The objective of this paper is to investigate herding behavior in the Brazilian stock mutual funds. Through the study … of the 100 largest funds of the category, between September/2004 and July/2008, two herding indexes are analyzed: (i) the … and Walter (2007). Results of the research suggest the existence of herding behavior in the Brazilian stock mutual funds …

that a large portion of the detected herding can be explained by identical trading among funds of the same investment … company. However, we also find statistically significant stock herding among funds belonging to different fund families. In … contrast to existing herding studies which analyze herd behavior within a purely national stock environment, we investigate …