Financial Innovation

Table 3 Herding behavior during up and down market

From: Herding behavior in Ramadan and financial crises: the case of the Pakistani stock market

Market	Constant	\|R_m,t\|	[R_m,t]²	Adj. R²	F-Statistic
Total Market (Eq. 4)	0.0154 (84.16)^***	0.4832 (15.76)^***	3.3164 (3.928)^***	0.3981	(892.2)^***
Up Market (Eq. 5)	0.0153 (64.11)^***	0.5932 (13.54)^***	−0.0571 (− 0.041)	0.3697	(442.9)^***
Down Market (Eq. 6)	0.0153 (53.01)^***	0.4093 (9.101)^***	5.3498 (4.631)^***	0.4282	(445.2)^***

***means that variable is significant at 1% level of significance. () contains the t-statistics

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