Fig. 3.

Stringency Index and short-selling restrictions on herding distribution.

Notes: Fig. 3 illustrates the non-linear effects of Stringency Index, $ESMAN$ and $ESMAB$ on herding distribution. The grey area measures the confidence intervals calculated with 1000 bootstrap replications. The dashed lines represent the OLS estimates with their confidence intervals (dotted lines). The lower part of the distribution shows evidence of herding behaviour, while the upper part denotes anti-herding behaviour.