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| Tekijä: | Nofsinger, J. Sias, R. |
| Otsikko: | Herding and feedback trading by institutional and individual investors |
| Lehti: | Journal of Finance
1999 : DEC, VOL. 54:6, p. 2263-2295 |
| Asiasana: | FINANCE TRADE INVESTORS |
| Kieli: | eng |
| Tiivistelmä: | The authors document strong positive correlation between changes in institutional ownership and returns measured over the same period. The result suggests that either institutional investors positive-feedback trade more than individual investors or institutional herding impacts prices more than herding by individual investors. The authors find evidence that both factors play a role in explaining the relation. |
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