Raddatz, Claudio; Schmukler, Sergio - In: Journal of Financial Services Research 43 (2013) 1, pp. 99-126
In this paper, we examine herding across asset classes and industry levels. We also study what incentives managers at various layers of the financial industry face when investing. To do so, we use unique and detailed monthly portfolios between 1996 and 2005 from pension funds in Chile, a pioneer...