A Critical Review of Herd Behaviour in Capital Markets: A Bibliometric Analysis

Abstract

During recent few years, a growing number of associated researches on herd behaviour are being published with respect to investment in stock markets, forex market, etc. Therefore, a bibliographic analysis of such publications may provide a path to some new topics and future research trends. The global literatures between 1983 and 2022 were scanned using fifteen terms related to herd behaviour in finance as keywords to reach the related publications. After screening, 1439 publications related to herd behaviour were identified. The term "Herding" appeared as the most frequent keyword. The highest ranking journal was SSRN Electronic Journal and the most cited journal was Journal of Empirical Finance. Thomas Lux from Kiel University is the most cited author. United States made the outstanding contribution within this important area. Current growth trends are predicted to rapidly increase the number of global publications on Herd Behaviour. Financial Literacy, crypto-currency market and mental accounting may possibly be the hotspots in the future.