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Herd Behavior and Social Influence on Financial Markets: A Review of Literature

Herd Behavior and Social Influence on Financial Markets: A Review of Literature
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Author(s): Siriyama Kanthi Herath (Clark Atlanta University, USA)and Maryann S. Ramirez (Clark Atlanta University, USA)
Copyright: 2026
Pages: 32
Source title: Intersecting AI, Neurofinance, and Behavioral Finance for Decision Making
Source Author(s)/Editor(s): Aslı Kaya (İstanbul Gelişim University, Turkey)
DOI: 10.4018/979-8-3373-1494-5.ch009

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Abstract

This chapter aims to provide a comprehensive review of the existing literature on herd behavior and social influence in financial markets. Drawing from the evidence collected and theoretical perspectives, the primary objectives of this research are to critically understand how these phenomena influence the decisions of investors, dynamics of markets, and achievement of the Sustainable Development Goals (SDGs). The role of psychological factors, social networks and information, and potential consequences for financial stability and sustainable investments will be examined in the context of the chapter. In the end, this review will be useful in creating the strategies and recommendation for avoiding the negative impact of herd behavior while managing to use the social influence for positive social and environmental change.

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