Purpose

This study aims to examine the herding behavior of socially responsible exchange traded funds (SR ETFs) in comparison to conventional ETFs during the COVID-19 pandemic.

Design/methodology/approach

To test for herding behavior, the authors use the cross-sectional absolute deviation and a quadratic market model.

Findings

During the pandemic, investments in socially responsible financial products grew rapidly. And investors in the popular SR ETFs herd during this special period, while holders of conventional ETFs did not.

Practical implications

Investors in socially responsible investments must do their own research and make their own financial decisions, rather than follow the crowd, especially during extreme events like the COVID-19 pandemic.

Originality/value

The evidence shows that, during the pandemic, socially responsible ETFs behaved in line with theoretical predictions of herding, that is, herding is more significant during extreme market conditions.

中文翻译：

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COVID-19 大流行期间具有社会责任感的投资者的羊群行为

目的

本研究旨在比较新冠肺炎 (COVID-19) 大流行期间社会责任交易所交易基金 (SR ETF) 与传统 ETF 的羊群行为。

设计/方法论/途径

为了测试羊群行为，作者使用了横截面绝对偏差和二次市场模型。

发现

疫情期间，社会责任金融产品投资快速增长。在这个特殊时期，热门 SR ETF 的投资者纷纷涌入，而传统 ETF 的持有者则不然。

实际影响

社会责任投资的投资者必须自己进行研究并做出自己的财务决策，而不是随波逐流，尤其是在像 COVID-19 大流行这样的极端事件期间。

原创性/价值

证据表明，疫情期间，对社会负责的ETF的表现符合羊群效应的理论预测，即羊群效应在极端市场条件下更为显着。