The term structure of mutual fund herding
研究了美国国债市场中机构投资者的羊群行为，发现期限越长的债券羊群效应越强，且仅存在于买入行为中，短期基金更明显，支持投资者短视主义解释。
Abstract This paper investigates institutional herding behaviours in the U.S. Treasury market. We find that the level of herding is higher for bonds with a longer time to maturity and this pattern is significant only for buy herding, not sell herding. This term structure of herding is stronger for funds with a shorter investment horizon. These patterns remain strong for Treasury Inflation‐Protected Securities and for Treasuries with high coupon rates. Overall, our findings support investors' short‐termism as a channel for the term structure of herding and are inconsistent with other herding explanations, such as spurious herding, reputational concerns and information cascades.