“…Apart from all the previous studies, there is also extensive literature supporting that depositors' actions are not determined neither by “sunspots” nor by fundamentals but by other reasons such as economic sentiment, depositors' networks, and personal beliefs and attitudes (Anastasiou & Drakos, 2020; Anastasiou & Petralias, 2021; Brown et al., 2020; Iyer & Puri, 2012; Martinez‐Peria & Schmukler, 2001; Nys et al., 2015; Oliveira et al., 2014; Osili & Paulson, 2014).…”