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Applied Economics Letters Volume 17, 2010 - Issue 15
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Original Articles

Does fund manager herding vary over the business cycle?

Hung-Hsi Huang Graduate Institute of Finance, National Pingtung University of Science and Technology, No. 1, Hseuhfu Rd., Neipu, Pingtung, 91201, Taiwan, ROC
,
Rern-Jay Hung Graduate Institute of Finance, National Pingtung University of Science and Technology, No. 1, Hseuhfu Rd., Neipu, Pingtung, 91201, Taiwan, ROC
,
Ching-Ping Wang Graduate Institute of Commerce, National Kaohsiung University of Applied Sciences, No. 415, Jiangong Rd., Sanmin District, Kaohsiung City, 80778, Taiwan, ROCCorrespondence[email protected]
&
Yuan-Pei Hsieh Department of Business Administration, Southern Taiwan University, No. 1, Nan-Tai Street, Yung-Kang, Taiwan, ROC
Pages 1531-1535 | Published online: 12 Nov 2009

References

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  • Chang , E. C. , Cheng , J. W. and Khorana , A. 2000 . An examination of herd behavior in equity markets: an international perspective . Journal of Banking and Finance , 24 : 1651 – 79 .
  • Falkenstein , E. G. 1996 . Preferences for stock characteristics as revealed by mutual fund portfolio holdings . Journal of Finance , 51 : 111 – 35 .
  • Fama , E. F. and French , K. 1989 . Business conditions and expected returns on stocks and bonds . Journal of Financial Economics , 25 : 23 – 49 .
  • Grinblatt , M. , Titman , S. and Wermers , R. 1995 . Momentum investment strategies, portfolio performance, and herding: a study of mutual fund behavior . American Economic Review , 85 : 1088 – 105 .
  • Kim , W. and Wei , S. 2002 . Foreign portfolio investors before and during a crisis . Journal of International Economics , 56 : 77 – 96 .
  • Lakonishok , J. , Shleifer , A. and Vishny , R. W. 1992 . The impact of institutional trading on stocks prices . Journal of Financial Economics , 32 : 23 – 43 .
  • Nofsinger , J. and Sias , R. 1999 . Herding and feedback trading by institutional and individual investors . Journal of Finance , 54 : 2263 – 95 .
  • Scharfstein , D. S. and Stein , J. C. 1990 . Herd behavior and investment . American Economic Review , 80 : 465 – 79 .
  • Welch , I. 2000 . Herding among security analysts . Journal of Financial Economics , 58 : 369 – 96 .

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