Herding by mutual funds: impact on performance and investors’ response
研究了1980-2013年间主动管理型股票基金的羊群行为对其业绩和资金流的影响，发现跟随羊群的基金获得负异常收益，而引领羊群的基金无异常收益，投资者对跟随基金反应负面。
In this paper we investigate whether herding by actively managed equity funds affects their performances and flows over the 1980–2013 period. We show that during the herding quarter, on average, funds that trade with the herd benefit from this behavior. Although this does not directly translate into a positive association between the extent to which funds herd and their subsequent performance, we find that the funds that follow the herd earn negative abnormal returns whereas the ones that lead earn no abnormal returns. Our results also indicate that investors react adversely to follower funds while they are neutral towards the leader funds.