Do mutual funds herd in industries?

Name: Do mutual funds herd in industries?
Author: Çeliker, Umut, Chowdhury, J., Sonaer, G.

İsim	Do mutual funds herd in industries?
Yazar	Çeliker, Umut, Chowdhury, J., Sonaer, G.
Basım Tarihi:	2015-03
Basım Yeri	- Elsevier
Konu	Herding, Mutual funds, Industry momentum
Tür	Süreli Yayın
Dil	İngilizce
Dijital	Evet
Yazma	Hayır
Kütüphane:	Özyeğin Üniversitesi
Demirbaş Numarası	0378-4266
Kayıt Numarası	418996b8-e3d8-4581-8a3f-44700eddfe70
Lokasyon	International Finance
Tarih	2015-03
Notlar	Due to copyright restrictions, the access to the full text of this article is only available via subscription.
Örnek Metin	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.
DOI	10.1016/j.jbankfin.2014.11.006
Cilt	52

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Do mutual funds herd in industries?

Yazar Çeliker, Umut, Chowdhury, J., Sonaer, G.

Basım Tarihi 2015-03

Basım Yeri - Elsevier

Konu Herding, Mutual funds, Industry momentum

Tür Süreli Yayın

Dil İngilizce

Dijital Evet

Yazma Hayır

Kütüphane Özyeğin Üniversitesi

Demirbaş Numarası 0378-4266

Kayıt Numarası 418996b8-e3d8-4581-8a3f-44700eddfe70

Lokasyon International Finance

Tarih 2015-03

Notlar Due to copyright restrictions, the access to the full text of this article is only available via subscription.

Örnek Metin 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.

DOI 10.1016/j.jbankfin.2014.11.006

Cilt 52