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Herd Behavior in Financial Markets: A Review

  • Sunil Sharma
  • Sushil Bikhchandani

Policymakers often express concern that herding by financial market participants destabilizes markets and increases the fragility of the financial system. This paper provides an overview of the recent theoretical and empirical research on herd behavior in financial markets. It addresses the following questions: What precisely do we mean by herding? What could be the causes of herd behavior? What success have existing studies had in identifying such behavior? And what effect does herding have on financial markets?

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/48.

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Length: 32
Date of creation: 01 Mar 2000
Date of revision:
Handle: RePEc:imf:imfwpa:00/48
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