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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
Herding Behavior in the Nairobi Securities Exchange
Author(s): Hamid Tabesh, Logan Kelly, Collins Poulose
Citation: Hamid Tabesh, Logan Kelly, Collins Poulose, (2018) "Herding Behavior in the Nairobi Securities Exchange," Journal of Applied Business and Economics, Vol. 20, Iss.3, pp. 102-112
Article Type: Research paper
Publisher: North American Business Press
Abstract:
In this study, we use 2010-15 daily data stock market from the Nairobi Securities Exchange (NSE) to
investigate herding behavior among NSE market participants. We examine the impact of rising and
falling markets, as well as exogenous factors such as political and regulatory instability, on herding
behavior. Our findings are twofold. First, herding behavior differs by sector, moreover, each sector
responds differently to rising and falling markets. Thus, failing to consider each sector separately may
mask herding behavior. Second, herding behavior is most pronounced from 2013 through 2014, which
was a time of both political and regulatory instability for Kenya.
