Portfolio Complexity and Herd Behavior: Evidence from the German Mutual Fund Market We examine the herd behavior among equity funds in Germany based on a large sample of funds from 2000 to 2009. We show that a large portion of the detected herding can be explained by identical trading among...

Long-Run Performance Evaluation of Journalists' Stock Recommendations This paper evaluates the long-run performance of buy and sell recommendations issued by journalists at German Personal Finance Magazines for the first time. We find evidence for journalists providing significant investment...