that the independence assumption of the CLT is violated by herding tendencies among market participants, and investigate … whether a generic probabilistic herding model can reproduce non-Gaussian statistics in systems with a large number of agents …. It is well-known that the presence of a herding mechanism in the model is not sucient for non-Gaussian properties, which …

investments. Our results indicate prevalence of herding and overconfidence in professional analysts. We also find that analysts …

private information. Path-dependency can be of two types contingent on whether agents act with the crowd (herding) or against … uncertainty that their predecessors acted purely for liquidity motives. In this setting we recover herding and contrarianism and …-dependent behavior more easily than poorly informed ones. Moreover, we illustrate how a market dominated by herding features a price that …

Yeo (2008), we analyze the noise proportion in intraday stock returns and its interaction with investor herding and search …

We analyze in this study what could have caused herding in the stock market. Information cascades have often been … with lower frequency based on a herding measure of Lakonishok, Shleifer, and Vishny (1992). We adopt instead the measure of … Patterson and Sharma (2006) and argue that the search model of Vayanos and Wang (2007) characterize herding phenomenon better …