Table 4 Estimates of global herding explained and unexplained by anchors.

From: Confirmation bias and herding behavior across the housing markets

 

(1) CSAD

(2) CSADPTR

(3) CSADPTI

(4) CSAD unexplained by anchors

Variable

Parameter

Est. Coeff

T-Stat

Est. Coeff

T-Stat

Est. Coeff

T-Stat

Est. Coeff

T-Stat

Constant

α

1.552**

18.198

0.222**

5.955

0.206**

6.218

0.008

0.084

|rg|DdA1

βgd1

3.331**

2.711

2.637**

4.454

2.209**

4.403

−0.192

−0.111

|rg|DdA2

βgd2

1.903**

4.723

−0.075

−1.315

−0.077

−1.510

2.045**

5.003

|rg|DuA1

βgu1

−0.008

−0.050

0.136*

2.257

0.114*

2.133

−0.150

−0.935

|rg|DuA2

βgu2

−0.141

−1.275

0.000

0.004

−0.035

−0.945

−0.087

−0.761

Rg2DdA1

γgd1

−12.451**

−3.989

−6.687**

−4.402

−5.794**

−4.525

−3.223

−0.693

Rg2DdA2

γgd2

−0.490**

−3.451

0.022

0.911

0.024

1.114

−0.536**

−3.699

Rg2DuA1

γgu1

0.147**

2.562

−0.015

−0.749

−0.007

−0.421

0.152**

2.533

Rg2DuA2

γgu2

0.116**

4.188

0.019*

2.097

0.025**

3.220

0.076**

2.546

RUS2DdA1

γus,d1

0.032+

1.943

−0.065**

−8.607

−0.056**

−9.085

0.125**

4.796

RUS2DdA2

γus,d2

−0.100**

−3.067

0.003

1.231

0.002

1.002

−0.103**

−3.186

RUS2DuA1

γus,u1

−0.152**

−6.965

−0.015+

−1.813

−0.015*

−2.026

−0.133**

−5.462

RUS2DuA2

γus,u2

−0.044**

−2.972

−0.012**

−2.520

−0.010**

−3.243

−0.027+

−1.794

Adj R2

0.431

0.230

0.320

0.402

χ2 test for sig. of global drivers

63.77**

29.88**

38.99**

35.67**

γgd1 = γgd2 = γgu1 = γgu2 = 0

χ2 test for sig. of US drivers

69.38**

81.82**

95.4**

65.47**

γus,d1 = γus,d2 = γus,u1 = γus,u2 = 0

Chow F test for sig. of the Covid period

0.38

1.04

0.65

0.68

Chow F test for sig. of the GFC period

1.37

0.02

0.03

1.59

  1. T-Stat represents t-statistics based on HAC standard errors. Regressors and parameters associated with the hypotheses are in boldface for visuality. Coefficients estimates in boldface indicate the presence of global herding at conventional significance levels. **, *, and + denote significance at 1%, 5%, and 10%, respectively.
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