This paper employs numerical simulations of the Park and Sabourian (2011) herd model to derive new theory …-based predictions for how information risk and market stress influence aggregate herding intensity. We test these predictions … sell herding. The model also explains why buy, not sell, herding is more pronounced during the financial crisis. …

socionomic theory of finance (STF) posits that contextual differences between economics and finance produce different behavior … valuations by other homogeneous agents induces unconscious, non-rational herding, which follows endogenously regulated …

study posits that Institutional investors demonstrate rational intentional herding and positive feedback trading (buy when …

asynchronous bubbles emerge. Above the critical value, small random price fluctuations may be amplified by noise traders herding …