Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.14/13116
Título: Herding in a Concentrated Market: a Question of Intent
Autor: Holmes, Phil
Kallinterakis, Vasileios
Ferreira, Mário
Palavras-chave: Herding
Window Dressing
Institutional trading
Data: 2013
Editora: John Wiley & Sons Ltd
Citação: HOLMES, Phil; KALLINTERAKIS, Vasileios; FERREIRA, Mário - Herding in a Concentrated Market: a Question of Intent. European Financial Management. ISSN 1468-036X. Vol. 19 n.º 3 (2013), 497–520
Resumo: While considerable evidence exists that institutions herd, the issue of why herding takes place remains unresolved. Using monthly holdings data for Portugal, we find clear evidence of herding and investigate whether such behaviour is intentional or spurious. By analysing herding under different market conditions, we conclude it is intentional. Month-of-the-quarter analysis suggests reputational reasons drive behaviour. Results are consistent with herding interacting with window dressing to determine funds, buy and sell decisions. The findings are important in understanding market dynamics and fund managers’ behaviour and are of great significance to investors in managed funds.
Peer review: yes
URI: http://hdl.handle.net/10400.14/13116
Aparece nas colecções:FEG - Artigos em revistas internacionais com Arbitragem / Papers in international journals with Peer-review

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