|
|
|
|
| LEADER |
01193nam a2200145Ia 4500 |
| 001 |
10.1111-jofi.12699 |
| 008 |
220706s2018 CNT 000 0 und d |
| 020 |
|
|
|a 00221082 (ISSN)
|
| 245 |
1 |
0 |
|a Does Herding Behavior Reveal Skill? An Analysis of Mutual Fund Performance
|
| 260 |
|
0 |
|b Blackwell Publishing Ltd
|c 2018
|
| 856 |
|
|
|z View Fulltext in Publisher
|u https://doi.org/10.1111/jofi.12699
|
| 520 |
3 |
|
|a 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 over 2% per year. Differences in skill drive this performance gap: Antiherding funds make superior investment decisions even on stocks not heavily traded by institutions, and can anticipate the trades of the crowd; furthermore, the herding-antiherding performance gap is persistent, wider when skill is more valuable, and larger among managers with stronger career concerns. © 2018 the American Finance Association
|
| 700 |
1 |
|
|a Jiang, H.
|e author
|
| 700 |
1 |
|
|a Verardo, M.
|e author
|
| 773 |
|
|
|t Journal of Finance
|
