haku: @author Scharfstein, D. S. / yhteensä: 3
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| Tekijä: | Scharfstein, D. S. Stein, J. C. |
| Otsikko: | Herd behavior and investment |
| Lehti: | American Economic Review
1990 : JUN, VOL. 80:3, p. 465-479 |
| Asiasana: | INVESTMENT FINANCIAL MANAGEMENT DECISION MAKING |
| Kieli: | eng |
| Tiivistelmä: | A clear understanding is developed of some of the forces that can lead to herd behaviour. Under certain circumstances, managers simply mimic the investment decisions of other managers, ignoring substantial private information. Though this behaviour is inefficient from a social standpoint, it can be rational from the perspective of managers who are concerned about their reputations in the labour market. A new model, a "learning" model was developed that is most interesting when there is more than one manager, whereas earlier models are single-manager ones. Applications of the new model are discussed for corporate investment, the stock market, and decision making within companies. |
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