bigger herds of funds selling. Our most important finding is that mutual fund herding impacts stock prices to a much larger … recommendation revisions. An investment strategy that accounts for the direction of both analyst revisions and mutual fund herding … results remain robust when we condition fund herding on analyst earnings forecast revisions instead of recommendation …

strategies as a way to extract information, boost returns, and reduce risk. The authors compute measures of herding across asset …, herding is more prevalent across funds that narrowly compete with each other, that is, when comparing funds of the same type … across pension fund administrators. There is much less herding within pension fund administrators and across pension fund …