Institutional Herding, Business Groups, and Economic Regimes: Evidence from Japan
We study institutional herding in Japan. Japanese firms are primarily owned by financial institutions and other corporations, they may belong to a business group (the keiretsu), and they have experienced several distinct economic regimes in its recent past. Overall, we find herding in Japan occurs on a lower level than in the United States but with a large impact on price movements. The price impact is even greater for keiretsu-affiliated firms. We also find the effects and behavior of institutional herding depends on the economic condition and the regulatory environment.
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Volume (Year): 78 (2005)
Issue (Month): 1 (January)
Pages: 213-242
| Handle: | RePEc:ucp:jnlbus:v:78:y:2005:i:1:p:213-242 |
| Contact details of provider: | Web page: http://www.journals.uchicago.edu/JB/
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