| dc.description.abstract | This research investigates the herding behavior of the sectoral indices of Ho Chi Minh
stock exchange (HOSE). The novel contribution of this research lies in its examination of
herding behavior throughout the entire period, as well as the periods before, during and
after the outbreak of the COVID-19 pandemic. To analyze herd formation, the author
utilized the widely used model introduced by Chang et al. (2000). The dataset used in this
study consists of daily stock closing prices for a total of 229 firms, which collectively
represent the 10 industry indices. The data spans from 1 January 2016 to December 2022.
The results for the whole sample, peak outbreak and after COVID-19 provide existence
of herding behavior in all sectors. During the peak outbreak, the consumer (CONS) and
healthcare (HEAL) sectors clearly show strong herding behavior. However, before
COVID-19, all sectors except for the utilities (UTI) sector did not display statistically
significant herding tendencies. In addition, during bull and bear conditions, the author
finds evidence of herding behavior before and during the COVID-19 pandemic. The
research enables investors to develop effective trading strategies within the context of the
COVID-19 pandemic. | en_US |
