Institutional Herding, Business Groups, and Economic Regimes: Evidence from Japan
We study institutional herding in Japan. Japanese firms are primarily owned by financial institutions and other corporations, they may belong to a business group (the keiretsu), and they have experienced several distinct economic regimes in its recent past. Overall, we find herding in Japan occurs on a lower level than in the United States but with a large impact on price movements. The price impact is even greater for keiretsu-affiliated firms. We also find the effects and behavior of institutional herding depends on the economic condition and the regulatory environment.
Year of publication: |
2005
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Authors: | Kim, Kenneth A. ; Nofsinger, John R. |
Published in: |
The Journal of Business. - University of Chicago Press. - Vol. 78.2005, 1, p. 213-242
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Publisher: |
University of Chicago Press |
Saved in:
Online Resource
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