directionless herding activities, and also of positive feedback trading by mutual fund managers in Taiwan. Our results show a …This paper analyzes the trading activity of Taiwanese open-end equity mutual fund herding behaviour over the period of … 1996 to 2008. We employ the herding measure suggested by Wermers (1999) and find strong evidence of both directional and …

Exiting studies document that institutional herding has a stabilizing effect on stock prices, as stock returns over one …- to three-quarter horizons are positively correlated with herding. The literature also shows that short-term institutions … herding. Our results show that herding by short-term institutions promotes price discovery. In contrast, herding by long …

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 …

where institutions herd in the same direction as earnings surprises. In fact, institutional herding is also positively … related to next-quarter earnings announcement returns. We provide evidence that institutional herding on or against earnings …

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 …

We study the price impact of daily institutional herding induced by information events. Using analyst recommendation … changes as a proxy, we find that institutional herding on recommendation changes is short–lived. Daily institutional herding …, on average, destabilizes price. However, herding accompanied by information arrival has the opposite effect. We find no …

pension funds herd and that their herding negatively forecasts stock returns. In contrast, we find no evidence that herding by …