Institutional industry herding: Intentional orspurious?
Autor(a) principal: | |
---|---|
Data de Publicação: | 2013 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/14590 |
Resumo: | This paper investigates the extent to which institutional herding atthe industry level is motivated by intent. We assess intent usingboth market and sector states based on three variables (returns;volatility; volume), in order to gauge whether herding intent ismore relevant to conditions prevailing in a sector or the marketas a whole. Using a unique database of quarterly portfolio holdingsof Spanish funds, we produce evidence that institutional herdingin the Spanish market is intentional for most sectors, manifestingitself mainly during periods when the market as a whole or thespecific sector under examination has underperformed, generatedrising/high volatility and exhibited rising/high volume. |
id |
RCAP_3c69bf32222527219c54cbd616eaa145 |
---|---|
oai_identifier_str |
oai:repositorio.ucp.pt:10400.14/14590 |
network_acronym_str |
RCAP |
network_name_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository_id_str |
7160 |
spelling |
Institutional industry herding: Intentional orspurious?Institutional investorsIndustry herdingIntentSpainThis paper investigates the extent to which institutional herding atthe industry level is motivated by intent. We assess intent usingboth market and sector states based on three variables (returns;volatility; volume), in order to gauge whether herding intent ismore relevant to conditions prevailing in a sector or the marketas a whole. Using a unique database of quarterly portfolio holdingsof Spanish funds, we produce evidence that institutional herdingin the Spanish market is intentional for most sectors, manifestingitself mainly during periods when the market as a whole or thespecific sector under examination has underperformed, generatedrising/high volatility and exhibited rising/high volume.ElsevierVeritati - Repositório Institucional da Universidade Católica PortuguesaGavriilidis, KonstantinosKallinterakis, VasileiosFerreira, Mário Pedro2014-06-12T11:54:22Z20132013-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.14/14590engGAVRIILIDIS, Konstantinos; KALLINTERAKIS, VASILEIOS; FERREIRA, Mário Pedro - Institutional industry herding: Intentional orspurious?. Journal of International Financial Markets, Institutions and Money. ISSN 1042-4431. Vol. 26 (2013), p. 192–2141042-443110.1016/j.intfin.2013.05.00884880381711WOS:000324544300011info: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:RCAAP2023-07-12T17:19:06Zoai:repositorio.ucp.pt:10400.14/14590Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:11:37.433236Repositório 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 |
Institutional industry herding: Intentional orspurious? |
title |
Institutional industry herding: Intentional orspurious? |
spellingShingle |
Institutional industry herding: Intentional orspurious? Gavriilidis, Konstantinos Institutional investors Industry herding Intent Spain |
title_short |
Institutional industry herding: Intentional orspurious? |
title_full |
Institutional industry herding: Intentional orspurious? |
title_fullStr |
Institutional industry herding: Intentional orspurious? |
title_full_unstemmed |
Institutional industry herding: Intentional orspurious? |
title_sort |
Institutional industry herding: Intentional orspurious? |
author |
Gavriilidis, Konstantinos |
author_facet |
Gavriilidis, Konstantinos Kallinterakis, Vasileios Ferreira, Mário Pedro |
author_role |
author |
author2 |
Kallinterakis, Vasileios 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 Ferreira, Mário Pedro |
dc.subject.por.fl_str_mv |
Institutional investors Industry herding Intent Spain |
topic |
Institutional investors Industry herding Intent Spain |
description |
This paper investigates the extent to which institutional herding atthe industry level is motivated by intent. We assess intent usingboth market and sector states based on three variables (returns;volatility; volume), in order to gauge whether herding intent ismore relevant to conditions prevailing in a sector or the marketas a whole. Using a unique database of quarterly portfolio holdingsof Spanish funds, we produce evidence that institutional herdingin the Spanish market is intentional for most sectors, manifestingitself mainly during periods when the market as a whole or thespecific sector under examination has underperformed, generatedrising/high volatility and exhibited rising/high volume. |
publishDate |
2013 |
dc.date.none.fl_str_mv |
2013 2013-01-01T00:00:00Z 2014-06-12T11:54:22Z |
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/10400.14/14590 |
url |
http://hdl.handle.net/10400.14/14590 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
GAVRIILIDIS, Konstantinos; KALLINTERAKIS, VASILEIOS; FERREIRA, Mário Pedro - Institutional industry herding: Intentional orspurious?. Journal of International Financial Markets, Institutions and Money. ISSN 1042-4431. Vol. 26 (2013), p. 192–214 1042-4431 10.1016/j.intfin.2013.05.008 84880381711 WOS:000324544300011 |
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 |
Elsevier |
publisher.none.fl_str_mv |
Elsevier |
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_ |
1799131792838492160 |