We review here theory and evidence relating to herd behavior, payoff and reputational interactions, social learning … parties to engage in herding or cascading, and the incentives for parties to guard against or take advantage of herding or …

Policymakers often express concern that herding by financial market participants destabilizes markets and increases the … behavior in financial markets. It addresses the following questions: What precisely do we mean by herding? What could be the … causes of herd behavior? What success have existing studies had in identifying such behavior? And what effect does herding …

model of informational herding that can be estimated with financial transaction data. In the model, rational herding arises … because of information-event uncertainty. We estimate the model using data on a NYSE stock (Ashland Inc.) during 1995. Herding …) and is greater than 10 percent in 7 percent (11 percent) of information-event days. Herding causes important informational …

makes herding possible. In the first treatment, subjects herd seldom, in accordance with both the theory and previous … by the theory. In the second treatment, the proportion of herding decisions increases, but not as much as theory suggests …, one in which the price adjusts to the order flow so that herding should never occur, and one in which event uncertainty …

This study investigates the role of financial market uncertainty in institutional herding and its impact on stock … prices. We show that financial market uncertainty is a determinant of institutional herding. Fund managers tend to follow the … trades of other managers more frequently during high uncertainty periods than low uncertainty periods. We find that herding …

Investitionsentscheidungen -- Herdenverhalten im Rahmen der Prinzipal-Agenten-Beziehung -- Zusammenwirkung der Informations- und … durch Herdenverhalten äußern. Ein zwingendes methodisches Vorgehen zur Erforschung von Massenphänomenen gibt es jedoch nicht …, diese kann auf verschiedene Weise erfolgen. Das Entscheidungsverhalten einzelner Akteure, das zum Herdenverhalten führt …