کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5088734 1478323 2015 53 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Do mutual funds herd in industries?
ترجمه فارسی عنوان
آیا گاو سرمایه گذاری های متقابل در صنایع؟
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
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.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 52, March 2015, Pages 1-16
نویسندگان
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