This paper sheds new light on herding of institutional investors by using a unique and superior database that … identifies every transaction of financial institutions. First, the analysis reveals herding behavior of institutions. Second, the …, indicates an overestimation of herding by previous studies. Third, our results suggest that herding by large financial …

. The results, a negative measure of herding equal to -5%, imply that SWFs do not herd across industries. Indeed they tend …