000118060 001__ 118060 000118060 005__ 20230519145528.0 000118060 0247_ $$2doi$$a10.1016/j.najef.2021.101531 000118060 0248_ $$2sideral$$a126840 000118060 037__ $$aART-2021-126840 000118060 041__ $$aeng 000118060 100__ $$0(orcid)0000-0001-8760-9350$$aFerreruela S.$$uUniversidad de Zaragoza 000118060 245__ $$aHerding in the bad times: The 2008 and COVID-19 crises 000118060 260__ $$c2021 000118060 5060_ $$aAccess copy available to the general public$$fUnrestricted 000118060 5203_ $$aThe objective of this paper is to analyze the imitation behavior of investors in especially convulsed periods, such as the 2008 financial crisis and the recent global pandemic, both of which could affect investors'' emotions and behavior, although both have different characteristics and might have different implications. The cross-sectional dispersion of returns is used to measure the level of herding in the markets of Spain and Portugal, using a survivorship-bias-free dataset of daily stock returns during the period January 2000–May 2021, in turn divided into several sub-periods classified as pre-2008 crisis, 2008 crisis, post-2008 crisis, Covid-19 and post Covid-19. Additionally, the existence is studied of differences between days of positive and negative returns, or between days of high volatility compared to the rest, and whether the cross-sectional dispersion of returns in one market is affected by the cross-sectional dispersion of returns in the other market. The results indicate that herding appears with greater intensity in periods prior to the crisis, disappearing during the financial crisis and reappearing, although with less intensity, after it, while it is not generally detected in Covid-19 times. However, herding behavior can be observed in the market during the pandemic on high volatility days. 000118060 536__ $$9info:eu-repo/grantAgreement/ES/DGA/S11-20R-CEMBE$$9info:eu-repo/grantAgreement/ES/MCIU-AEI-FEDER/RTI2018-093483-B-I00$$9info:eu-repo/grantAgreement/ES/UZ/JIUZ-2018-SOC-13 000118060 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc-nd$$uhttp://creativecommons.org/licenses/by-nc-nd/3.0/es/ 000118060 594__ $$a3.7$$b2021 000118060 590__ $$a3.136$$b2021 000118060 592__ $$a0.709$$b2021 000118060 591__ $$aBUSINESS, FINANCE$$b44 / 111 = 0.396$$c2021$$dQ2$$eT2 000118060 593__ $$aFinance$$c2021$$dQ2 000118060 591__ $$aECONOMICS$$b117 / 382 = 0.306$$c2021$$dQ2$$eT1 000118060 593__ $$aEconomics and Econometrics$$c2021$$dQ2 000118060 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion 000118060 700__ $$aMallor T. 000118060 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab. 000118060 773__ $$g58 (2021), 101531 [19 pp.]$$pNORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE$$tNORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE$$x1062-9408 000118060 8564_ $$s1862380$$uhttps://zaguan.unizar.es/record/118060/files/texto_completo.pdf$$yVersión publicada 000118060 8564_ $$s2144183$$uhttps://zaguan.unizar.es/record/118060/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada 000118060 909CO $$ooai:zaguan.unizar.es:118060$$particulos$$pdriver 000118060 951__ $$a2023-05-18-15:28:19 000118060 980__ $$aARTICLE