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Does herding behavior reveal skill? An analysis of mutual fund performance

Citations

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Cited by:

  1. Wanidwaranan, Phasin & Padungsaksawasdi, Chaiyuth, 2022. "Unintentional herd behavior via the Google search volume index in international equity markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 77(C).
  2. Yevgeny Mugerman & Eyal Winter & Tomer Yafeh, 2025. "The Grant Proposal Game," Working Papers 423283787, Lancaster University Management School, Economics Department.
  3. Keith Cuthbertson & Dirk Nitzsche & Niall O’Sullivan, 2023. "UK mutual funds: performance persistence and portfolio size," Journal of Asset Management, Palgrave Macmillan, vol. 24(4), pages 284-298, July.
  4. Huang, Rong & Asteriou, Dimitrios & Pouliot, William, 2020. "A reappraisal of luck versus skill in the cross-section of mutual fund returns," Journal of Economic Behavior & Organization, Elsevier, vol. 176(C), pages 166-187.
  5. Talpsepp, Tõnn & Tänav, Anne-Liis, 2021. "Do gender, age and education affect herding in the real estate market?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
  6. Xing Gao & Daniel Ladley, 2022. "Noise trading and market stability," The European Journal of Finance, Taylor & Francis Journals, vol. 28(13-15), pages 1283-1301, October.
  7. Wang, Hu & Li, Shouwei & Ma, Yuyin, 2021. "Herding in Open-end Funds: Evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
  8. Rzeźnik, Aleksandra, 2025. "Skilled active liquidity management: Evidence from shocks to fund flows," Journal of Empirical Finance, Elsevier, vol. 81(C).
  9. Gimeno, Ruth & Andreu, Laura & Sarto, José Luis, 2022. "Fund trading divergence and performance contribution," International Review of Financial Analysis, Elsevier, vol. 83(C).
  10. Andrikopoulos, Panagiotis & Gebka, Bartosz & Kallinterakis, Vasileios, 2021. "Regulatory mood-congruence and herding: Evidence from cannabis stocks," Journal of Economic Behavior & Organization, Elsevier, vol. 185(C), pages 842-864.
  11. Moritz T. Bruckner & Dennis M. Steininger & Jason Bennett Thatcher & Daniel J. Veit, 2023. "The effect of lockup and persuasion on online investment decisions: An experimental study in ICOs," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-25, December.
  12. Gu Wang & Jiaxuan Ye, 2023. "Fund Managers’ Competition for Investment Flows Based on Relative Performance," Journal of Optimization Theory and Applications, Springer, vol. 198(2), pages 605-643, August.
  13. Cuthbertson, Keith & Nitzsche, Dirk & O'Sullivan, Niall, 2022. "Mutual fund performance persistence: Factor models and portfolio size," International Review of Financial Analysis, Elsevier, vol. 81(C).
  14. Viktoriya Lantushenko & Edward Nelling, 2020. "New Positions in Mutual Fund Portfolios: Implications for Fund Alpha," Journal of Financial Services Research, Springer;Western Finance Association, vol. 58(2), pages 161-198, December.
  15. Caglayan, Mustafa Onur & Hu, Yu & Xue, Wenjun, 2021. "Mutual fund herding and return comovement in Chinese equities," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
  16. Juan Carlos Matallín-Sáez & Amparo Soler-Domínguez & Diego Víctor Mingo-López, 2021. "On management risk and price in the mutual fund industry: style and performance distribution analysis," Risk Management, Palgrave Macmillan, vol. 23(1), pages 150-171, June.
  17. Orihara, Masanori & Eshraghi, Arman, 2022. "Corporate governance compliance and herding," International Review of Financial Analysis, Elsevier, vol. 80(C).
  18. Artiga González, Tanja & van Lelyveld, Iman & Lučivjanská, Katarína, 2020. "Pension fund equity performance: Patience, activity or both?," Journal of Banking & Finance, Elsevier, vol. 115(C).
  19. Artiga Gonzalez, Tanja & Dyakov, Teodor & Inhoffen, Justus & Wipplinger, Evert, 2024. "Crowding of international mutual funds," Journal of Banking & Finance, Elsevier, vol. 164(C).
  20. Shuai Yan & Ju-Yeon Lee & Brett W. Josephson, 2024. "The effect of customer asset strategies on acquisition performance in business-to-government markets," Journal of the Academy of Marketing Science, Springer, vol. 52(3), pages 789-814, May.
