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Abstract

We review theory and evidence relating to herd behaviour, payoff and reputationalinteractions, social learning, and informational cascades in capital markets. Weoffer a simple taxonomy of effects, and evaluate how alternative theories may helpexplain evidence on the behavior of investors, firms, and analysts. We considerboth incentives for parties to engage in herding or cascading, and the incentives forparties to protect against or take advantage of herding or cascading by others.



Item Type: MPRA Paper -

Institution: Fisher College of Business, The Ohio State University-

Original Title: Herd Behavior and Cascading in Capital Markets: A Review and Synthesis-

Language: English-

Keywords: herd behavior; informational cascades; social learning; analyst herding; capital markets; financial reporting; behavioral finance; investor psychology; market efficiency-

Subjects: M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M1 - Business Administration > M14 - Corporate Culture ; Diversity ; Social ResponsibilityD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; UnawarenessG - Financial Economics > G1 - General Financial MarketsD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D84 - Expectations ; SpeculationsD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D82 - Asymmetric and Private Information ; Mechanism DesignG - Financial Economics > G1 - General Financial Markets > G14 - Information and Market Efficiency ; Event Studies ; Insider TradingD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D85 - Network Formation and Analysis: TheoryG - Financial Economics > G3 - Corporate Finance and GovernanceG - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; MortgagesG - Financial Economics > G1 - General Financial Markets > G11 - Portfolio Choice ; Investment Decisions-





Autor: Hirshleifer, David

Fuente: https://mpra.ub.uni-muenchen.de/5186/







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