Recent research has shown that institutional herding is a relevant phenomenon in stock markets. Do institutional … equivalent by institutional investors. Consequently, we construct "bond groups" consisting of similar bonds and analyze herding … at a "bond group" level. Our results indicate that there is strong evidence of herding, albeit it is weaker than in stock …

herding. The model's original version suffers from the problem of N-dependence: its ability to replicate the statistical …

. 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 …, geringeres Herdenverhalten oder durch geringere Risikoaversion erklärt werden. Da die Ergebnisse vorheriger Studien bezüglich des …

Most real world situations that are susceptible to herding are also characterized by direct payoff externalities. Yet …, the bulk of the theoretical and experimental literature on herding has focused on pure informational externalities. In … effects, first-mover advantage, etc.) in a standard information-based herding model. Our results are based on an internet …

This paper employs a new and comprehensive data set to investigate short-term herding behavior of institutional … investors. Using data of all transactions made by financial institutions in the German stock market, we show that herding … behavior occurs on a daily basis. However, in contrast to longer-term herding measures obtained from quarterly data, results …

-making process. Herding is the deliberate mimicking of the decisions of other agents. Examples of mimicry range from the choice of … restaurant, fashion and financial market participants, to academic research. Herding may conjure negative images of irrational … provide a direct test of herding behaviour, namely the extent to which small traders mimic the positions of large speculators …

that investors punish bad performance by selling their shares, but also have a tendency to sell winners. Investors in large … fund families show higher sales and redemption rates. Furthermore, family size also affects the flow-performance … relationship. On the one hand, investors in large families punish bad performance more, on the other, they also tend to sell …

We present evidence of the impact of buy-side analysts on the behavior and performance of fund managers. Using data … lesser extent. Positive abnormal returns to buy-side analysts' revisions are also reflected in the performance of mutual fund …

that investors punish bad performance by selling their shares, but also have a tendency to sell winners. Investors in large … fund families show higher sales and redemption rates. Further family size also affects the flow-performance relationship …: Investors in large families punish bad performance more. Last, we find that inner family rankings play an important part for …

This paper studies the flow-performance relationship of three different investor groups in mutual funds: Households … have a strong tendency to chase past performance and also hold an increased share in the top performing funds. Insurance … companies and pension funds show some evidence of performance chasing, but are underrepresented in the best performing funds …