Destabilizing Impacts of Herding Behaviour in Portuguese Capital Market // Impactos desestabilizantes en el comportamiento gregario en el mercado de capitales portugués


  • Gabriela Marques Leite Politécnico do Porto ISCAP - Instituto Superior de Contabilidade e Administração
  • Carlos Machado-Santos Department of Economics, Sociology and Management University of Trás-os-Montes and Alto Douro
  • Amélia Ferreira da Silva Institute of Accounting and Administration Centre for Organisational and Social Studies Polytechnic Institute of Porto

Palabras clave:

herding behavior, behavioral finances, volatility, capital markets, investors rationality, comportamiento gregario, finanzas conductuales, volatilidad, mercado de capitales, racionalidad de inversores


The present work seeks to analyze the herding behavior phenomenon as a destabilizing factor of the capital market, while studying the relation between the herding behavior phenomenon and market profitability and volatility. The results allow us to verify the existence of a significant intensity of herding, especially when price variation occurs. Conversely, asymmetrical and elevated volatility levels ensue, with a higher probability of profit than losses of the same magnitude. However, results are less visible when one looks at the causality relation between herding and market volatility. This paper contributes to a deeper understanding of herding behavior and its relation with market efficiency.


El presente trabajo busca analizar el fenómeno del comportamiento gregario como un factor desetabilizante en el mercado de capitales, estudiando la relación entre el fenómeno del comportamiento gregario y la rentabilidad y volatilidad del mercado. Los resultados nos permiten verificar la existencia de una intensidad significativa de gregarismo, especialmente cuando tienen lugar variaciones de precios. Recíprocamente, sobrevienen niveles elevados y asimétricos de volatilidad cuando hay mayor probabilidad de beneficios que de pérdidas con la misma magnitud. Sin embargo, los resultados son menos visibles cuando se observa la realidad de causalidad entre gregarismo y volatilidad de mercado. Este artículo contribuye a una comprensión más profunda del comportamiento gregario y su relación con la eficiencia del mercado. 


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Biografía del autor/a

Gabriela Marques Leite, Politécnico do Porto ISCAP - Instituto Superior de Contabilidade e Administração

Departamento de Contabilidade


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Cómo citar

Marques Leite, G., Machado-Santos, C., & Ferreira da Silva, A. (2018). Destabilizing Impacts of Herding Behaviour in Portuguese Capital Market // Impactos desestabilizantes en el comportamiento gregario en el mercado de capitales portugués. Revista De Métodos Cuantitativos Para La Economía Y La Empresa, 25, Páginas 3 a 22. Recuperado a partir de