This paper empirically examines herding behavior in the strategic style allocations of Spanish pension plan managers. The study uses both the standard metric used in financial literature to capture institutional herding and a new approach to address some shortcomings of this traditional measure....

The measuring of market timing abilities in investment portfolios is a relevant and widely analyzed question. Since the traditional parametric methodology can lead to biased results, we apply the nonparametric approach trying to overcome these biases and compare the results obtained by both...