Comportamiento gregario y sentimiento: la evidencia sobre un pequeño mercado europeo
Herding behaviour and sentiment: Evidence in a small European market
Resumen
Este trabajo estudia el efecto rebaño en un mercado europeo de dimensión reducida, analizando los valores que constituyen el índice portugués PSI-20, para el período 2003-2011. Para ello, se consideran dos aproximaciones con objeto de medir la intensidad de este tipo de comportamiento, las cuales arrojan resultados diferentes, de lo que se deduce que el fenómeno manada es sensible al método de medición utilizado. Por consiguiente, existe la necesidad de promover investigaciones relacionadas con la metodología de medición asociada a este fenómeno. Este trabajo analiza, además, la relación existente entre el comportamiento de rebaño y el sentimiento del inversor, la cual no ha sido hasta la fecha suficientemente estudiada en profundidad. Aplicando tests de causalidad para evaluar el impacto del sentimiento del inversor sobre su comportamiento gregario, solo encontramos evidencias débiles de la influencia del primero sobre el segundo.
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