914
Views
0
CrossRef citations to date
0
Altmetric
Original Articles

Does a scopic regime produce conformism? Herding behavior among trade leaders on social trading platforms

&
Pages 1144-1175 | Received 16 Oct 2015, Accepted 06 Nov 2017, Published online: 04 Dec 2017

References

  • Arouri, M. E. H., R. Bellando, S. Ringuedé, and A.-G. Vaubourg. 2013. “Herding in French Stock Markets: Empirical Evidence from Equity Mutual Funds.” Bankers, Markets & Investors 127: 42–58.
  • Barber, B. M., and T. Odean. 2008. “All that Glitters: The effect of Attention and News on the Buying Behavior of Individual and Institutional Investors.” Review of Financial Studies 21 (2): 785–818. doi: 10.1093/rfs/hhm079
  • Barber, B. M., T. Odean, and N. Zhu. 2009. “Systematic Noise.” Journal of Financial Markets 12 (4): 547–569. doi: 10.1016/j.finmar.2009.03.003
  • Bellando, R. 2012. “The Bias in a Standard Measure of Herding.” Economics Bulletin 32 (2): 1537–1544.
  • Bikhchandani, S., D. Hirshleifer, and I. Welch. 1992. “A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades.” Journal of Political Economy 100 (5): 992–1026. doi: 10.1086/261849
  • Bikhchandani, S., and S. Sharma. 2000. “Herd Behavior in Financial Markets.” IMF Staff Papers 47 (3): 279–310.
  • Borensztein, E., and G. Gelos. 2003. “A Panic-Prone Pack? the Behavior of Emerging Market Mutual Funds.” IMF Staff Papers 50 (1): 43–63.
  • Boyson, N. M. 2010. “Implicit Incentives and Reputational Herding by Hedge Fund Managers.” Journal of Empirical Finance 17 (3): 283–299. doi: 10.1016/j.jempfin.2009.10.005
  • Dasgupta, A., and A. Prat. 2008. “Information Aggregation in Financial Markets with Career Concerns.” Journal of Economic Theory 143 (1): 83–113. doi: 10.1016/j.jet.2008.01.005
  • De Bondt, W. F. 1993. “Betting on Trends: Intuitive Forecasts of Financial Risk and Return.” International Journal of Forecasting 9 (3): 355–371. doi: 10.1016/0169-2070(93)90030-Q
  • De Long, J. B., A. Shleifer, L. H. Summers, and R. J. Waldmann. 1990. “Noise Trader Risk in Financial Markets.” Journal of Political Economy 98 (4): 703–738. doi: 10.1086/261703
  • De Long, B., A. Shleifer, L. Summers, and R. Waldmann. 1991. “The Survival of Noise Traders in Financial Markets.” Journal of Business 64 (1): 1–19. doi: 10.1086/296523
  • Doering, P., S. Neumann, and S. Paul. 2015. “A Primer on Social Trading Networks – Institutional Aspects and Empirical Evidence.” Working Paper, Presented at EFMA Annual Meetings.
  • Dorn, D., G. Huberman, and P. Sengmueller. 2008. “Correlated Trading and Returns.” Journal of Finance 63 (2): 885–920. doi: 10.1111/j.1540-6261.2008.01334.x
  • Falkenstein, E. G.. 1996. “Preferences for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings.” Journal of Finance 51 (1): 111–135. doi: 10.1111/j.1540-6261.1996.tb05204.x
  • Fama, E. F.. 1998. “Market Efficiency, Long-Term Returns, and Behavioral Finance.” Journal of Financial Economics 49 (3): 283–306. doi: 10.1016/S0304-405X(98)00026-9
  • Frey, S., P. Herbst, and A. Walter. 2014. “Measuring Mutual Fund Herding — a Structural Approach.” Journal of International Financial Markets, Institutions and Money 32: 219–239. doi: 10.1016/j.intfin.2014.05.006
  • Gebka, B., and M. E. Wohar. 2013. “International Herding: Does it Differ Across Sectors?” Journal of International Financial Markets, Institutions & Money 23: 55–84. doi: 10.1016/j.intfin.2012.09.003
  • Goodhart, C.. 1988. “The Foreign Exchange Market: A Random Walk with a Dragging Anchor.” Economica 55 (220): 437–460. doi: 10.2307/2553908
  • Graham, J. R.. 1999. “Herding Among Investment Newsletters: Theory and Evidence.” Journal of Finance 54 (1): 237–268. doi: 10.1111/0022-1082.00103
  • Griffin, J. M., J. H. Harris, and S. Topaloglu. 2003. “The Dynamics of Institutional and Individual Trading.” The Journal of Finance 58 (6): 2285–2320. doi: 10.1046/j.1540-6261.2003.00606.x
  • Grinblatt, M., S. Titman, and R. Wermers. 1995. “Momentum Investment Strategies, Portfolio Performance, and Herding: A Study of Mutual Fund Behavior.” American Economic Review 85 (5): 1088–1105.
  • Gümbel, A. 2005. “Herding in Delegated Portfolio Management: When is Comparative Performance Information Desirable?” European Economic Review 49 (3): 599–626. doi: 10.1016/j.euroecorev.2003.08.009
  • Hirshleifer, D., and S. Hong Teoh. 2003. “Herd Behaviour and Cascading in Capital Markets: A Review and Synthesis.” European Financial Management 9 (1): 25–66. doi: 10.1111/1468-036X.00207
