Do mutual funds herd in industries?

被引：43

作者：

Celiker, Umut ^{[1
,2
]}

Chowdhury, Jaideep ^{[3
]}

Sonaer, Gokhan ^{[4
]}

机构：

[1] Virginia Tech, Pamplin Coll Business, Dept Finance Insurance & Business Law, Blacksburg, VA 24061 USA

[2] Ozyegin Univ, Fac Econ & Adm Sci, Istanbul, Turkey

[3] James Madison Univ, Dept Finance & Business Law, Harrisonburg, VA 22807 USA

[4] Duquesne Univ, Palumbo Donahue Sch Business, Dept Finance, Pittsburgh, PA 15282 USA

来源：

JOURNAL OF BANKING & FINANCE | 2015年 / 52卷

关键词：

Herding; Mutual funds; Industry momentum; INFORMATION; IMPACT; PERFORMANCE; PERSISTENCE; RETURNS; MARKET; SALES;

D O I：

10.1016/j.jbankfin.2014.11.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines whether mutual funds herd in industries and the extent to which such herding impacts industry valuations. Using two herding measures proposed by Lakonishok et al. (1992) and Sias (2004) we document that mutual funds herd in industries. We show that industry herding is not driven by fund flows and that it is not a manifestation of individual stock herding. We also find evidence indicating that herding in industries by mutual funds is related to the industry momentum phenomenon first documented by Moskowitz and Grinblatt (1999), but it does not drive industry valuations away from their fundamentals. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：1 / 16

页数：16

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