component of demand that is caused by peer benchmarking. We find that these peer effects generate excess stock return volatility …

influence, namely herding and individual social interaction. Herding behaviour is well known and has already been intensively … herding is dominant, the influence from individual social interaction plays a considerable role for the aggregated outcome of …

- The results do not provide evidence for herding under normal market conditions, either when reacting to fundamental …. Also, no considerable evidence is found for herding (on fundamental information) under crisis and up-market conditions …