Herd Behavior and Market Stress: The Case of Four European Countries

International audienceDespite the number of studies that have been carried out on the stock markets, quite a rare have in particular analyzed the tendency of herd behavior of countries in the European Union. Therefore, the emphasis is traditionally put on Asian countries and the United States. The detection of the herding phenomena is particularly made with subjective or extrapolative techniques. Consequently, our study is relevant on two levels since that, on one hand, it focuses on European countries and, on the other hand, it aims to verify the existence or non existence of the herding phenomena according to the method elaborated by (Hwang, S; Salmon, M (2000, 2004,2008)