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Institutional Herding, Business Groups, and Economic Regimes: Evidence from Japan

  • Kenneth A. Kim

    (State University of New York at Buffalo)

  • John R. Nofsinger

    (Washington State University)

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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File URL: http://www.journals.uchicago.edu/cgi-bin/resolve?JB780107
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Article provided by University of Chicago Press in its journal Journal of Business.

Volume (Year): 78 (2005)
Issue (Month): 1 (January)
Pages: 213-242

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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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  1. Guercio, Diane Del & Hawkins, Jennifer, 1999. "The motivation and impact of pension fund activism," Journal of Financial Economics, Elsevier, vol. 52(3), pages 293-340, June.
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