Institutional Herding, Business Groups, and Economic Regimes: Evidence from Japan

Kenneth Kim and John R. Nofsinger
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John R. Nofsinger: Washington State University

The Journal of Business, 2005, vol. 78, issue 1, 213-242

Abstract: We study institutional herding in Japan. Japanese firms are primarily owned by financial institutions and other corporations, they may belong to a business group (the keiretsu), and they have experienced several distinct economic regimes in its recent past. Overall, we find herding in Japan occurs on a lower level than in the United States but with a large impact on price movements. The price impact is even greater for keiretsu-affiliated firms. We also find the effects and behavior of institutional herding depends on the economic condition and the regulatory environment.

Date: 2005
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Working Paper: Institutional Herding, Business Groups, and Economic Regimes: Evidence from Japan (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:ucp:jnlbus:v:78:y:2005:i:1:p:213-242

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