There is an ongoing debate in the U.S. regarding the costs and benefits associated with statewide stay-at-home orders that were enacted in response to the COVID-19 outbreak. Many opponents of such orders claim that the economic cost, in terms of higher unemployment, may in-fact outweigh the...

Recent cascade of bank failures in the U.S. draws attention to investor behavior. In this study, we investigate herding behavior of investors in U.S. bank stocks during the pandemic quantitative easing (QE) and post-pandemic quantitative tightening (QT) periods. We find evidence on...