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Abstract(s)
Este trabalho revê e descreve um conjunto de fenómenos de imitação descritos como herding racional e irracional onde os agentes económicos agem de acordo com um padrão comum de ação, motivados por diferentes tipos de impulsos. Através de uma abordagem de revisão literária extensiva é apontada uma perspetiva do tema de herding enquadrada num cenário financeiro atual. No caso do herding racional, este é tipicamente impulsionado por externalidades ligadas á aquisição de informação, reputação, ou liquidez de mercado. Por outro lado, no caso do herding irracional, este é tipicamente impulsionado por enviesamentos naïve dos agentes, especulações inexplicáveis dos preços, ou fenómenos de feedback trading. São ainda analisados atributos com impacto reconhecido neste tipo de fenómenos de imitação como: “modas”, enquadramento logico, capacidade de processamento de informação dos investidores e o caracter individual ou institucional dos agentes económicos que expressam este tipo de comportamento. Conclui-se que os fenómenos de herding, perante um cada vez maior enquadramento regulatório legal e um conjunto de informação pública obrigatória crescente, estão a evoluir cada vez mais numa perspetiva dominante de racionalidade. Este estudo sublinha ainda, algumas evidências encontradas noutros trabalhos e sugere algumas questões a serem tratadas num futuro trabalho.
This work reviews and describes a group of mimicry phenomenons defined as rational and irrational herding, where economic agents act according to a common pattern of action motivated by different kinds of impulses. Through an extensive literature review approach is pointed out a current financial scene framed herding perspective. On one hand rational herding is typically driven by externalities linked to information acquisition, reputation or market liquidity. On the other hand, irrational herding is typically driven by naïve biases, inexplicable price speculation or feedback trading phenomenon. Furthermore, it is analyzed different variables with recognized impact on this kind mimicking phenomenon, namely: trends, logic framing, investor’s informational processing capabilities and individual or institutional features of economic agents that embody this kind of behavior. We conclude that herding phenomenons faced with an increasing legal regulatory framing and a growing number of mandatory public information are evolving towards a dominant rationality. This paper also highlights some breakthroughs described on other works and spot some issues to be addressed in a future research.
This work reviews and describes a group of mimicry phenomenons defined as rational and irrational herding, where economic agents act according to a common pattern of action motivated by different kinds of impulses. Through an extensive literature review approach is pointed out a current financial scene framed herding perspective. On one hand rational herding is typically driven by externalities linked to information acquisition, reputation or market liquidity. On the other hand, irrational herding is typically driven by naïve biases, inexplicable price speculation or feedback trading phenomenon. Furthermore, it is analyzed different variables with recognized impact on this kind mimicking phenomenon, namely: trends, logic framing, investor’s informational processing capabilities and individual or institutional features of economic agents that embody this kind of behavior. We conclude that herding phenomenons faced with an increasing legal regulatory framing and a growing number of mandatory public information are evolving towards a dominant rationality. This paper also highlights some breakthroughs described on other works and spot some issues to be addressed in a future research.
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Keywords
Herding Racional Irracional Institucional Regulamentação Rational Irrational Institutional Regulation