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Herd Behavior and Cascading in Capital Markets: A Review and Synthesis

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  • Hirshleifer, David
  • Teoh, Siew Hong

Abstract

We review theory and evidence relating to herd behaviour, payoff and reputational interactions, social learning, and informational cascades in capital markets. We offer a simple taxonomy of effects, and evaluate how alternative theories may help explain evidence on the behavior of investors, firms, and analysts. We consider both incentives for parties to engage in herding or cascading, and the incentives for parties to protect against or take advantage of herding or cascading by others.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5186.

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Date of creation: 19 Dec 2001
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Publication status: Published in European Financial Management 1.9(2003): pp. 25-66
Handle: RePEc:pra:mprapa:5186

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Keywords: herd behavior; informational cascades; social learning; analyst herding; capital markets; financial reporting; behavioral finance; investor psychology; market efficiency;

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