“…In financial markets, it has been well documented that investors adopt herd mentality (Hachicha, 2010;Filip et al, 2015;Braga, 2016;Ababio and Mwamba, 2016;Choi and Yoon, 2020;Ah Mand et al, 2021;Bharti and Kumar, 2021;Espinosa-Méndez and Arias, 2021). More specifically, investors tend to follow similar investment strategies simply because others are doing the same (Benartzi and Thaler, 2001).…”