haku: @indexterm capital markets / yhteensä: 931
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| Tekijä: | Hirshleifer, D. Teoh, H. S. |
| Otsikko: | Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis |
| Lehti: | European Financial Management
2003 : MAR, VOL. 9:1, p. 25-66 |
| Asiasana: | INFORMATION LEARNING CAPITAL MARKETS ANALYTICAL REVIEW |
| Kieli: | eng |
| Tiivistelmä: | The authors are influenced by others in almost every activity, and this includes investment and financial transactions. The authors review theory and evidence relating to herd behaviour, payoff and reputational interactions, social learning, and informational cascades in capital markets. The authors offer a simple taxonomy of effects, and evaluate how alternative theories may help explain evidence on the behaviour of investors, firms, and analysts. The authors consider both incentives for parties to engage in herding or cascading, and the incentives for parties to protect against or take advantage of herding or cascading by others. The paper provides a substantial list of references on this subject. |
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