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Herding with Heterogeneous Ability : An Application to Organ Transplantation
Mel, Stephanie de; Munshi, Kaivan; Reiche, Soenje; … - National Bureau of Economic Research - 2021
assessment of the object's quality and herd behind their predecessors. Our research adds a new dimension to the canonical herding … herding based on this ability heterogeneity and also examine its efficiency consequences, applied to organ transplantation in … the U.K. We find that herding is common but that the information lost due to herding does not substantially increase false …
Persistent link: https://www.econbiz.de/10012660090
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Herding, Warfare, and a Culture of Honor : Global Evidence
Cao, Yiming; Enke, Benjamin; Falk, Armin; Giuliano, Paola; … - National Bureau of Economic Research - 2021
According to the widely known 'culture of honor' hypothesis from social psychology, traditional herding practices are …, and large-scale surveys. The data show systematic links between traditional herding practices and a culture of honor …. First, the culture of pre-industrial societies that relied on animal herding emphasizes violence, punishment, and revenge …
Persistent link: https://www.econbiz.de/10012629470
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When Everyone Runs for the Exit
Pedersen, Lasse Heje - 2009
The dangers of shouting "fire" in a crowded theater are well understood, but the dangers of rushing to the exit in the financial markets are more complex. Yet, the two events share several features, and I analyze why people crowd into theaters and trades, why they run, what determines the risk,...
Persistent link: https://www.econbiz.de/10012463353
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Learning in Financial Markets
Pastor, Lubos - 2009
We survey the recent literature on learning in financial markets. Our main theme is that many financial market phenomena that appear puzzling at first sight are easier to understand once we recognize that parameters in financial models are uncertain and subject to learning. We discuss phenomena...
Persistent link: https://www.econbiz.de/10012464003
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Do Analysts Herd? An Analysis of Recommendations and Market Reactions
Jegadeesh, Narasimhan - 2007
they make stock recommendations. Our empirical results support the herding hypothesis. Stock price reactions following …
Persistent link: https://www.econbiz.de/10012465790
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Information Cascades : Evidence from An Experiment with Financial Market Professionals
Alevy, Jonathan E. - 2006
Previous empirical studies of information cascades use either naturally occurring data or laboratory experiments with student subjects. We combine attractive elements from each of these lines of research by observing market professionals from the Chicago Board of Trade (CBOT) in a controlled...
Persistent link: https://www.econbiz.de/10012465894
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Bank Trading Risk and Systemic Risk
Jorion, Philippe - 2005
This paper provides an empirical analysis of the risk of trading revenues of U.S. commercial banks. We collect quarterly data on trading revenues, broken down by business line, as well as the Value at Risk-based market risk charge. The overall picture from these preliminary results is that there...
Persistent link: https://www.econbiz.de/10012467650
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Transparency and International Investor Behavior
Gelos, R. Gaston - 2002
transparent countries. On the other hand, herding among funds tends to be more prevalent in less transparent countries. There is …
Persistent link: https://www.econbiz.de/10012469449
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Do Institutional Investors Destabilize Stock Prices? Evidence on Herding and Feedback Trading
Lakonishok, Josef - 1991
evaluate the potential effect of their trading on stock prices. We address two aspects of trading by money managers: herding … of substantial herding or positive-feedback trading by pension fund managers, except in small stocks. Also, there is no …
Persistent link: https://www.econbiz.de/10012475147
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Herd on the Street : Informational Inefficiencies in a Market with Short-Term Speculation
Froot, Kenneth A. - 1990
informed traders also know. There can be multiple herding equilibria, and herding speculators may even choose to study …
Persistent link: https://www.econbiz.de/10012475787