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| Tekijä: | Choi, N. Sias, R. W. |
| Otsikko: | Institutional industry herding |
| Lehti: | Journal of Financial Economics
2009 : DEC, VOL 94:3, p. 469-491 |
| Asiasana: | institutional investors styles investments |
| Kieli: | eng |
| Tiivistelmä: | This article investigates institutional investors' possible tendency to follow each other, investing and selling their investments in the same industries. By examining data on the holdings of institutional investors from 1983 to 2005 the authors find evidence that this institutional industry herding phenomenon indeed exists. For example, cross-sectional correlation between institutional investors buying a specific industry one quarter and investors buying it the previous quarter is 40% on average. Institutional industry herding appears to be driven by correlated signals. |
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