On the impact of style investing over institutional herding: evidence from a highly concentrated market

Gavriilidis, Konstantinos; Kallinterakis, Vasileios; Leire-Ferreira, Mário Pedro

Publication

On the impact of style investing over institutional herding: evidence from a highly concentrated market

2013Journal article

dc.contributor.author	Gavriilidis, Konstantinos
dc.contributor.author	Kallinterakis, Vasileios
dc.contributor.author	Leire-Ferreira, Mário Pedro
dc.date.accessioned	2016-06-27T16:51:22Z
dc.date.available	2016-06-27T16:51:22Z
dc.date.issued	2013
dc.description.abstract	Fund managers have been found to herd significantly in major international markets, with evidence suggesting that style investing reinforces their herding. However, research to date has not explored the herding-style relationship in highly concentrated markets, despite the impact that market concentration can confer over this relationship. This study investigates this issue in the context of Portugal using monthly funds’ portfolio-holdings and documents evidence suggesting the significant temporal dependence of monthly institutional demand which is for the most part due to herding. The significance of this dependence remains robust when controlling for several styles, as well as accounting for the entry of Portugal into the EURONEXT and the outbreak of the ongoing global crisis. Combining the above with the limited evidence of significance in the presence of the styles controlled for, the authors conclude that Portuguese fund managers herd significantly without style affecting their herding.	pt_PT
dc.description.version	info:eu-repo/semantics/publishedVersion
dc.identifier.citation	GAVRIILIDIS, Konstantinos ; KALLINTERAKIS, Vasileios ; FERREIRA, Mário Pedro - On the Impact of Style Investing over Institutional Herding: Evidence from a Highly Concentrated Market. Investment Management and Financial Innovations. ISSN 1812-9358. Vol. 10, n.º 4 (2013), p. 8-23	pt_PT
dc.identifier.eissn	1812-9358
dc.identifier.issn	1810-4967
dc.identifier.uri	http://hdl.handle.net/10400.14/20295
dc.language.iso	eng	pt_PT
dc.peerreviewed	yes	pt_PT
dc.publisher	LLC “Consulting Publishing Company “Business Perspectives”
dc.rights.uri	https://creativecommons.org/licenses/by/4.0/
dc.subject	Institutional investors	pt_PT
dc.subject	Herding	pt_PT
dc.subject	Style	pt_PT
dc.subject	Portugal	pt_PT
dc.title	On the impact of style investing over institutional herding: evidence from a highly concentrated market	pt_PT
dc.type	journal article
dspace.entity.type	Publication
oaire.citation.endPage	42
oaire.citation.issue	4
oaire.citation.startPage	27
oaire.citation.title	Investment Management and Financial Innovations
oaire.citation.volume	10
person.familyName	Gavriilidis
person.givenName	Konstantinos
person.identifier.orcid	0000-0001-9935-5431
person.identifier.scopus-author-id	55797274000
rcaap.rights	openAccess	pt_PT
rcaap.type	article	pt_PT
relation.isAuthorOfPublication	266125c2-faef-43fa-860b-c81b6a7fd63a
relation.isAuthorOfPublication.latestForDiscovery	266125c2-faef-43fa-860b-c81b6a7fd63a