Does Herding Behavior Reveal Skill? An Analysis of Mutual Fund Performance
We uncover a negative relation between herding behavior and skill in the mutual fund industry. Our new, dynamic measure of fund-level herding captures the tendency of fund managers to follow the trades of the institutional crowd. We find that herding funds underperform their antiherding peers by ove...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Blackwell Publishing Ltd
2018
|
| Online Access: | View Fulltext in Publisher |