Herding in financial markets: a review of the literature

Spyros Spyrou

Review of Behavioral Finance, 2013, vol. 5, issue 2, 175-194

Abstract: Purpose - – The purpose of this paper is to provide a review of theory and empirical evidence on herding behavior in financial markets. Design/methodology/approach - – Review and discussion of the literature. Findings - – More than two decades of empirical and theoretical research have provided a significant insight on investor herding behavior. Research limitations/implications - – The discussion indicates that there are still open issues and areas with inconclusive evidence, e.g. the author knows relatively little for markets other than equity markets. Practical implications - – The paper may need empirical methodologies to evaluate herding that address current limitations. Originality/value - – The paper reviews recent empirical evidence and identifies open issues for future research.

Keywords: Herding; Analyst recommendations; Institutional investors (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (70)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:rbfpps:v:5:y:2013:i:2:p:175-194

DOI: 10.1108/RBF-02-2013-0009

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