. First, institutional herding was much greater than what can be explained by momentum trading. Second, institutions as a … herding and negative abnormal returns (reversals) at the point that herding ceased. This finding suggests that institutions …

This paper provides new evidence on the causes and consequences of herding by institutional investors. Using a … exhibit herding behavior on a daily basis. Herding intensity depends on stock characteristics including past returns and … regressions suggest that herding is mainly unintentional and partly driven by the use of similar risk models. Our findings confirm …

Herding behavior, which is investing in crowded stocks during a specific period, will push the target stocks' return … herding, we find that a zero-cost investing strategy of buying long and high and selling short and high is profitable. The … profits gained strategically through herding by individual investors are greater than those earned by institutional investors …

herding between individual investors and institutional investors in the equity fund market along with related issues of risk … aversion, cumulative performance, and the business cycle effect on herding. We find that individual equity fund investors … and their herding behavior is pro-cyclical. …

Purpose –The purpose of this paper is to present and empirically test for the first time the hypothesis that herding in … herding. Tests are conducted for each market for the period prior to and after its merger into EURONEXT, controlling for a … indicate that, with the exception of Portugal, herding grows in significance, yet declines in momentum post-merger. The authors …

analysis using the Heterogeneous Agent Model extended with the selected findings from behavioural finance: herding …

-known market phenomena: the heavy tails observed in the distribution of stock market returns on one hand and 'herding' behavior in …

to the feedback of these news on the agents’ strategies into collective transient herding regimes. These ingredients … simple reconciliation of the two opposite (herding versus fundamental) proposals for the origin of crashes within a single …

Lux–Marchesi model have been used. We show that a simple herding model with only four parameters leads to a quantitative …