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Herd Behavior and Cascading in Capital Markets: A Review and SynthesisDavid A. HirshleiferUniversity of California, Irvine - Paul Merage School of Business Siew Hong TeohUniversity 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 seriesDate posted: January 10, 2002Suggested CitationContact Information
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