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Research Papers
Herding Investment of NPF¡¯s Outsourced Funds
Part NPRI Date 2016/08/02 Hits 476

Herding Investment of NPF¡¯s Outsourced Funds 

Jiyon Lee, Deputy Research Fellow, NPRI

 

¥°. Introduction

¥±. Estimation Methods

1. Types of herding investment and analytic focus

2. Models

¥². Estimation Results

1. Overall cross­period correlation of funds' trades

2. Momentum trading effects and herding investment

3. Overview of information-based herding

4. Herding by fund groups

5. Herding by fund investment styles

6. Herding investment and fund returns

¥³. Conclusion

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