Institutional herding
Institutional Herding in Bond Markets
... that institutional herding is a relevant phenomenon in stock ...Do institutional investors also follow each other in bond markets? This paper focuses on the German bond market and uses data from 57 ...
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The Price Impact of Institutional Herding
... of institutional conformism: we argue that, in markets dominated by institutional traders, assets persistently bought (sold) by money managers will trade at prices that are too high (low), and that this ...
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Institutional Herding and Information Cascades: Evidence from daily trades
... amongst institutional investors which results in subsequent return autocorrelation and price ...of herding levels and whether trading moves prices towards or away from fundamental values remains disputed, ...
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Institutional Herding: Destabilizing Buys, Stabilizing Sells
... linking institutional trad- ing to prior ...in institutional stock holdings are strongly positively related to both current and lagged ...the institutional herding measure we employ here to be ...
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Information Risk, Market Stress and Institutional Herding in Financial Markets: New Evidence Through the Lens of a Simulated Model
... on herding through the lens of a financial market herd ...intra-day herding intensity using investor-specific data. In line with herding theory, the use of intra-day data is particularly appropriate ...
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Institutional Herding, Business Groups, and Economic Regimes: Evidence from Japan
... 5 Also, recall that the sorting procedure is designed so that all ten portfolios should have similar institutional ownership at the beginning of the year. To confirm that we did this successfully, we observe that ...
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Institutional Herding in the Corporate Bond Market
... that herding destabilizes bond prices differs from the results on the stock markets by Nofsinger and Sias (1999), Wermers (1999), and Sias (2004), and is consistent with several stock studies that focus on more ...
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Herding by institutional investors: empirical evidence from French mutual funds
... to institutional herding in other financial ...indicator, institutional herding by french OPCVM amounts to ...that herding does not monotonically rises with the number of investors ...
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Measuring herding intensity: a hard task
... of institutional herding. It cannot distinguish intentional herding, where investors intentionally imitate the behavior of other investors, from “spurious herding” as defined by Bikhchandani ...
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Information Asymmetry and Herding Behavior
... estimate herding behavior ...Indonesia, herding behavior occurs in a market stress condition, whereas in normal condition or in a condition of very high stock return, investor behavior tends to be more ...
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Investor Mood, Herding and the Ramadan Effect
... 2009), herding (Prechter 2001; Parker & Prechter, 2005; Olson, 2006) and Islamic finance in particular (Al- Hajieh et ...namely herding. As the first-ever study of the effect of religion over ...
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Herding Among Local Individual Investors
... LSV herding measure is calculated for each stock-month or stock-day and then averaged across different sub-groups to calculate mean and median ...on herding by institutional traders, the individual ...
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Herding behavior in the Egyptian stock market
... market-wide herding (Hwang and Salmon, ...that herding among investors is more likely during periods of market ...of herding. Bit no evidence of herding was found in the US stock ...detect ...
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Herding of Institutional Traders
... hand, herding might be understated, since trades that are completed within the period are not captured and herding is not revealed if it occurs within a shorter time ...intentional herding arises due ...
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Intraday herding on a cross-border exchange
... intraday herding for the first time in the literature in the context of the Euronext, one of the first ever cross-border exchanges established internationally, following the merger of the equity, derivatives and ...
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Investor herding in the Finnish stock market
... and institutional investors, some weeks contain only a few ...LSV herding measure chosen for this study is widely used and ...LSV herding measure, one must be wary in the interpretation of ...LSV ...
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Herding and Information Flows in Emerging Markets
... While investors in the PRC have a number of options for placing trades, we focus on trades that are actually placed at the branch office. We intentionally look at groups of investors who are physically standing near each ...
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Option-implied information and stock herding
... conditional herding, suggesting that investors tend to herd more closely around the market consensus dur- ing periods when trading activity in the options market indi- cates a relatively pessimistic ...
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Ecology and economics of reindeer herding systems
... reindeer herding area has led to a situation where the important winter lichen pastures are highly grazed (Väre et ...Reindeer herding is argued to be ecologically unsustainable and reindeer numbers are ...
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Impacts of Personality on Herding in Financial Decision-Making
... a herding task designed to extend these ...between herding propensities and individual characteristics such as gender, age and specific personality traits including impulsivity and ...
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