component of demand that is caused by peer benchmarking. We find that these peer effects generate excess stock return volatility …, peer benchmarking produces an excess in co-movement across stock returns beyond the correlation implied by fundamentals …We estimate the effects of peer benchmarking by institutional investors on asset prices. To identify trades purely due …

pension funds herd and that their herding negatively forecasts stock returns. In contrast, we find no evidence that herding by …

higher arbitrage costs, and stocks experiencing similar changes in weather-induced mood exhibit return comovement. These …

Exiting studies document that institutional herding has a stabilizing effect on stock prices, as stock returns over one …- to three-quarter horizons are positively correlated with herding. The literature also shows that short-term institutions … herding. Our results show that herding by short-term institutions promotes price discovery. In contrast, herding by long …

This paper analyzes the trading activity of Taiwanese open-end equity mutual fund herding behaviour over the period of … 1996 to 2008. We find evidence of both directional and directionless herding. We also find that sell-side fund herding … leads to price stabilization whereas buy side herding results in, prices adjusting slowly. We find that the abolition of …

where institutions herd in the same direction as earnings surprises. In fact, institutional herding is also positively … related to next-quarter earnings announcement returns. We provide evidence that institutional herding on or against earnings …

robust herding behaviour in investments of Dutch PFs. Our findings contradict with some previous evidence and advance the … positive impact on both turnover and herding while it negatively affects the feedback trading …