This study investigates the existence of herd behaviour within the Johannesburg Stock Exchange (JSE) and three sectorial indices using monthly closing prices for all shares listed on the JSE for the period 31 January 2003 to 31 May 2016. No evidence of herding was found on either the JSE or in any of its sectors during the sample period. Furthermore, no evidence of herding was found during bull and bear markets within the sample period.
