simulations of a herd model to derive new, theory-based predictions for aggregate herding intensity. Using high …Due to data limitations and the absence of testable, model-based predictions, theory and evidence on herd behavior are … only loosely connected. This paper contributes towards closing this gap in the herding literature. We use numerical …

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 …

beschränkten Informationen, einer Fokussierung auf wenige Handelstage und einer begrenzten Liquidität zu Herdenverhalten und …