Article (Scientific journals)
Exploring style herding by mutual funds
Santi, Caterina; Zwinkels, Remco C.J.
2023In Journal of International Financial Markets, Institutions and Money, p. 101762
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Keywords :
Herding; Mutual funds; Asset pricing
Abstract :
[en] We study intentional herding in investment styles by mutual funds, and its consequences. We find that style herding is significant and persistent. Herding tends to increase after periods of high market volatility and decrease with sentiment, consistent with the intentional character of herding. Furthermore, we find that herding is related to changes in market dynamics. Finally, we find that herding in certain styles tends to temporarily increase mutual funds’ performance, whereas it reduces flows. Overall, the results illustrate that intentional herding in styles is prevalent and has important consequences for market dynamics, fund managers, and investors.
Disciplines :
Finance
Author, co-author :
Santi, Caterina  ;  Université de Liège - ULiège > HEC Liège : UER > UER Finance et Droit : International Finance
Zwinkels, Remco C.J. 
Language :
English
Title :
Exploring style herding by mutual funds
Publication date :
March 2023
Journal title :
Journal of International Financial Markets, Institutions and Money
ISSN :
1042-4431
eISSN :
1873-0612
Publisher :
Elsevier BV
Pages :
101762
Peer reviewed :
Peer Reviewed verified by ORBi
Available on ORBi :
since 24 March 2023

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