assessment of the object's quality and herd behind their predecessors. Our research adds a new dimension to the canonical herding … herding based on this ability heterogeneity and also examine its efficiency consequences, applied to organ transplantation in … the U.K. We find that herding is common but that the information lost due to herding does not substantially increase false …

This paper first extends Sias (2004) to examine whether UK fund managers are engaged in herding behaviours in the stock … market, their reasons for herding, whether their herding behaviours are different during bullish and bearish periods and … whether or not their herding behaviours are informational. Our results demonstrate that UK fund managers' cascades primarily …