Institutional herding and investor sentiment

被引：5
|
作者：
Guo, Xu [1 ]
Gu, Chen [2 ]
Zhang, Chengping [3 ]
Li, Shenru [4 ,5 ]
机构：
[1] Shenzhen Univ, Coll Econ, Shenzhen, Guangdong, Peoples R China
[2] Shanghai Business Sch, Res Ctr Finance, Shanghai, Peoples R China
[3] George Fox Univ, Coll Business, Newberg, OR USA
[4] Macau Univ Sci & Technol, Sch Business, Macau, Peoples R China
[5] Macau Univ Sci & Technol, Ave Wai Long, Taipa, Macao, Peoples R China
来源：
JOURNAL OF FINANCIAL MARKETS | 2024年 / 68卷
基金：
中国国家自然科学基金;
关键词：
Institutional herding; Investor sentiment; Stock market; Price impact; Stabilizing effect; HEDGE FUNDS; IMPACT; PERSISTENCE; INFORMATION; RISK; LONG;
D O I：
10.1016/j.finmar.2024.100891
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate the role of investor sentiment in institutional herding behavior and its impact on stock prices. We find that institutional investors exhibit more herding behavior during periods of high sentiment, which has a significant impact on stock prices. Our results show that herding has a stabilizing effect on the stock market when investor sentiment is low, while it causes price distortions when sentiment is high. We also show that the impact of sentiment on price is particularly pronounced for small, non-profitable, low tangibility, high-growth firms.
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页数：11
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