Did Russia's Invasion of Ukraine Induce Herding Behavior in the Indian Stock Market?
Journal: Theoretical and Practical Research in Economic Fields
Year: 2023

This study empirically examines the herding behavior of the Indian stock market investors during the heightened geopolitical tensions between Russia and Ukraine in 2022. An intensified Russia-Ukraine geopolitical event window was constructed, and the high-frequency trading data (intraday) of the Nifty index was analyzed using Multifractal Detrended Fluctuation Analysis (MFDFA) to compute the 5th-order Hurst exponent (Hq (5)) that detects herding behavior. The study's empirical results revealed t