Grinblatt, Mark; Titman, Sheridan; Wermers, Russ - In: American Economic Review 85 (1995) 5, pp. 1088-1105
This study analyzes the extent to which mutual funds purchase stocks based on their past returns as well as their tendency to exhibit 'herding' behavior (i.e., buying and selling the same stocks at the same time). The authors find that 77 percent of the mutual funds were 'momentum investors,'...
