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Fund Manager Herding: A Test of the Accuracy of Empirical Results Using U.K. Data

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  • Sam Wylie

    (Melbourne Business School)

Abstract

The portfolio holdings of 268 U.K. equity mutual funds are employed to test the accuracy of the Lakonishok, Shleifer, and Vishny (1992) measure of herding and test for herding among U.K. mutual fund managers. After adjusting for the biases in the LSV herding measure, the results reveal the existence of a modest amount of fund manager herding in the largest and smallest individual U.K. stocks but little herding in other stocks or stocks aggregated by industry. Contrary to previous U.S. results, we find that U.K. mutual fund managers tend to herd out of large stocks after high excess returns.

Suggested Citation

  • Sam Wylie, 2005. "Fund Manager Herding: A Test of the Accuracy of Empirical Results Using U.K. Data," The Journal of Business, University of Chicago Press, vol. 78(1), pages 381-403, January.
    • Handle: RePEc:ucp:jnlbus:v:78:y:2005:i:1:p:381-380
    DOI: 10.1086/426529
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