This paper sheds new light on herding of institutional investors by using a unique database that identifies every … transaction made by financial institutions in the German stock market. First, the analysis reveals that herding behavior of … previous studies overestimate herding. Third, our results suggest that herding by large financial institutions mainly results …

This paper sheds new light on herding of institutional investors by using a unique and superior database that … identifies every transaction of financial institutions. First, the analysis reveals herding behavior of institutions. Second, the …, indicates an overestimation of herding by previous studies. Third, our results suggest that herding by large financial …

management style, risk exposure and related investment performance. The article analyzes the impact of the reformed regulations …

This paper uses unique and detailed transaction data to analyse herding behavior among pension funds. We distinguish … between weak, semi strong and strong herding behaviour. Weak herding occurs if pension funds have similar rebalancing … strategies. Semi strong herding arises when pension funds react similarly to other external shocks, such as changes in regulation …