Sectoral Herding and Volatility in the Chinese Stock Market: Lessons from COVID-۱۹

This study investigates the Chinese stock market's herd mentality and volatility both before and after the COVID-۱۹ outbreak. Using the GARCH (۱,۱) and return dispersion (CSAD) models, the study examined how market volatility and investor behavior differ across economic sectors. Due to the market meltdown and instability caused by the COVID-۱۹ pandemic, the results showed a significant rise in herd behavior and volatility following the outbreak. To control cross-sector herding and volatility in times of crisis, the research shows that sector-specific variations in these phenomena are necessary. The study highlights shortcomings, such as failing to consider more comprehensive factors like regional and global influences, and recommends that these areas be addressed in subsequent studies.

کلیدواژه ها:

Covid-۱۹ ، Diversification ، Efficient ، Herding ، Market Hypothesis ، Volatility