The price impact of same- and opposing-direction herding by institutions with different investment horizons

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buir.contributor.authorIqbal, Muhammed Sabeeh
buir.contributor.authorAkdeniz, Levent
buir.contributor.orcidIqbal, Muhammed Sabeeh|0000-0002-6162-4234
buir.contributor.orcidAkdeniz, Levent|0000-0002-8918-2482
dc.citation.epage101692-7en_US
dc.citation.spage101692-1en_US
dc.citation.volumeNumber40en_US
dc.contributor.authorIqbal, Muhammed Sabeeh
dc.contributor.authorSalih, A.
dc.contributor.authorAkdeniz, Levent
dc.date.accessioned2022-02-11T07:52:25Z
dc.date.available2022-02-11T07:52:25Z
dc.date.issued2021-05
dc.departmentDepartment of Managementen_US
dc.description.abstractThis paper examines the price impact of the herding behaviour of short- and long-horizon institutional investors. We categorize the institutional herding as same-side herding when both types of institutions herd on the buy-side or sell- side together and as opposite-side herding when short-horizon institutions buy while the long-horizon institutions sell or vice versa. We find that the previously documented destabilizing impact of long-horizon institutional herding is only observed on opposite-side herding. Moreover, short-horizon institutional herding improves the stock price discovery process confirming the belief that they are more informed.en_US
dc.embargo.release2023-05-31
dc.identifier.doi10.1016/j.frl.2020.101692en_US
dc.identifier.issn1544-6123
dc.identifier.urihttp://hdl.handle.net/11693/77262
dc.language.isoEnglishen_US
dc.publisherAcademic Pressen_US
dc.relation.isversionofhttps://doi.org/10.1016/j.frl.2020.101692en_US
dc.source.titleFinance Research Lettersen_US
dc.subjectLong-term returnsen_US
dc.subjectInstitutional herdingen_US
dc.subjectInvestment horizonen_US
dc.titleThe price impact of same- and opposing-direction herding by institutions with different investment horizonsen_US
dc.typeArticleen_US

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