Analysing Investor’s Herding Behavior through CSSD and CSAD Approach – A Bibliometric Study

Abstract

This bibliometric study investigates the evolution of Cross-Sectional Standard Deviation (CSSD) and Cross-Sectional Absolute Deviation (CSAD) Models. It emphasizes their application in analyzing herding behavior in financial markets. The research has drawn on 64 Scopus-indexed articles published between 2009-2024; the research examined thematic trends, author productivity, and methodological advancements in the study of herding behavior. Advanced bibliometric tools such as Biblioshiny and VOSviewer are applied to explore author collaborations and thematic clusters. The result highlights the impact of technological advancements, global crises like COVID-19, the Russia-Ukraine War, the Israel-Hamas crisis, and the increasing influence of social media on joint investment behavior. Critical gaps, including herding in the unexplored asset class and its inferences in developing economies, are highlighted as probable areas for future research. The findings offer insight for investors, policymakers, and professionals to mitigate the influence of herd behavior on the financial market.