We examine both market herding and industrial herding in the Hong Kong stock market. Our results find evidence that … and low trading-volatility states after controlling for CSAD volatility. In addition, industrial herding remains even when …

towards the stocks in the same industry; identify the causes of industrial herding; analyze whether herding behavior impacts … future industrial returns; and trace the changing pattern of industrial herding, especially during the 2007-2008 financial … base. It identifies the causes and impacts of foreign institutional industrial herding from the outlook of information …

towards the stocks in the same industry; identify the causes of industrial herding; analyze whether herding behavior impacts … future industrial returns; and trace the changing pattern of industrial herding, especially during the 2007‐2008 financial … base. It identifies the causes and impacts of foreign institutional industrial herding from the outlook of information …