The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Herd on the Street: Informational Inefficiencies in a Market with Short‐Term Speculation
Abstract
Standard models of informed speculation suggest that traders try to learn information that others do not have. This result implicitly relies on the assumption that speculators have long horizons, i.e., can hold the asset forever. By contrast, we show that if speculators have short horizons, they may herd on the same information, trying to learn what other informed traders also know. There can be multiple herding equilibria, and herding speculators may even choose to study information that is completely unrelated to fundamentals.
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Citations
Cites
On the impossibility of informationally efficient markets
Stiglitz, J. E., & Grossman, S. J. (1980) · Columbia University · doi:10.7916/d8765r99 · Cited by 3,645
Cited by
The long‐term benefits of organizational resilience through sustainable business practices
Ortiz‐de‐Mandojana, N., & Bansal, P. (2016) · Strategic Management Journal · doi:10.1002/smj.2410 · Cited by 1,260
Following the Pied Piper: Do Individual Returns Herd around the Market?
Christie, W. G., & Huang, R. D. (1995) · Financial Analysts Journal · doi:10.2469/faj.v51.n4.1918 · Cited by 1,163
CHAN, K., COVRIG, V., & NG, L. (2005) · The Journal of Finance · doi:10.1111/j.1540-6261.2005.768_1.x · Cited by 892
Sias, R. W. (2004) · Review of Financial Studies · doi:10.1093/rfs/hhg035 · Cited by 892
Herding among security analysts
Welch, I. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00076-3 · Cited by 817
Metadata
- Authors
- FROOT, K. A., SCHARFSTEIN, D. S., & STEIN, J. C.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1992-09
- Volume
- 47
- Issue
- 4
- Pages
- 1461-1484
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2007421032
- Cited by
- 1,070
- References
- 1
- FWCI
- 19.41
- Type
- journal article
- Language
- en
- Open access
- closed
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- FROOT, K. A., SCHARFSTEIN, D. S., & STEIN, J. C. (1992). Herd on the Street: Informational Inefficiencies in a Market with Short‐Term Speculation. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1992.tb04665.x
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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.
