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Herding Investment of NPF’s Outsourced Funds 

Jiyon Lee, Deputy Research Fellow, NPRI

Ⅰ. Introduction

Ⅱ. Estimation Methods

1. Types of herding investment and analytic focus

2. Models

Ⅲ. 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

Ⅳ. Conclusion

• Attach
• (연구보고서 2015-16)Herding Investment of the NPF’s Outsourced Funds.pdf