pension funds herd and that their herding negatively forecasts stock returns. In contrast, we find no evidence that herding by …

This paper explores the role mutual fund herding plays on the return comovement in Chinese stocks. The results show … that mutual fund herding significantly reduces the return comovement among Chinese stocks, providing evidence for the … existence of a rational herding behavior by mutual funds. We find that the negative effect of mutual fund herding on return …

Using the herding measures of Lakonishok, Shleifer and Vishny (1992) (LSV) and Frey, Herbst and Walter (2007) (FHW), we … assess herding by French equity mutual funds between 1999 and 2005. We show that LSV herding amounts to 6.5% while FHW … herding is about 2.5 times stronger. We observe that herding is stronger in small than in medium and large capitalization …

pension fund-level measure of herding that identifies the extent to which a pension fund follows other pension funds into and ….32% on an annual basis that indicates herding has a negative impact on performance. Small pension funds and pension funds …

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 …