Abstract

http://ssrn.com/abstract=296081
 
 

Citations (82)



 
 

Footnotes (29)



 


 



Herd Behavior and Cascading in Capital Markets: A Review and Synthesis


David A. Hirshleifer


University of California, Irvine - Paul Merage School of Business

Siew Hong Teoh


University of California - Paul Merage School of Business

December 19, 2001

Dice Center Working Paper No. 2001-20

Abstract:     
We review theory and evidence relating to herd behavior, payoff and reputational interactions, social learning, and informational cascades in capital markets. We offer a simple taxonomy of effects, and evaluate how alternative theories may help explain evidence on the behavior of investors, firms, and analysts. We consider both incentives for parties to engage in herding or cascading, and the incentives for parties to protect against or take advantage of herding or cascading by others.

Number of Pages in PDF File: 58

JEL Classification: G11, G12, G14, G15, G31, M41

working papers series





Download This Paper

Date posted: January 10, 2002  

Suggested Citation

Hirshleifer, David A. and Teoh, Siew Hong, Herd Behavior and Cascading in Capital Markets: A Review and Synthesis (December 19, 2001). Dice Center Working Paper No. 2001-20. Available at SSRN: http://ssrn.com/abstract=296081 or http://dx.doi.org/10.2139/ssrn.296081

Contact Information

David A. Hirshleifer (Contact Author)
University of California, Irvine - Paul Merage School of Business ( email )
Irvine, CA California 92697-3125
United States
Siew Hong Teoh
University of California - Paul Merage School of Business ( email )
Irvine, CA California 92697-3125
United States
Feedback to SSRN


Paper statistics
Abstract Views: 8,703
Downloads: 2,883
Download Rank: 1,852
Citations:  82
Footnotes:  29

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo7 in 0.281 seconds