This paper sheds new light on herding of institutional investors by using a unique and superior database that … identifies every transaction of financial institutions. First, the analysis reveals herding behavior of institutions. Second, the …, indicates an overestimation of herding by previous studies. Third, our results suggest that herding by large financial …

This paper sheds new light on the impact of information risk and market stress on herding of institutional traders from … herding intensity should increase with information risk. Market stress should affect herding asymmetrically: while there is … more sell herding when the market becomes more pessimistic and more uncertain, buy herding intensity should decrease. We …

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 …

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 react similarly to other external shocks, such as changes in regulation …

only loosely connected. This paper contributes towards closing this gap in the herding literature. We use numerical … simulations of a herd model to derive new, theory-based predictions for aggregate herding intensity. Using high …-frequency, investorspecific trading data we confirm the predicted impact of information risk on herding. In contrast, the increase in buy herding …

only loosely connected. This paper contributes towards closing this gap in the herding literature. We use numerical … simulations of a herd model to derive new, theory-based predictions for aggregate herding intensity. Using high …-frequency, investor-specific trading data we confirm the predicted impact of information risk on herding. In contrast, the increase in buy …

only loosely connected. This paper contributes towards closing this gap in the herding literature. We use numerical … simulations of a herd model to derive new, theory-based predictions for aggregate herding intensity. Using high …-frequency, investor-specific trading data we confirm the predicted impact of information risk on herding. In contrast, the increase in buy …

allen Investmentgesellschaften mit Sitz in Deutschland beteiligten. Die Fondsmanager sind zu ihren grundlegenden Ansichten … Anlageschwerpunkt und der grundsätzlichen Einstellung zur Markteffizienz auch "Agency"-Probleme das Anlageverhalten von …