In this paper we investigate whether herding by actively managed equity funds affects their performances and flows over … the 1980-2013 period. We show that during the herding quarter, on average, funds that trade with the herd benefit from …

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 …

leaders, contemporaneously herding managers, and followers. I find evidence of a persistent group of funds whose trades lead …

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 …

This paper explores the role mutual fund herding plays on the return comovement in Chinese stocks. The results show … that mutual fund herding significantly reduces the return comovement among Chinese stocks, providing evidence for the … existence of a rational herding behavior by mutual funds. We find that the negative effect of mutual fund herding on return …