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http://hdl.handle.net/1893/16447| Appears in Collections: | Accounting and Finance Journal Articles |
| Peer Review Status: | Refereed |
| Title: | Institutional industry herding: Intentional or spurious? |
| Author(s): | Gavriilidis, Konstantinos Kallinterakis, Vasileios Leire-Ferreira, Mario Pedro |
| Contact Email: | konstantinos.gavriilidis@stir.ac.uk |
| Keywords: | Institutional investors Industry herding Intent Spain |
| Issue Date: | Oct-2013 |
| Date Deposited: | 9-Aug-2013 |
| 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. https://doi.org/10.1016/j.intfin.2013.05.008 |
| 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. |
| DOI Link: | 10.1016/j.intfin.2013.05.008 |
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| Licence URL(s): | http://www.rioxx.net/licenses/under-embargo-all-rights-reserved |
| File | Description | Size | Format | |
|---|---|---|---|---|
| Institutional industry herding.pdf | Fulltext - Published Version | 631.06 kB | Adobe PDF | Under Embargo until 3000-01-01 Request a copy |
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