This paper studies the herding behavior in managers’ investment decision; “Herding”, specifically, is defined as managers … influenced greatly by this external benchmark - most of the case they would herd. This resulted herding behavior comes out under …

Most real world situations that are susceptible to herding are also characterized by direct payoff externalities. Yet …, the bulk of the theoretical and experimental literature on herding has focused on pure informational externalities. In … effects, first-mover advantage, etc.) in a standard information-based herding model. Our results are based on an internet …

signals. Bunching is different from herding; it occurs in the first period and recursively until herding takes place or the … symmetric mixed strategy equilibrium. When players become patient enough, herding of investment disappears in the most efficient …

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