financial crisis. Our empirical evidence shows that short selling restrictions exhibit either no in influence on herding … behavior or induce adverse herding. This implies a higher dispersion of returns around the market compared to rational asset …

pension funds herd and that their herding negatively forecasts stock returns. In contrast, we find no evidence that herding by …

Using the herding measures of Lakonishok, Shleifer and Vishny (1992) (LSV) and Frey, Herbst and Walter (2007) (FHW), we … assess herding by French equity mutual funds between 1999 and 2005. We show that LSV herding amounts to 6.5% while FHW … herding is about 2.5 times stronger. We observe that herding is stronger in small than in medium and large capitalization …

We find substantial herding in U.S. corporate bonds among bond fund managers, much higher than that previously … documented for the equity market. Herding is generally stronger among illiquid bonds, and buy herding and sell herding are driven … by different factors. In particular, sell herding increases on negative news about bond ratings and corporate earnings …

This paper analyzes the trading activity of Taiwanese open-end equity mutual fund herding behaviour over the period of … 1996 to 2008. We employ the herding measure suggested by Wermers (1999) and find strong evidence of both directional and … directionless herding activities, and also of positive feedback trading by mutual fund managers in Taiwan. Our results show a …

This paper analyzes the trading activity of Taiwanese open-end equity mutual fund herding behaviour over the period of … 1996 to 2008. We find evidence of both directional and directionless herding. We also find that sell-side fund herding … leads to price stabilization whereas buy side herding results in, prices adjusting slowly. We find that the abolition of …