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Institutional industry herding
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DOI：10.1016/j.jfineco.2008.12.009.png)
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We examine whether institutional investors follow each other into and out of the same industries. Our empirical results reveal strong evidence of institutional industry herding. The cross-sectional correlation between the fraction of institutional traders buying an industry this quarter and the fraction buying last quarter, for example, averages 40%. Additional tests suggest that correlated signals primarily drive institutional industry herding. Our results also provide empirical support for style investing'' models. Published by Elsevier B.V.
Keyword:
Herding
Institutional investors
Style investing
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IF:
12
论文数:
3.8K
被引数:
5.5W
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