior contagion studies that rely on Chilean return data to highlight the contributions to international financial research, particularly as it relates to the functioning of emerging capital markets during financial crises.

https://www.mdpi.com/2227-7072/8/2/26/pdf

Stock Market Contagion during the Global Financial Crises: Evidence from the Chilean Stock Market

Handle everyday research tasks with reliable, citation-backed results

Your personal Research Agent to handle research tasks with citation-backed results

Popular Tasks used by Researchers

How can I help with your research?

Meet SciSpace

Get more enhanced response by uploading the PDFs you want me to reference.

No relevant PDFs in your library

SciSpace is the AI research assistant for academics. Run systematic literature reviews on 280M+ papers, and write papers with cited sources. Trusted by 1M+ students, PhDs & researchers.

SciSpace | AI for Research

Analyze PDFs

Code & Manuscripts

Funding & Grants

Literature & Patents

Medical & Clinical Data

Systematic Review

Visualize & Present

Web & Data

Build a Google Scholar-like website for your research.

Build a website

Create charts and images for your research

Create a Chart

Write a paper for submission to a journal

Draft a manuscript

Patent Search

Design eye-catching scientific posters in minutes.

Scientific Poster Generation

Systematic Literature Review

One task is running at the moment. Your messages will be shown right after.

Drag and drop or click here to browse

Loved by <highlight>1 million+</highlight> researchers

Extract a list of specific topics and their sources from unstructured text

Topics

Compare and analyze relevant papers that matches with your search

Papers

Get insights from PDFs and bookmarked papers from your library

My library

Recent searches

Try searching for:

Catch AI-generated content in scholarly and non-scholarly content

{ai} Detector

Ai Writer

Get PDF Summaries, highlighted text explanations 

Chat with PDF

Effortlessly create in-text citations and bibliographies in APA and 2,500 other formats

Citation generator

Get explanations, summaries, and answers on academic papers

Ease up your research workflow with {scispace}'s cohort of exciting AI tools

Elevate your academic writing skills and convey your ideas the way you want

Paraphraser

Explore our range of reading and writing tools

Your file is being prepared and should be ready in a few minutes. If it's a large file, it might take a bit longer. You can close this window, and we'll email you the file when it's done.

You have reached a maximum limit of <strong>{limit}</strong> columns in the table. Remove at least <strong>1</strong> column to add or create another one.

Berta Silva

Author Tools

Chat about Author

Papers

Stock Market Contagion during the Global Financial Crises: Evidence from the Chilean Stock Market