Autor: |
Huo, Xiaolin, Liu, Xin, Zheng, Weinan |
Předmět: |
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Zdroj: |
European Financial Management; Jun2023, Vol. 29 Issue 3, p901-929, 29p, 12 Charts |
Abstrakt: |
This paper investigates institutional herding behaviours in the U.S. Treasury market. We find that the level of herding is higher for bonds with a longer time to maturity and this pattern is significant only for buy herding, not sell herding. This term structure of herding is stronger for funds with a shorter investment horizon. These patterns remain strong for Treasury Inflation‐Protected Securities and for Treasuries with high coupon rates. Overall, our findings support investors' short‐termism as a channel for the term structure of herding and are inconsistent with other herding explanations, such as spurious herding, reputational concerns and information cascades. [ABSTRACT FROM AUTHOR] |
Databáze: |
Complementary Index |
Externí odkaz: |
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