Li, Diane DeQing; Yung, Kenneth - In: Review of Quantitative Finance and Accounting 23 (2004) 1, pp. 5-17
This study examines institutional herding in the ADR market between 1985 and 1998. We find a significant positive relation between changes in institutional ownership and ADR returns over the same period. The positive relation persists after we control for the momentum effect in the US stock...