Institutional Herding
研究发现机构投资者本季度对某证券的需求与上季度正相关，这源于他们相互模仿（羊群行为）和重复自身交易，且羊群行为主要源于从彼此交易中推断信息，而非动量交易。
Institutional investors' demand for a security this quarter is positively correlated with their demand for the security last quarter. We attribute this to institutional investors following each other into and out of the same securities ("herding") and institutional investors following their own lag trades. Although institutional investors are "momentum" traders, little of their herding results from momentum trading. Moreover, institutional demand is more strongly related to lag institutional demand than lag returns. Results are most consistent with the hypothesis that institutions herd as a result of inferring information from each other's trades. Copyright 2004, Oxford University Press.