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Recursos bibliográficos en papel y digitales -
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» Resultado: 2 registros
| Registro 1 de 2 | |
| Autor: | Wermers, Russ - |
| Título: | Mutual Fund Herding and the Impact on Stock Prices |
| Fuente: | Journal of Finance. v.54, n.2. American Finance Association |
| Páginas: | pp. 581-622 |
| Año: | Apr. 1999 |
| Resumen: | The author analyzes the trading activity of the mutual fund industry from 1975 through 1994 to determine whether funds ’herd’ when they trade stocks and to investigate the impact of herding on stock prices. Although he finds little herding by mutual funds in the average stock, the author finds much higher levels in trades of small stocks and in trading by growth-oriented funds. Stocks that herds buy outperform stocks that they sell by 4 percent during the following six months; this return difference is much more pronounced among small stocks. The author’s results are consistent with mutual fund herding speeding the price-adjustment process. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
| Registro 2 de 2 | |
| Autor: | Grinblatt, Mark - Titman, Sheridan - Wermers, Russ - |
| Título: | Momentum Investment Strategies, Portfolio Performance, and Herding: A Study of Mutual Fund Behavior |
| Fuente: | American Economic Review. v.85, n.5. American Economic Association |
| Páginas: | pp. 1088-1105 |
| Año: | Dec. 1995 |
| Resumen: | This study analyzes the extent to which mutual funds purchase stocks based on their past returns as well as their tendency to exhibit ’herding’ behavior (i.e., buying and selling the same stocks at the same time). The authors find that 77 percent of the mutual funds were ’momentum investors,’ buying stocks that were past winners; however, most did not systematically sell past losers. On average, funds that invested on momentum realized significantly better performance than other funds. The authors also find relatively weak evidence that funds tended to buy and sell the same stocks at the same time. |
| Solicitar por: | HEMEROTECA A + datos de Fuente |
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