On the impact of style investing over institutional herding: evidence from a highly concentrated market
Main Author: | |
---|---|
Publication Date: | 2013 |
Other Authors: | , |
Format: | Article |
Language: | eng |
Source: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Download full: | http://hdl.handle.net/10400.14/20295 |
Summary: | Fund managers have been found to herd significantly in major international markets, with evidence suggesting that style investing reinforces their herding. However, research to date has not explored the herding-style relationship in highly concentrated markets, despite the impact that market concentration can confer over this relationship. This study investigates this issue in the context of Portugal using monthly funds’ portfolio-holdings and documents evidence suggesting the significant temporal dependence of monthly institutional demand which is for the most part due to herding. The significance of this dependence remains robust when controlling for several styles, as well as accounting for the entry of Portugal into the EURONEXT and the outbreak of the ongoing global crisis. Combining the above with the limited evidence of significance in the presence of the styles controlled for, the authors conclude that Portuguese fund managers herd significantly without style affecting their herding. |
id |
RCAP_462b56559d1ae74696c40f7a82b9c943 |
---|---|
oai_identifier_str |
oai:repositorio.ucp.pt:10400.14/20295 |
network_acronym_str |
RCAP |
network_name_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository_id_str |
7160 |
spelling |
On the impact of style investing over institutional herding: evidence from a highly concentrated marketInstitutional investorsHerdingStylePortugalFund managers have been found to herd significantly in major international markets, with evidence suggesting that style investing reinforces their herding. However, research to date has not explored the herding-style relationship in highly concentrated markets, despite the impact that market concentration can confer over this relationship. This study investigates this issue in the context of Portugal using monthly funds’ portfolio-holdings and documents evidence suggesting the significant temporal dependence of monthly institutional demand which is for the most part due to herding. The significance of this dependence remains robust when controlling for several styles, as well as accounting for the entry of Portugal into the EURONEXT and the outbreak of the ongoing global crisis. Combining the above with the limited evidence of significance in the presence of the styles controlled for, the authors conclude that Portuguese fund managers herd significantly without style affecting their herding.LLC “Consulting Publishing Company “Business Perspectives”Veritati - Repositório Institucional da Universidade Católica PortuguesaGavriilidis, KonstantinosKallinterakis, VasileiosLeire-Ferreira, Mário Pedro2016-06-27T16:51:22Z20132013-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.14/20295engGAVRIILIDIS, Konstantinos ; KALLINTERAKIS, Vasileios ; FERREIRA, Mário Pedro - On the Impact of Style Investing over Institutional Herding: Evidence from a Highly Concentrated Market. Investment Management and Financial Innovations. ISSN 1812-9358. Vol. 10, n.º 4 (2013), p. 8-231810-49671812-9358info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:25:16Zoai:repositorio.ucp.pt:10400.14/20295Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:16:07.919765Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
On the impact of style investing over institutional herding: evidence from a highly concentrated market |
title |
On the impact of style investing over institutional herding: evidence from a highly concentrated market |
spellingShingle |
On the impact of style investing over institutional herding: evidence from a highly concentrated market Gavriilidis, Konstantinos Institutional investors Herding Style Portugal |
title_short |
On the impact of style investing over institutional herding: evidence from a highly concentrated market |
title_full |
On the impact of style investing over institutional herding: evidence from a highly concentrated market |
title_fullStr |
On the impact of style investing over institutional herding: evidence from a highly concentrated market |
title_full_unstemmed |
On the impact of style investing over institutional herding: evidence from a highly concentrated market |
title_sort |
On the impact of style investing over institutional herding: evidence from a highly concentrated market |
author |
Gavriilidis, Konstantinos |
author_facet |
Gavriilidis, Konstantinos Kallinterakis, Vasileios Leire-Ferreira, Mário Pedro |
author_role |
author |
author2 |
Kallinterakis, Vasileios Leire-Ferreira, Mário Pedro |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Gavriilidis, Konstantinos Kallinterakis, Vasileios Leire-Ferreira, Mário Pedro |
dc.subject.por.fl_str_mv |
Institutional investors Herding Style Portugal |
topic |
Institutional investors Herding Style Portugal |
description |
Fund managers have been found to herd significantly in major international markets, with evidence suggesting that style investing reinforces their herding. However, research to date has not explored the herding-style relationship in highly concentrated markets, despite the impact that market concentration can confer over this relationship. This study investigates this issue in the context of Portugal using monthly funds’ portfolio-holdings and documents evidence suggesting the significant temporal dependence of monthly institutional demand which is for the most part due to herding. The significance of this dependence remains robust when controlling for several styles, as well as accounting for the entry of Portugal into the EURONEXT and the outbreak of the ongoing global crisis. Combining the above with the limited evidence of significance in the presence of the styles controlled for, the authors conclude that Portuguese fund managers herd significantly without style affecting their herding. |
publishDate |
2013 |
dc.date.none.fl_str_mv |
2013 2013-01-01T00:00:00Z 2016-06-27T16:51:22Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/20295 |
url |
http://hdl.handle.net/10400.14/20295 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
GAVRIILIDIS, Konstantinos ; KALLINTERAKIS, Vasileios ; FERREIRA, Mário Pedro - On the Impact of Style Investing over Institutional Herding: Evidence from a Highly Concentrated Market. Investment Management and Financial Innovations. ISSN 1812-9358. Vol. 10, n.º 4 (2013), p. 8-23 1810-4967 1812-9358 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
LLC “Consulting Publishing Company “Business Perspectives” |
publisher.none.fl_str_mv |
LLC “Consulting Publishing Company “Business Perspectives” |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
|
_version_ |
1799131843766779904 |