Title of article
Institutional industry herding
Author/Authors
Choi، نويسنده , , Nicole and Sias، نويسنده , , Richard W.، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2009
Pages
23
From page
469
To page
491
Abstract
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.
Keywords
Herding , institutional investors , Style investing
Journal title
Journal of Financial Economics
Serial Year
2009
Journal title
Journal of Financial Economics
Record number
2211819
Link To Document