The purpose of this research is to explore the herding phenomenon during the Asian crisis of 1997 using intraday data … and a herding intensity measure that is free of the bias inherent in other measures. The findings suggest that the crisis … did not affect herding intensity to the same extent across all stocks, the largest and most persistent impact of the …

herding regime. After this self-amplified exuberance, the price has reached an unsustainable high value, being corrected by a … reconciliation of the two opposite (herding versus fundamental) proposals for the origin of crashes within a single framework and …

Informationsstandes verbunden zu sein. Das Anlageverhalten der Fondsmanager weist grundsätzlich kaum Verzerrungen auf - weder exzessive …, unerfahrene Fondsmanager zum Herdenverhalten neigen. In der Untersuchung offenbaren letztere aber keine höhere Risikoaversion, die … im Allgemeinen mit Herdenverhalten assoziiert wird. …

. Higher risk taking may be explained by a higher degree of overconfidence, less herding behavior, or a lower degree of risk … of previous studies, we find that herding is decreasing with experience while the evidence concerning risk taking and …

Based on a questionnaire survey the paper distinguishes between herding asset managers who try to be good and non-herding … asset managers who try to be better than their competitors. It provides evidence for reputational herding and discusses … herding managers\\\' working effort, preferred sources of information and investment horizon. Additionally, their risk taking …

We propose a new approach to detecting and measuring herding which is based on the cross-sectional dispersion of the … factor sensitivity of assets within a given market. This method enables us to evaluate if there is herding towards particular … sectors or styles in the market including the market index itself and critically we can also separate such herding from common …

While herding has long been suspected to play a role in financial market booms and busts, theoretical analyses have … struggled to identify conclusive causes for the effect. Recent theoretical work shows that informational herding is possible in … rational herding was theoretically impossible and subsequently not observed. Overall we observe that subjects generally behave …

financial analysts have begun to recognise the importance of the actions of other agents in the decision-making process. Herding …, fashion and financial market participants, to academic research. Herding may conjure negative images of irrational agents … direct test of herding behaviour, namely the extent to which small traders mimic the positions of large speculators. Evidence …