The paper surveys and appraises the recent research on informational cascades and herding behaviour in capital markets. Standard models of informational cascades hardly apply to capital markets where all publicly available information is reflected in the price and investment decisions are continuous. The paper briefly describes the situations in which an informational cascade may take place also in the context of financial markets and offers a critical review of both empirical evidence and experimental results.
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Volume (Year): 68 (2009) Issue (Month): 1 (March) Pages: 81-109 Download reference. The following formats are available: HTML
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Handle: RePEc:gde:journl:gde_v68_n1_p81-109
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Find related papers by JEL classification: D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)