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The existence of herding behavior leads to stock price volatility and makes a great influence on the stability of stock market during volatile periods. Many studies have shown that economic events affect herding behavior, while a few studies focus on non-economic events with greater uncertainty especially in China’s market. The paper uses cross sectional absolute deviation (CSAD) model to examine whether the non-economic events affect herding behavior. The results show that there are fewer herding phenomena, indicating that non-economic events reduce herding effects in China’s market. Keywords—Non-economic Events; CSAD; Herding behavior; Volatility

Non-Economic Events in China and Herding Behavior