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Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Institutional industry herding: Intentional or spurious?
Authors: Gavriilidis, Konstantinos
Kallinterakis, Vasileios
Leire-Ferreira, Mario Pedro
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Keywords: Institutional investors
Industry herding
Issue Date: Oct-2013
Publisher: Elsevier
Citation: Gavriilidis K, Kallinterakis V & Leire-Ferreira MP (2013) Institutional industry herding: Intentional or spurious?, Journal of International Financial Markets, Institutions and Money, 26 (1), pp. 192-214.
Abstract: This paper investigates the extent to which institutional herding at the industry level is motivated by intent. We assess intent using both market and sector states based on three variables (returns; volatility; volume), in order to gauge whether herding intent is more relevant to conditions prevailing in a sector or the market as a whole. Using a unique database of quarterly portfolio holdings of Spanish funds, we produce evidence that institutional herding in the Spanish market is intentional for most sectors, manifesting itself mainly during periods when the market as a whole or the specific sector under examination has underperformed, generated rising/high volatility and exhibited rising/high volume.
Type: Journal Article
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Rights: The publisher does not allow this work to be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study.
Affiliation: SMS Management and Support Team
University of Liverpool
Catholic University of Portugal

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