The Price Impact of Institutional Herding

We develop a simple model of the price impact of institutional herding. The empirical literature indicates that institutional herding positively predicts short-term returns but negatively predicts long-term returns. We offer a theoretical resolution to this dichotomy. In our model, career-concerned...

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Veröffentlicht in:	The Review of financial studies 2011-03, Vol.24 (3), p.892-925
Hauptverfasser:	Dasgupta, Amil, Prat, Andrea, Verardo, Michela
Format:	Artikel
Sprache:	eng
Schlagworte:	Asset management Economic theory Empirical evidence Equilibrium Financial theory Herding Herds Institutional investments Institutions Investment advisors Investment returns Investors Liquidation value Market prices Modelling Price momentum Public image management Rates of return Securities trading Strategic management Studies Time series Trade
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