Herding in foreign direct investment
本文首次研究外国直接投资中的羊群行为，从投资国数量和投资金额两个角度分析，发现羊群行为显著存在，且与东道国特征和治理参数相关。
This paper, to our knowledge, is the first to examine herding in foreign direct investment (FDI). We investigate it from two perspectives, first the number of countries investing in the host country and then the dollar volumes of those investments. Our results provide strong evidence of herding in FDI. We also show herding in the divestures of these investors. We show that herding in FDI is related to host country characteristics and governance parameters.