This study examines investor herding behavior in Pacific-Basin equity markets. Results indicate that the level of … herding is time-varying, and is present in both rising and falling markets. It is positively related to stock market … performance, but negatively related to market volatility. Herding estimates across markets are positively correlated, signifying …

these lines reveals a strong role for a (tamed) herding component. The quantitative performance of the winner model is so … good that it may provide a standard for future research. -- Method of simulated moments ; moment coverage ratio ; herding …

and chartists, comprises four features: (i) price determination by excess demand; (ii) a herding mechanism that gives rise …

This study investigates the cross-market interdependence among Asia-Pacific countries through dynamic herding spillover … are China, Japan, South Korea, India, the US, and Thailand. Results of the study depict herding spillover and co … herding co-movement is evident between the US-Japan, Japan-South Korea and South Korea-China during various contagious events …

herding behavior and market risk. Moreover, speculators' orders depend on price trends, market misalignments and fundamental … news. Using a mix of analytical and numerical tools, we show that a herding-induced market entry wave may amplify excess …

We study the price impact of daily institutional herding induced by information events. Using analyst recommendation … changes as a proxy, we find that institutional herding on recommendation changes is short–lived. Daily institutional herding …, on average, destabilizes price. However, herding accompanied by information arrival has the opposite effect. We find no …

We measure herding of trading activities by regressing individual order imbalances on market wide, industry wide, and … to order imbalances. Investors demand compensations for herding. A 1% increase in the degree of herding this year …

This paper employs numerical simulations of the Park and Sabourian (2011) herd model to derive new theory …-based predictions for how information risk and market stress influence aggregate herding intensity. We test these predictions … sell herding. The model also explains why buy, not sell, herding is more pronounced during the financial crisis. …

We document that institutional herding behavior is associated with analyst target price revisions even after … institutional herding. Institutional investors tend to buy the same stocks following an upward target price revision and sell the … pronounced for herding among investment firms …