Abstract

http://ssrn.com/abstract=228343
 
 

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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?

Number of Pages in PDF File: 33

Keywords: Herd behavior, momentum strategies, financial markets

JEL Classification: G1, G2, F4

working papers series


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Date posted: June 28, 2000  

Suggested Citation

Bikhchandani, Sushil and Sharma, Sunil, Herd Behavior in Financial Markets: A Review (March 2000). IMF Working Paper No. 00/48. Available at SSRN: http://ssrn.com/abstract=228343 or http://dx.doi.org/10.2139/ssrn.228343

Contact Information

Sushil Bikhchandani
University of California, Los Angeles - Anderson School of Management ( email )
Policy Area
110 Westwood Plaza
Los Angeles, CA 90095
United States
310-206-2686 (Phone)
310-825-1581 (Fax)
Sunil Sharma (Contact Author)
International Monetary Fund (IMF) ( email )
IMF-Singapore Regional Training Institute
10 Shenton Way, #14-03
Singapore, 079117
Singapore
+65-62255311 (Phone)
+65-62256080 (Fax)
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