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 …

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 …

This paper shows that analysts' herding forecasts are accompanied by significant return reversals of 116 basis points … per month, while anti-herding forecasts render reversals insignificant. These results are magnified among illiquid stocks … and during high VIX months. Since analyst herding is specific to covered firms, we are also able to examine information …

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 …

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 …

We examine the short-run dynamic relation between daily institutional trading and stock price volatility in a retail … investor-dominated emerging market. We find a significantly negative relation between volatility and institutional net trading … that is mainly due to the unexpected institutional trading. The price volatility-institutional trade relation differs for …

factors capture mispricing by being long on overpriced stocks and short on underpriced stocks. Option-implied volatility …