  21. Lukas Benz & Andrea Jacob & Stefan Paulus & Marco Wilkens, 2020. "Herds on green meadows: the decarbonization of institutional portfolios," Journal of Asset Management, Palgrave Macmillan, vol. 21(1), pages 13-31, February.
  22. You, Yu & Yu, Zongdai & Zhang, Wenqiao & Lu, Lei, 2023. "FinTech platforms and mutual fund markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 84(C).
  23. Erik Kole & Liesbeth Noordegraaf-Eelens & Bas Vringer, 2025. "Cognitive biases in consumer sentiment: the peak-end rule and herding," Empirical Economics, Springer, vol. 69(4), pages 2141-2211, October.
  24. Ekaterini Panopoulou & Nikolaos Voukelatos, 2022. "Should hedge funds deviate from the benchmark?," Financial Management, Financial Management Association International, vol. 51(3), pages 767-795, September.
  25. Fan, Yinghua & Feng, Guanhao & Qiao, Xiao & Baronyan, Sayad, 2025. "Institutional granular impact is benign on asset sales and price efficiency," Journal of Financial Markets, Elsevier, vol. 75(C).
  26. Pi‐Hsia Hung & Donald Lien & Yun‐Ju Chien, 2020. "Portfolio concentration and fund manager performance," Review of Financial Economics, John Wiley & Sons, vol. 38(3), pages 423-451, July.
  27. Bai, Ting & Hilscher, Jens & Scherbina, Anna, 2025. "Unencumbered by style: Why do funds change factor loadings, and does it help?," Journal of Banking & Finance, Elsevier, vol. 181(C).
  28. Eliezer Fich & Viktoriya Lantushenko & Clemens Sialm, 2019. "Institutional Trading Around M&A Announcements," NBER Working Papers 25814, National Bureau of Economic Research, Inc.
  29. Matteo Bonetti, 2021. "Pension Fund Equity Performance: Herding Does Not Pay Off," Working Papers 729, DNB.
  30. Syed Riaz Mahmood Ali, 2022. "Herding in different states and terms: evidence from the cryptocurrency market," Journal of Asset Management, Palgrave Macmillan, vol. 23(4), pages 322-336, July.
  31. Ruijun Zhang & Xiaotong Yang & Nian Li & Muhammad Asif Khan, 2021. "Herd Behavior in Venture Capital Market: Evidence from China," Mathematics, MDPI, vol. 9(13), pages 1-18, June.
  32. Gu, Zhenhua & Gu, Chen & Zhang, Chengping, 2025. "Analyst forecast behavior under trade uncertainty: Evidence from China," Finance Research Letters, Elsevier, vol. 85(PE).
  33. Puput Tri Komalasari & Marwan Asri & Bernardinus M. Purwanto & Bowo Setiyono, 2022. "Herding behaviour in the capital market: What do we know and what is next?," Management Review Quarterly, Springer, vol. 72(3), pages 745-787, September.
  34. Levis, Mario & Muradoğlu, Yaz Gulnur & Vasileva, Kristina, 2023. "Herding in foreign direct investment," International Review of Financial Analysis, Elsevier, vol. 86(C).
  35. Song, Qinhao & Yang, Lu & Jiang, Yuxiang, 2025. "Mutual fund herding and delisting risk: Evidence from China," Finance Research Letters, Elsevier, vol. 85(PC).
  36. Cui, Yueting & Gebka, Bartosz & Kallinterakis, Vasileios, 2019. "Do closed-end fund investors herd?," Journal of Banking & Finance, Elsevier, vol. 105(C), pages 194-206.
  37. Fu, Zheng & Ma, Yechi & Li, Suyang & Qiao, Lu, 2023. "Peer performance and the asymmetric timeliness of earnings recognition," International Review of Financial Analysis, Elsevier, vol. 85(C).
  38. Dmitri Boreiko & Dimche Risteski, 2021. "Serial and large investors in initial coin offerings," Small Business Economics, Springer, vol. 57(2), pages 1053-1071, August.
  39. Hung, Pi-Hsia & Lien, Donald & Kuo, Ming-Sin, 2020. "Window dressing in equity mutual funds," The Quarterly Review of Economics and Finance, Elsevier, vol. 78(C), pages 338-354.
