To Be Good or To Be Better:Asset Managers' Attitudes Towards Herding

Based on a questionnaire survey the paper distinguishes between herdingasset managers who try to be good and non-herding asset managers who try to bebetter than their competitors. It provides evidence for reputational herding anddiscusses herding managers' working effort, preferred sources of information andinvestment horizon. Additionally, their risk taking behavior including their investmentbehavior in short-term tournament scenarios is analyzed.[...]