Showing 31 - 40 of 66,049
We explore in this paper how trading noise, when considered as a market friction, reacts to trading activity. Transactions cost is a good explanation for intraday trading behavior in the market according to our data. Particularly, we show that in general trading brings friction to market....
Persistent link: https://www.econbiz.de/10009654205
We analyze in this study what could have caused herding in the stock market. Information cascades have often been … with lower frequency based on a herding measure of Lakonishok, Shleifer, and Vishny (1992). We adopt instead the measure of … Patterson and Sharma (2006) and argue that the search model of Vayanos and Wang (2007) characterize herding phenomenon better …
Persistent link: https://www.econbiz.de/10008592948
sense of Stoll (2000), especially in the presence of trading concentration. Applying the measures of Hu (2006) and Kang and … Yeo (2008), we analyze the noise proportion in intraday stock returns and its interaction with investor herding and search …
Persistent link: https://www.econbiz.de/10008839491
This paper examines experimental evidence relating to herd behaviour in situations when subjects can learn from each other, and can delay their decision. Subjects acted rationally, gaining from observational learning, despite penalties for delay. Cascades were ubiquitous and reverse-cascades...
Persistent link: https://www.econbiz.de/10010605219
We extend the experimental literature on Bayesian herding using evidence from a financial decision-making experiment …. We identify significant propensities to herd increasing with the degree of herd-consensus. We test various herding models … significant associations between herding and individual characteristics such as age and personality traits. Overall, our evidence …
Persistent link: https://www.econbiz.de/10005113886
will make herding more significant over the Internet, resulting in a greater concentration of online traffic; (2) the first …
Persistent link: https://www.econbiz.de/10014042628
We analyze in this study cause of herding in a stock market. Information cascades have often been considered as a …, previous works used data with daily or lower frequency based on a herding measure of Lakonishok, Shleifer, and Vishny (1992 …) characterizes herding phenomenon better, especially at market open. Our analysis is also consistent with the information competition …
Persistent link: https://www.econbiz.de/10014198780
herding behavior than queue lengths per se. Agents with only marginally better and imperfect information can trigger other …
Persistent link: https://www.econbiz.de/10014222658
This paper demonstrates that a misspecified model of information processing interferes with long-run learning and allows inefficient choices to persist in the face of contradictory public information. I consider an observational learning environment where agents observe a private signal about a...
Persistent link: https://www.econbiz.de/10014134991
concerns of herding and momentum effects the procedure was changed to simultaneous voting. Exploiting a novel dataset of more … structural model that allows us to measure the magnitude and importance of informational herding. We show that experts, voting on …
Persistent link: https://www.econbiz.de/10012915444