Bond Fund Herding and Corporate Bond Issuance
研究了1998至2018年间债券基金的羊群行为如何影响公司债券发行，发现买入羊群行为显著增加发行活动，且主要通过信息渠道发挥作用。
ABSTRACT We investigate whether the herding behaviour of bond funds influences corporate bond issuance. Using quarterly data from 1998 to 2018, we find that only buy herding significantly increases bond issuance activity. Further analysis supports an informational channel, suggesting that ‘investigative herding’ among funds enhances credit information efficiency more significantly than demand‐driven price impacts. Our main identification strategy employs an instrumental variable approach based on the share of inexperienced managers among fund bondholders.