firms' quoted spreads, and led to a higher liquidity commonality during the crisis. Institutional sell-side herding … systematic liquidity risk increased by 34%. We find that the trading of a firm's equity by institutional investors increased the … anecdotal evidence regarding the role of herding during a crisis. -- Institutional Herding ; Institutional Count ; Institutional …

We find substantial herding in U.S. corporate bonds among bond fund managers, much higher than that previously … documented for the equity market. Herding is generally stronger among illiquid bonds, and buy herding and sell herding are driven … by different factors. In particular, sell herding increases on negative news about bond ratings and corporate earnings …

This paper shows that institutional sell-side herding increased bid-ask spreads and liquidity risk during the 2007 …-8 financial crisis. Such an impact on liquidity is most pronounced in firms with large numbers of institutions that sold the same …-and-hold, investment style to be the least likely to herd; their trading activity did not affect stock market liquidity during the crisis …

firms' quoted spreads, and led to a higher liquidity commonality during the crisis. Institutional sell-side herding … systematic liquidity risk increased by 34%. We find that the trading of a firm's equity by institutional investors increased the … anecdotal evidence regarding the role of herding during a crisis …

liquidity, and the premium or discount relative to net present value around the split. We also test for increases in smaller …

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 …

This paper examines intentional herding among institutional investors with a particular focus on the technology sector … technology stockholdings of 115 large institutional investors, we test the presence of herding by examining linear dependence and … herding, we use Geweke (1982) type causality tests that allow us to disentangle spurious herding from intentional herding via …

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 …

resulting retail investor herding lead to different cryptocurrency prices moving more synchronously …

In order to reconcile weak evidence of supply-side determinants of commonality in liquidity in previous studies, we … examine commonality in liquidity in China over the period 1995-2012. Consistent with supply-side explanations, we find that … market declines and market volatility increase liquidity commonality. To identify the direct relationship between the supply …