existence of deposit guarantees in lender countries. The paper shows that, after restrictions on international capital flows are … through domestic banks. The results are consistent with the surge in international bank lending flows that led to recent …

tie these features together in a model of banks' herding behavior. Most existing models of herding behavior can explain … the other hand, many models that try to explain excessive risk-taking do not contain any incentive for herding. This paper … develops astate-preference model of simultaneous herding and excessive risktaking. Thus, the model can help in understanding …

withdrew money one month prior to the events. Thedegree of herding among funds is statistically significant, but moderate.Herding …

-based predictions for how information risk and market stress influence aggregate herding intensity. We test these predictions … sell herding. The model also explains why buy, not sell, herding is more pronounced during the financial crisis. …