{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,31]],"date-time":"2026-03-31T06:17:08Z","timestamp":1774937828141,"version":"3.50.1"},"reference-count":46,"publisher":"Emerald","issue":"4","license":[{"start":{"date-parts":[[2024,10,25]],"date-time":"2024-10-25T00:00:00Z","timestamp":1729814400000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["ARLA"],"published-print":{"date-parts":[[2024,12,3]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>This paper investigates market-wide herding behavior among investors in the stock markets of Brazil, Chile, Colombia and Mexico from January 2013 to December 2022.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>We analyze a survivor-bias-free dataset of daily stock returns, employing a measure reflecting the cross-sectional deviation of stock returns relative to market consensus.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>Significant anti-herding is observed in Brazil and Mexico, while Chile and Colombia show results consistent with rational asset pricing models. The COVID-19 pandemic generally intensifies anti-herding trends. Additionally, significant asymmetries in herding\/anti-herding effects are noted during different market trends and volatility levels. Furthermore, we identify the drivers of this phenomenon, revealing that\u00a0extreme crude oil price movements are associated with more pronounced anti-herding, and herding\/anti-herding effects appear synchronized across all four markets.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Practical implications<\/jats:title><jats:p>Our findings regarding synchronization in herding dynamics suggest challenges in realizing the desired benefits of international diversification in the region.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Social implications<\/jats:title><jats:p>The significant cross-country effects indicate that herding dynamics may play a crucial role in precipitating regional financial crises.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>For the first time, we examine various features of herding behavior in the sample markets, including the impact of the COVID-19 pandemic, psychological and economic drivers of the phenomenon and synchronization in herding dynamics among the four markets.<\/jats:p><\/jats:sec>","DOI":"10.1108\/arla-04-2024-0057","type":"journal-article","created":{"date-parts":[[2024,10,25]],"date-time":"2024-10-25T02:00:52Z","timestamp":1729821652000},"page":"601-616","source":"Crossref","is-referenced-by-count":4,"title":["Exploring market-wide herding behavior in the major stock markets of Latin America"],"prefix":"10.1108","volume":"37","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-5896-9648","authenticated-orcid":false,"given":"J\u00falio","family":"Lob\u00e3o","sequence":"first","affiliation":[]},{"given":"Benedita","family":"Almeida","sequence":"additional","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2024,10,25]]},"reference":[{"issue":"2","key":"key2025011312485837700_ref001","doi-asserted-by":"publisher","first-page":"81","DOI":"10.1080\/10978526.2012.700271","article-title":"Herd behavior in Latin American stock markets","volume":"13","year":"2012","journal-title":"Latin American Business Review"},{"issue":"46","key":"key2025011312485837700_ref002","doi-asserted-by":"publisher","first-page":"4952","DOI":"10.1080\/00036846.2015.1039702","article-title":"Herding, anti-herding behaviour in metal commodities futures: a novel portfolio-based approach","volume":"47","year":"2015","journal-title":"Applied Economics"},{"issue":"2","key":"key2025011312485837700_ref003","doi-asserted-by":"publisher","first-page":"129","DOI":"10.1257\/jep.21.2.129","article-title":"Investor sentiment in the stock market","volume":"21","year":"2007","journal-title":"The Journal of Economic Perspectives"},{"issue":"4","key":"key2025011312485837700_ref004","doi-asserted-by":"publisher","first-page":"1593","DOI":"10.1093\/qje\/qjw024","article-title":"Measuring economic policy uncertainty","volume":"131","year":"2016","journal-title":"Quarterly Journal of Economics"},{"issue":"4","key":"key2025011312485837700_ref005","doi-asserted-by":"publisher","first-page":"742","DOI":"10.1093\/rapstu\/raaa008","article-title":"The unprecedented stock market reaction to COVID-19","volume":"10","year":"2020","journal-title":"Review of Asset Pricing Studies"},{"issue":"14","key":"key2025011312485837700_ref006","doi-asserted-by":"publisher","first-page":"2503","DOI":"10.3390\/math10142503","article-title":"Fractality of Borsa Istanbul during the COVID-19 pandemic","volume":"10","year":"2022","journal-title":"Mathematics"},{"issue":"21","key":"key2025011312485837700_ref007","doi-asserted-by":"publisher","first-page":"3964","DOI":"10.3390\/math10213964","article-title":"Network-induced soft sets and stock market applications","volume":"10","year":"2022","journal-title":"Mathematics"},{"key":"key2025011312485837700_ref008","doi-asserted-by":"publisher","first-page":"418","DOI":"10.1016\/j.najef.2014.06.009","article-title":"What drives herding in oil-rich, developing stock markets? 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