correlation is explained by herding behavior. That is, fund managers mimicking the investment strategy of other funds. We argue …

This paper first extends Sias (2004) to examine whether UK fund managers are engaged in herding behaviours in the stock … market, their reasons for herding, whether their herding behaviours are different during bullish and bearish periods and … whether or not their herding behaviours are informational. Our results demonstrate that UK fund managers' cascades primarily …

latter have overbought to improve the portfolio performance. …

This study extends the herding measures proposed by Warmers (1999), Lakonishok, Shleifer and Vishny (1992) and … related to institutional herding proposed by Nofsinger and Sias (1999). Our analysis further develops a herding measure … related to the overbought herding measure, oversold herding measure, and overbought–oversold in dollar ratio for Qualified …

model that attributes herding to performance incentive contracts imposed by the authorities in Poland. The model shows that …The paper documents herding among pension fund managers in Poland. Herding occurs despite the lack of an economically … significant link between fund performance and the flow of new capital or members. To explain this phenomenon, the paper outlines a …

This study examines performance of mandatory and voluntary pension funds in the 2004 - 2008 period. Furthermore, we … portfolio optimization methodologies to evaluate any performance improvements in an evaluation period when choosing a particular …

This paper analyses the relationship between active management and performance in US equity mutual funds over the … period 2001-2011 for both gross and net returns. Mutual funds achieve nonzero abnormal performance through strategies that …-varying parameters, idiosyncratic risk and turnover. The results show a negative aggregate performance close to zero. Performance is …