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

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 …

. 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 …

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 …

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 …

Traditional models of bank runs do not allow for herding effects, because in these models withdrawal decisions are …'s portfolio, and the withdrawal histories of the other depositors. In some cases, the optimal banking contract permits herding …

We derive microscopic foundations for a well-known probabilistic herding model in the agent-based finance literature …

same public information and similar evaluation methods, and because of social learning or herding amongst peers. We analyse … problem and to quantitatively assess answers regarding the initial questions. We find strong evidence for herding in …) included in the model. Compared to counterfactual expectations without herding constructed from the estimates, herding seems to …

-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 …

private information. Path-dependency can be of two types contingent on whether agents act with the crowd (herding) or against … uncertainty that their predecessors acted purely for liquidity motives. In this setting we recover herding and contrarianism and …-dependent behavior more easily than poorly informed ones. Moreover, we illustrate how a market dominated by herding features a price that …