Do corporate bond funds have a real impact on firm policies? In this paper, we examine whether fund herding alters the …-level measure of herding by U.S. bond mutual funds from 1998 to 2018, we find that fund herding in a firm’s existing bonds increases …, for buy herding over sell herding, and can lead firms to substitute bank loans for bonds. The results are robust to …

broad institutional ownership data we show that investors exhibit herding behavior in the sense of decarbonization. They are …

This paper sheds new light on herding of institutional investors by using a unique database that identifies every … transaction made by financial institutions in the German stock market. First, the analysis reveals that herding behavior of … previous studies overestimate herding. Third, our results suggest that herding by large financial institutions mainly results …

The concept of fund manager herding has been studied in depth, and the most widely used measure applied to this market … with the null hypothesis of no herding. The main findings confirm the bias inherent in the LSV measure, the non … herding activity. However, using random portfolio methodology a non-parametric test is proposed that corrects some of the …

This paper examines the determinants of herding at both stock and individual investor levels and studies the portfolio … seem to explain herding behavior at the stock level. At the individual investor level, the cumulative number of buys and … portfolio values reduce the prediction of herding behavior, while high values of portfolio return lead to a small increase in …

This paper sheds new light on herding of institutional investors by using a unique and superior database that … identifies every transaction of financial institutions. First, the analysis reveals herding behavior of institutions. Second, the …, indicates an overestimation of herding by previous studies. Third, our results suggest that herding by large financial …

a herd model to derive theory-guided predictions regarding the impact of various aspects of uncertainty on herding …