The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Herding and Feedback Trading by Institutional and Individual Investors
Abstract
We document strong positive correlation between changes in institutional ownership and returns measured over the same period. The result suggests that either institutional investors positive‐feedback trade more than individual investors or institutional herding impacts prices more than herding by individual investors. We find evidence that both factors play a role in explaining the relation. We find no evidence, however, of return mean‐reversion in the year following large changes in institutional ownership—stocks institutional investors purchase subsequently outperform those they sell. Moreover, institutional herding is positively correlated with lag returns and appears to be related to stock return momentum.
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Cites
Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency
JEGADEESH, N., & TITMAN, S. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04702.x · Cited by 11,584
Preferences for Stock Characteristics As Revealed by Mutual Fund Portfolio Holdings
FALKENSTEIN, E. G. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb05204.x · Cited by 1,058
Cited by
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Odean, T. (1999) · American Economic Review · doi:10.1257/aer.89.5.1279 · Cited by 2,247
Grinblatt, M., & Keloharju, M. (2001) · The Journal of Finance · doi:10.1111/0022-1082.00338 · Cited by 1,298
Institutional Investors and Equity Returns: Are Short-term Institutions Better Informed?
Yan, X. (., & Zhang, Z. (2009) · Review of Financial Studies · doi:10.1093/revfin/hhl046 · Cited by 916
Do foreign investors destabilize stock markets? The Korean experience in 1997
Choe, H. (1999) · Journal of Financial Economics · doi:10.1016/s0304-405x(99)00037-9 · Cited by 893
Metadata
- Authors
- Nofsinger, J. R., & Sias, R. W.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1999-12
- Volume
- 54
- Issue
- 6
- Pages
- 2263-2295
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2163685283
- Cited by
- 1,586
- References
- 2
- FWCI
- 33.50
- Type
- journal article
- Language
- en
- Open access
- closed
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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.
