Institutional industry herding: Intentional orspurious?

Detalhes bibliográficos
Autor(a) principal: Gavriilidis, Konstantinos
Data de Publicação: 2013
Outros Autores: Kallinterakis, Vasileios, Ferreira, Mário Pedro
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.
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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
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