129590 20240104102230.0 doi 10.1111/j.1467-629X.2011.00412.x sideral 68237 ART-2012-68237 eng Blasco, Natividad Universidad de Zaragoza (orcid)0000-0001-5629-7526 Market sentiment: a key factor of investors’ imitative behaviour 2012 The aim of this paper is to explore herding behaviour among investors to determine its rational and emotional component factors and identify relationships among them. We apply causality tests to evaluate the impact of return and market sentiment on herding intensity. The herding intensity is quantified using the measure developed by Patterson and Sharma (2006). The research was conducted during the period 1997–2003 in the Spanish stock market, where the presence of herding has been confirmed. The results reveal that the herding intensity depends on past returns and sentiment or subjective assessments and confirm the presence of both a rational and an emotional factor. Access copy available to the general public Unrestricted info:eu-repo/grantAgreement/ES/MEC/ECO2009-12819-C03-01 info:eu-repo/semantics/openAccess All rights reserved http://www.europeana.eu/rights/rr-f/ 0.875 2012 BUSINESS, FINANCE 42 / 88 = 0.477 2012 Q2 T2 info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion Corredor, Pilar Ferreruela, Sandra Universidad de Zaragoza (orcid)0000-0001-8760-9350 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 52, 3 (2012), 663-689 Esc. acción Accounting and Finance 0810-5391 182807 http://zaguan.unizar.es/record/129590/files/texto_completo.pdf Postprint 1256375 http://zaguan.unizar.es/record/129590/files/texto_completo.jpg?subformat=icon icon Postprint oai:zaguan.unizar.es:129590 articulos driver 2024-01-04-09:03:04 ARTICLE