Skip to main content
Financial Innovation

Table 4 Herding behavior during high and low trading volume

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

Trading Volume

Constant

|Rm,t|

[Rm,t]2

Adj. R2

F-Statistic

High Trading Volume (Eq. 7)

0.0171

(55.70)***

0.3535

(7.781)***

9.1453

(8.104) ***

0.4505

(476.2)***

Low Trading Volume (Eq. 8)

0.0137

(64.72)***

0.7352

(17.86)***

−7.6746

(−6.162)***

0.3983

(499.1)***

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