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Informational Cascades in Financial Economics: A Review

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  • Maria Grazia Romano

    ()
    (CSEF, University of Salerno)

Abstract

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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Bibliographic Info

Article provided by GDE (Giornale degli Economisti e Annali di Economia), Bocconi University in its journal Giornale degli Economisti e Annali di Economia.

Volume (Year): 68 (2009)
Issue (Month): 1 (March)
Pages: 81-109

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Handle: RePEc:gde:journl:gde_v68_n1_p81-109

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Keywords: informational cascades; transaction costs; financial markets;

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