Business and Economics Journal

Department of Finance, Caleb University Imota, Lagos State, Nigeria

Publications

• Review Article   
  Herding Behavior and Investors? Irrationality in the Nigerian Equity Market
  Author(s): Ajibola Arewa*, James Ayodele Owoputi Ejianya, Scholastica Chimdiya Osuji, Emmanuel Chukwuemeka Ejianya, Olufemi A Ajose and Joy Ejighomegba Omorojor
  
  In this study quantitative research design was utilized to test the herding behavior of investors in Nigerian equity market. A random technique was adopted to select the companies with sufficient observations that cover the scope of the study. In this study, stock price information from five companies is used. The data used in this analysis were gathered from www.investing.com over an 8 years period, from 2015 to 2022. The cross-sectional absolute standard deviation was determined using the data collected. It is concluded that there is market wide herding behavior of investors and when the market is up there is presence of significant herding behavior of investors. However, there is no significant herding behavior of investors when the market is down. When there is herding in the market, this suggests that the market is inefficient and as such it is recommended that there should be re.. Read More»
  DOI: 10.37421/2151-6219.2023.14.443

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