Gavriilidis, KonstantinosKallinterakis, VasileiosFerreira, Mário Pedro2014-06-122014-06-122013GAVRIILIDIS, Konstantinos; KALLINTERAKIS, VASILEIOS; FERREIRA, Mário Pedro - Institutional industry herding: Intentional orspurious?. Journal of International Financial Markets, Institutions and Money. ISSN 1042-4431. Vol. 26 (2013), p. 192–2141042-4431http://hdl.handle.net/10400.14/14590This paper investigates the extent to which institutional herding atthe industry level is motivated by intent. We assess intent usingboth market and sector states based on three variables (returns;volatility; volume), in order to gauge whether herding intent ismore relevant to conditions prevailing in a sector or the marketas a whole. Using a unique database of quarterly portfolio holdingsof Spanish funds, we produce evidence that institutional herdingin the Spanish market is intentional for most sectors, manifestingitself mainly during periods when the market as a whole or thespecific sector under examination has underperformed, generatedrising/high volatility and exhibited rising/high volume.engInstitutional investorsIndustry herdingIntentSpainjournal article10.1016/j.intfin.2013.05.00884880381711WOS:000324544300011