Please use this identifier to cite or link to this item:
Full metadata record
DC FieldValueLanguage
dc.contributor.authorEconomou, Fotinien_UK
dc.contributor.authorGavriilidis, Konstantinosen_UK
dc.contributor.authorKallinterakis, Vasileiosen_UK
dc.contributor.authorYordanov, Nikolayen_UK
dc.description.abstractFrontier markets constitute a category of markets for which very little is known regarding the behaviour of their institutional investors. This study attempts to shed light on this issue by investigating whether fund managers herd in frontier markets and whether their herding is intentional or not using data on quarterly portfolio holdings of funds from two such markets (Bulgaria and Montenegro). Results show that fund managers herd significantly in both markets; controlling for the interaction of their herding with different market states, we find that herding is stronger for both markets during periods of positive market performance and high volume, while in the case of Montenegro it also appears significant during periods of low volatility. Our findings are consistent with fund managers herding intentionally, in anticipation of informational and/or professional payoffs. We also find that Bulgarian (Montenegrin) fund managers herd significantly after (before) the outbreak of the 2008 global financial crisis and we attribute this to a volume-effect, since Montenegro (Bulgaria) saw the heaviest trading activity before (after) the crisis' outbreak.en_UK
dc.relationEconomou F, Gavriilidis K, Kallinterakis V & Yordanov N (2015) Do Fund Managers Herd in Frontier Markets – and Why?, International Review of Financial Analysis, 40, pp. 76-87.
dc.rightsThis item has been embargoed for a period. During the embargo 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. Accepted refereed manuscript of: Economou F, Gavriilidis K, Kallinterakis V & Yordanov N (2015) Do Fund Managers Herd in Frontier Markets – and Why?, International Review of Financial Analysis, 40, pp. 76-87. DOI: 10.1016/j.irfa.2015.03.017 © 2015, Elsevier. Licensed under the Creative Commons Attribution- NonCommercial-NoDerivatives 4.0 International
dc.subjectmutual fundsen_UK
dc.subjectfrontier marketsen_UK
dc.titleDo Fund Managers Herd in Frontier Markets – and Why?en_UK
dc.typeJournal Articleen_UK
dc.rights.embargoreason[EGKY2015IRFA.pdf] : Publisher requires embargo of 18 months after formal publication.en_UK
dc.citation.jtitleInternational Review of Financial Analysisen_UK
dc.type.statusAM - Accepted Manuscripten_UK
dc.contributor.affiliationOpen University of Cyprusen_UK
dc.contributor.affiliationAccounting & Financeen_UK
dc.contributor.affiliationUniversity of Liverpoolen_UK
dc.contributor.affiliationErnst and Young Global Limiteden_UK
dc.description.refREF Compliant by Deposit in Stirling's Repositoryen_UK
Appears in Collections:Accounting and Finance Journal Articles

Files in This Item:
File Description SizeFormat 
EGKY2015IRFA.pdfFulltext - Accepted Version; : EGKY2015IRFA674 kBAdobe PDFView/Open

This item is protected by original copyright

Items in the Repository are protected by copyright, with all rights reserved, unless otherwise indicated.

If you believe that any material held in STORRE infringes copyright, please contact providing details and we will remove the Work from public display in STORRE and investigate your claim.