The objective of this paper is to investigate herding behavior in the Brazilian stock mutual funds. Through the study … of the 100 largest funds of the category, between September/2004 and July/2008, two herding indexes are analyzed: (i) the … and Walter (2007). Results of the research suggest the existence of herding behavior in the Brazilian stock mutual funds …

Many studies on mutual funds have demonstrated the existence of herding behavior and positive feedback trading. However …, most research has not examined the characteristics of herding behavior, but simply attempted to determine if herding … behavior exists. These studies fail to probe into the actual causes behind herding behavior. The current study fills this gap …

Using the herding measures of Lakonishok, Shleifer and Vishny (1992) (LSV) and Frey, Herbst and Walter (2007) (FHW), we … assess herding by French equity mutual funds between 1999 and 2005. We show that LSV herding amounts to 6.5% while FHW … herding is about 2.5 times stronger. We observe that herding is stronger in small than in medium and large capitalization …

This paper explores the role mutual fund herding plays on the return comovement in Chinese stocks. The results show … that mutual fund herding significantly reduces the return comovement among Chinese stocks, providing evidence for the … existence of a rational herding behavior by mutual funds. We find that the negative effect of mutual fund herding on return …

In this paper we investigate whether herding by actively managed equity funds affects their performances and flows over … the 1980-2013 period. We show that during the herding quarter, on average, funds that trade with the herd benefit from … and their subsequent performance, we find that the funds that follow the herd earn negative abnormal returns whereas the …

that herding funds underperform their antiherding peers by over 2% per year. Differences in skill drive this performance … anticipate the trades of the crowd; furthermore, the herding-antiherding performance gap is persistent, wider when skill is more …We uncover a negative relation between herding behavior and skill in the mutual fund industry. Our new, dynamic measure …

leaders, contemporaneously herding managers, and followers. I find evidence of a persistent group of funds whose trades lead … the aggregate trades of the mutual fund industry; these leader funds exhibit strong subsequent performance, consistent …

in the autocorrelation structure of factor returns. Importantly, we find that herding increases mutual funds' performance …This paper studies the added value of intentional style herding for mutual fund managers. We find that herding in … styles is significant and persistent, especially for active funds. We also report that herding tends to increase after …