Some Evidence on "Herding" Behavior of U. S. Banks
分析了1977至1982年间不同规模美国银行的国际贷款决策，发现大型银行间无明显羊群行为，但小型银行会跟随大型银行，整体羊群行为较弱。
The authors examine the international lending decisions of U.S. commercial banks of different sizes from 1977 to 1982 for evidence ofthe ex istence of behavior. Granger-Sims causality tests for the loans gran ted by the top nine, the next fifteen, and the remaining U.S. banks provide no c lear evidence of herding between the top nine and the next fifteen banks. There is, however, evidence that the remaining banks (mostly small ones) herded behind the top twenty-four banks. Overall, the analysis presented here points to a very weak herding behavior. Copyright 1987 by Ohio State University Press.