Herding in the Chinese renewable energy market: Evidence from a bootstrapping time-varying coefficient autoregressive model
用静态和时变系数模型研究中国可再生能源市场的羊群行为，发现该行为随时间变化，在上涨市场和小公司中更明显，且整体股市的大幅波动会增强该效应。
In this paper, we examine the herd behaviour of the Chinese renewable energy sector using both static and time-varying coefficient models. Examining daily data from January 05, 2015 to April 29, 2022, we find strong evidence of herding behaviour changing over time in this market. We find that herding asymmetry is more pronounced during up markets and among smaller firms. When within-industry herding weakens, large price movements in the overall stock market provide additional trading signals for herding formation in this sector.