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 …

performance is influenced by the extent of investors herding towards the common trend in stock returns. …

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 …

predicted by theory, we find that the presence of a flexible market price prevents herding. However, the presence of contrarian …Lecture on the first SFB/TR 15 meeting, Gummersbach, July, 18 - 20, 2004We report results of an internet experiment … designed to test the theory of informational cascades in financial markets (Avery and Zemsky, AER, 1998). More than 6400 …

We study reputational herding in financial markets in a laboratory experiment. In the spirit of Dasgupta and Prat (2008 …

We report results of an internet experiment designed to test the theory of informational cascades in financial markets … consulting firm, participated in the experiment. As predicted by theory, we find that the presence of a flexible market price … prevents herding. However, the presence of contrarian behavior, which can (partly) be rationalized via error models, distorts …

Most real world situations which are susceptible to herding are also characterized by direct payoff externalities. Yet … study several different forms of payoff externalities that interact with a standard herding model. More than 6000 subjects …, including a subsample of 267 consultants from an international consulting firm, participated in an internet experiment. We also …

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 …