Herd Behavior and Investment: Comment

Marco Ottaviani · Peter Norman Sørensen

107 citations0/0 files storedAmerican Economic Review

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Financial Markets and Investment Strategies Decision-Making and Behavioral Economics Game Theory and Applications

Abstract

Paper (i) uncovers the close connection between reputational and statistical herding and (ii) shows that reputational cascades also result when better informed agents do not have access to signals that are more positively correlated conditional on the state.

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References

2019American Economic Review 1992A Simple Model of Herd Behavior 1982Strategic Information Transmission 1999Managerial Incentive Problems: A Dynamic Perspective 1988Herd Behavior and Investment 2000Security Analysts' Career Concerns and Herding of Earnings Forecasts 1994Analyst Forecasts and Herding Behavior:2003Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis

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2005Intelligence Failures: An Organizational Economics Perspective 2003Anti-herding and strategic consultation 2004Policy Gambles 2010From the new institutional economics to organization economics: with applications to corporate governance, government agencies, and legal institutions 2024Information Cascades and Social Learning 2013Forecasters’ Objectives and Strategies 2023Peer effects in financial economics: A literature survey

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