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 …

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 …