The aim of this paper is to assess the impact of reforms introduced in the operation of Polish open pension funds on management style, risk exposure and related investment performance. The article analyzes the impact of the reformed regulations on the herd behavior of fund managers. In...

This paper uses unique and detailed transaction data to analyse herding behavior among pension funds. We distinguish between weak, semi strong and strong herding behaviour. Weak herding occurs if pension funds have similar rebalancing strategies. Semi strong herding arises when pension funds...

Herding is human nature. There is ample evidence of it in the management of public pension funds in the United States. Their effective equity exposures cluster about an average of approximately 70%. Extreme diversification is universal. These two aspects of herd behavior have proven benign....