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- 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 …
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This paper shows that market breadth, i.e. the difference between the average number of rising stocks and the average number of falling stocks within a portfolio, is a robust predictor of future stock returns on market and industry portfolios for 64 countries for the period between 1973 and...
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