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Cited by 892

The DOI matches its Crossref record; 29 of the 29 references it cites were found in a registry or an index.

Institutional Herding

Open access
Sias, Richard W.·2004·Review of Financial Studies
DOI 10.1093/rfs/hhg035
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Abstract

Institutional investors' demand for a security this quarter is positively correlated with their demand for the security last quarter. These results are attributed to institutional investors following each other into and out of the same securities ("herding")and institutional investors following their own lag trades. Consistent with previous work, we find institutional investors are "momentum" traders. Little of their herding, however, results from momentum trading. Moreover, institutional demand is more strongly related to lag institutional demand than lag returns. Institutional herding declines over time and differs across capitalizations and investor types. Our results are most consistent with the hypothesis that institutional investors herd as a result of inferring information from each other's trades.

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Crossref · 10.1093/rfs/hhg035

Cites

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Citations

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Metadata

Authors
Sias, R. W.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2003-08-11
Volume
17
Issue
1
Pages
165-206
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhg035
OpenAlex
W4251135403
Cited by
892
References
29
FWCI
11.59
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Institutional Herding. https://app.cochat.ai/papers/10.1093/rfs/hhg035
The paper
Sias, R. W. (2004). Institutional Herding. Review of Financial Studies. https://doi.org/10.1093/rfs/hhg035

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.