  • Hirshleifer, D., and G. Y. Luo. 2001. “On the Survival of Overconfident Traders in a Competitive Securities Market.” Journal of Financial Markets 4 (1): 73–84. doi: 10.1016/S1386-4181(00)00014-8
  • Hirshleifer, D., A. Subrahmanyam, and S. Titman. 1994. “Security Analysis and Trading Patterns when Some Investors Receive Information Before Others.” Journal of Finance 49 (5): 1665–1698. doi: 10.1111/j.1540-6261.1994.tb04777.x
  • Huber, J., M. Kirchler, and T. Stöckl. 2010. “The Hot Hand Belief and the Gambler'S Fallacy in Investment Decisions Under Risk.” Theory and Decision 68 (4): 445–462. doi: 10.1007/s11238-008-9106-2
  • Knorr Cetina, K. 2003. “From Pipes to Scopes: The Flow Architecture of Financial Markets.” Distinktion: Scandinavian Journal of Social Theory 4 (2): 7–23. doi: 10.1080/1600910X.2003.9672857
  • Kremer, S., and D. Nautz. 2013. “Short-Term Herding of Institutional Traders: New Evidence from the German Stock Market.” European Financial Management 19 (4): 730–746. doi: 10.1111/j.1468-036X.2011.00607.x
  • Lakonishok, J., A. Shleifer, and R. W. Vishny. 1992. “The Impact of Institutional Trading on Stock Prices.” Journal of Financial Economics 32 (1): 23–43. doi: 10.1016/0304-405X(92)90023-Q
  • Lobao, J., and A. P. Serra. 2007. “Herding Behaviour: Evidence from Portuguese Mutual Funds.” In Diversification and Portfolio Management of Mutual Funds, edited by G. N. Gregoriou, 167–197. New York: Springer.
  • Lyons, R. K. 1997. “A Simultaneous Trade Model of the Foreign Exchange Hot Potato.” Journal of International Economics 42 (3): 275–298. doi: 10.1016/S0022-1996(96)01471-7
  • Lyons, R. K. 2001. The Microstructure Approach to Exchange Rates. Cambridge, MA: MIT Press.
  • Marsh, I. W., and C. O'Rourke. 2005. “Customer Order Flow and Exchange Rate Movements: is there Really Information Content?” Unpublished paper, Cass Business School.
  • Maug, E., and N. Naik. 2011. “Herding and Delegated Portfolio Management: The Impact of Relative Performance Evaluation on Asset Allocation.” Quarterly Journal of Finance 1 (2): 265–292. doi: 10.1142/S2010139211000092
  • Merli, M., and T. Roger. 2013. “What Drives the Herding Behavior of Individual Investors?” Finance 34 (3): 67–104.
  • Nolte, I., and S. Nolte. 2012. “How do Individual Investors Trade?” The European Journal of Finance 18 (10): 921–947. doi: 10.1080/1351847X.2011.601647
  • Nolte, I., and S. Nolte. 2016. “The Information Content of Retail Investors' Order Flow.” The European Journal of Finance 22 (2): 80–104. doi: 10.1080/1351847X.2014.963633
  • Norman, D. J. 2009. CFDs: The Definitive Guide to Contracts for Difference. Petersfield: Harriman House Limited.
  • Odean, T. 1998. “Are Investors Reluctant to Realize their Losses?” Journal of Finance 53 (5): 1775–1798. doi: 10.1111/0022-1082.00072
  • Odean, T. 1999. “Do Investors Trade Too Much?” American Economic Review 89 (5): 1279–1298. doi: 10.1257/aer.89.5.1279
  • Oehler, A., M. Rummer, and S. Wendt. 2008. “Portfolio Selection of German Investors: On the Causes of Home-Biased Investment Decisions.” Journal of Behavioral Finance 9 (3): 149–162. doi: 10.1080/15427560802341434
  • Scharfstein, D. S., and J. C. Stein. 1990. “Herd Behavior and Investment.” American Economic Review 80 (3): 465–479.
  • Sias, R. W. 2004. “Institutional Herding.” Review of Financial Studies 17 (1): 165–206. doi: 10.1093/rfs/hhg035
  • Tversky, A., and D. Kahneman. 1974. “Judgment Under Uncertainty: Heuristics and Biases.” Science (New York, N.Y.) 185 (4157): 1124–1131. doi: 10.1126/science.185.4157.1124
  • Viet, D., G. Tan, and P. Westerholm. 2008. “Correlated Trading in Concentrated Market.” Journal of International Finance and Economics 8 (4): 148–163.
  • Voronkova, S., and M. T. Bohl. 2005. “Institutional Traders' Behavior in an Emerging Stock Market: Empirical Evidence on Polish Pension Fund Investors.” Journal of Business Finance & Accounting 32 (7): 1537–1560. doi: 10.1111/j.0306-686X.2005.00639.x
  • Walter, A., and F. Moritz Weber. 2006. “Herding in the German Mutual Fund Industry.” European Financial Management 12 (3): 375–406. doi: 10.1111/j.1354-7798.2006.00325.x
  • Welch, I. 1992. “Sequential Sales, Learning, and Cascades.” Journal of Finance 47 (2): 695–732. doi: 10.1111/j.1540-6261.1992.tb04406.x
  • Wermers, R. 1999. “Mutual Fund Herding and the Impact on Stock Prices.” Journal of Finance 54 (2): 581–622. doi: 10.1111/0022-1082.00118
  • Wylie, S. 2005. “Fund Manager Herding: A Test of the Accuracy of Empirical Results using UK Data.” Journal of Business 78 (1): 381–403. doi: 10.1086/426529

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.