withdrew money one month prior to the events. Thedegree of herding among funds is statistically significant, but moderate.Herding …

This paper studies the added value of intentional style herding for mutual fund managers. We find that herding in … styles is significant and persistent, especially for active funds. We also report that herding tends to increase after … periods of high market volatility, and decrease with sentiment. Furthermore, herding causes temporary mispricing and changes …