  40. Massa, Massimo & Cheng, Si & Zhang, Hong, 2021. "Tax Evasion and Market Efficiency: Evidence from the FATCA and Offshore Mutual Funds," CEPR Discussion Papers 15747, C.E.P.R. Discussion Papers.
  41. Fei, Tianlun & Liu, Xiaoquan, 2021. "Herding and market volatility," International Review of Financial Analysis, Elsevier, vol. 78(C).
  42. Zhuang, Zhuang & Hsin-han Shen, Carl & Yao, Juan, 2025. "Conflict of interest to declare? A study of individual-controlled funds in China," Journal of Banking & Finance, Elsevier, vol. 171(C).
  43. Zhijun Hu & Ping‐Wen Sun, 2021. "Connectedness among stocks and tail risk: Evidence from China," International Review of Finance, International Review of Finance Ltd., vol. 21(4), pages 1179-1202, December.
  44. Li, Zhiyong & Rao, Xiao, 2023. "Exploring the zoo of predictors for mutual fund performance in China," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
  45. Khaled Obaid & Kuntara Pukthuanthong, 2021. "Informativeness of mutual fund advertisements: Does advertising communicate fund quality to investors?," Financial Management, Financial Management Association International, vol. 50(1), pages 203-236, March.
  46. Hu, Xuefeng & Wu, Bochen & Xu, Rong & Zhou, Yifan, 2025. "Safety accidents and mutual fund flows," Journal of Economic Behavior & Organization, Elsevier, vol. 232(C).
  47. Ryuichi Nakagawa, 2022. "Bank herding in loan markets: Evidence from geographical data in Japan," International Review of Finance, International Review of Finance Ltd., vol. 22(1), pages 72-89, March.
  48. Gavriilidis, Konstantinos & Kallinterakis, Vasileios & Öztürkkal, Belma, 2020. "Does mood affect institutional herding?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 26(C).
  49. Rui, Yixuan & Durand, Robert B., 2025. "Hedge funds, short sales, and the 52-week high," Journal of Behavioral and Experimental Finance, Elsevier, vol. 47(C).
  50. Yanan Li & Wenjun Wang, 2022. "Company visits and mutual fund performance: new evidence on managerial skills," Journal of Asset Management, Palgrave Macmillan, vol. 23(6), pages 504-521, October.
  51. Hu, Shiyang & Xiang, Cheng & Quan, Xiaofeng, 2023. "Salience theory and mutual fund flows: Empirical evidence from China," Emerging Markets Review, Elsevier, vol. 54(C).
  52. Nikolaos Voukelatos & Thanos Verousis, 2019. "Option‐implied information and stock herding," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 24(4), pages 1429-1442, October.
  53. Ge, Yao & Hung, Shengmin & Huang, Wei & Qiao, Zheng & Deng, Xin, 2023. "Mutual fund herding and audit pricing," Research in International Business and Finance, Elsevier, vol. 64(C).
  54. Kallinterakis, Vasileios & Wang, Ying, 2019. "Do investors herd in cryptocurrencies – and why?," Research in International Business and Finance, Elsevier, vol. 50(C), pages 240-245.
  55. Chen, Chuanglian & Yuting, Lin & Bowei, Su & Shujie, Yao, 2025. "Peer effect of fund trading and the risk of individual stock," Journal of Asian Economics, Elsevier, vol. 97(C).
  56. Tao Chen, 2022. "A cross‐country study on informed herding," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(4), pages 4336-4349, October.
  57. Yanhong Guo & Shuai Jiang & Wenjun Zhou & Chunyu Luo & Hui Xiong, 2021. "A predictive indicator using lender composition for loan evaluation in P2P lending," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-24, December.
  58. Nehal Joshipura & Mayank Joshipura & Tanvi Joshi, 2025. "Decoding mutual fund performance: current pathways and new avenues," Quality & Quantity: International Journal of Methodology, Springer, vol. 59(4), pages 3113-3135, August.
  59. Shan, Junhui & Xiang, Rui & Liu, Li & Zhang, Chaoyi & Zhang, Ping, 2025. "Cross-section return dispersion and flow-performance sensitivity: Evidence from Chinese mutual fund," Pacific-Basin Finance Journal, Elsevier, vol. 92(C).
  60. Peng, Cameron & Wang, Chen, 2021. "Factor demand and factor returns," LSE Research Online Documents on Economics 118884, London School of Economics and Political Science, LSE Library.
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