Holmes, P.Kallinterakis, V.Ferreira, M. P. Leite2011-09-092011-09-092010KALLINTERAKIS, V.; FERREIRA, Mário - Herding in a concentrated market: A question of intent. - In EUROPEAN FINANCIAL MANAGEMENT ASSOCIATION (EFMA) – 2010 ANNUAL MEETING, Aarhus, Dinamarca, 23-26 Junho, 2010.http://hdl.handle.net/10400.14/5356Considerable evidence exists that institutions engage in herding. However, the issue of why institutions herd remains unresolved. Using data on monthly holdings in the Portuguese market, we examine the extent to which funds herd over adjacent periods and find clear evidence of herding. Furthermore, we investigate whether or not such behaviour is intentional or spurious. By analysing herding under different market conditions, we conclude it is intentional. Analysis by month-of-the-quarter suggests reputational reasons drive behaviour. Results are consistent with herding interacting with window dressing to determine funds buy and sell decisions.engHerdingWindow dressingInstitutional tradingconference object