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predicted by theory, we find that the presence of a flexible market price prevents herding. However, the presence of contrarian … designed to test the theory of informational cascades in financial markets (Avery and Zemsky, AER, 1998). More than 6400 …
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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 …
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beschränkten Informationen, einer Fokussierung auf wenige Handelstage und einer begrenzten Liquidität zu Herdenverhalten und …
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