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Herd Behavior in Financial Markets: A Review
Sushil Bikhchandani University of California, Los Angeles - Anderson School of Management Sunil Sharma International Monetary Fund (IMF) March 2000 IMF Working Paper No. 00/48 Abstract: Policymakers often express concern that herding by financial market participants destabilizes markets and increases the fragility of the financial system. This paper provides an overview of the recent theoretical and empirical research on herd behavior in financial markets. It addresses the following questions: What precisely do we mean by herding? What could be the causes of herd behavior? What success have existing studies had in identifying such behavior? And what effect does herding have on financial markets?
Keywords: Herd behavior, momentum strategies, financial markets JEL Classifications: G1, G2, F4 Working Paper SeriesDate posted: June 28, 2000 ; Last revised: December 14, 2005Suggested CitationContact Information
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