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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/51695


    Title: Mutual fund herding its impact on stock returns: Evidence from the Taiwan stock market
    Authors: Hung,WF;Lu,CC;Lee,CF
    Contributors: 財務金融學系
    Keywords: INVESTMENT STRATEGIES;INSTITUTIONAL TRADES;BEHAVIOR;INVESTORS;PRICES;SPECULATION;INFORMATION;HOLDINGS;RISK
    Date: 2010
    Issue Date: 2012-03-27 19:03:05 (UTC+8)
    Publisher: 國立中央大學
    Abstract: Using quarterly ownership data which identify identity codes of mutual funds in Taiwan, we investigate mutual fund herding and its impact on stock price. We show that mutual funds tend to follow their own steps in trading rather than follow trades made by other funds. More importantly, evidence of price continuation following mutual fund herd buying suggests that such herding is based on value-relevant information and is consistent with the investigative herding hypothesis. Alternatively, evidence of return reversal following mutual fund herd selling suggests that such herding is non-informational and is consistent with the characteristic herding hypothesis. (C) 2010 Elsevier B.V. All rights reserved.
    Relation: PACIFIC-BASIN FINANCE JOURNAL
    Appears in Collections:[財務金融學系] 期刊論文

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