This study examines whether mutual funds herd in industries and the extent to which such herding impacts industry … valuations. Using two herding measures proposed by Lakonishok et al. (1992) and Sias (2004) we document that mutual funds herd in … industries. We show that industry herding is not driven by fund flows and that it is not a manifestation of individual stock …

Purpose – The purpose of this paper is to present and empirically test for the first time the hypothesis that herding … herding. Tests are conducted for each market for the period prior to and after its merger into EURONEXT, controlling for a … indicate that, with the exception of Portugal, herding grows in significance, yet declines in momentum post-merger. The authors …

important implications for market efficiency. Identifying any contributing factor(s) for financial analyst herding behavior can … association is found between firm-specific intangible asset intensity and financial analyst herding behavior. Our findings …

In this paper we investigate whether herding by actively managed equity funds affects their performances and flows over … the 1980-2013 period. We show that during the herding quarter, on average, funds that trade with the herd benefit from …

We measure herding of trading activities by regressing individual order imbalances on market wide, industry wide, and … to order imbalances. Investors demand compensations for herding. A 1% increase in the degree of herding this year …

out of the stock by institutional investors. In this paper we use date on monthly changes in holdings by all investor … which of these groups are active in pushing prices. While we can not empirically distinguish which of the various investor …

This study examines whether mutual funds herd in industries and the extent to which such herding impacts industry … valuations. Using two herding measures proposed by Lakonishok et al. (1992) and Sias (2004) we document that mutual funds herd in … industries. We show that industry herding is not driven by fund flows and that it is not a manifestation of individual stock …

Among growing concerns about potential financial stability risks posed by the asset management industry, herding has … investors herd in their trading of U.S. corporate bonds and quantify the price impact of such herding behavior. We find that …, relative to what is documented for the equity market, the level of institutional herding is much higher in the corporate bond …

firms' quoted spreads, and led to a higher liquidity commonality during the crisis. Institutional sell-side herding … anecdotal evidence regarding the role of herding during a crisis. -- Institutional Herding ; Institutional Count ; Institutional …

their herding behavior. We find that the level of institutional herding in corporate bonds is substantially higher than what … is documented for equities, and that sell herding is much stronger and more persistent than buy herding. The price impact … of herding is also highly asymmetric. While buy herding facilitates price discovery, sell herding causes transitory yet …