|
Based on your IP address, your paper is being delivered by:
|
 |
 |
 |
 |
 |
New York, USA
Processing request.
|
Illinois, USA
Processing request.
|
Brussels, Belgium
Processing request.
|
Seoul, Korea
Processing request.
|
California, USA
Processing request.
|
If you have any problems downloading this paper,
please click on another Download Location above, or
File name: SSRN-id296081. ; Size: 443K
|
|
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 CitationHirshleifer, 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
|
| Feedback to SSRN (Beta) |
|
|
People who downloaded this paper also downloaded:
1.
Herd Behavior in Financial Markets: A Review
By
Sushil Bikhchandani
and
Sunil Sharma
2.
An Examination of Herd Behavior in Equity Markets: An International Perspective
By
Ajay Khorana,
Eric Chang, ...
3.
Herd Behavior in Financial Markets: An Experiment with Financial Market Professionals
By
Antonio Guarino
and
Marco Cipriani
4.
A Survey of Behavioral Finance
By
Nicholas Barberis
and
Richard Thaler
5.
A Theory of Overconfidence, Self-Attribution, and Security Market Under- and Over-reactions
By
Kent Daniel,
David Hirshleifer, ...
6.
Do Noise Traders Move Markets?
By
Brad Barber,
Terrance Odean, ...
7.
Herd Behavior and Aggregate Fluctuations in Financial Markets
By
Rama Cont
and
Jean-philippe Bouchaud
8.
Investors' Activity and Trading Behavior
By
Petri Kyrolainen
and
Jukka Perttunen
9.
Rational Herd Behavior and the Globalization of Securities Markets
By
Guillermo Calvo
and
Enrique Mendoza
10.
Study of Herd Behavior Indexes in Brazilian Stock Mutual Funds
By
Bruno Lopau Zulian,
Herbert Kimura, ...
|
|
|
|
