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Positive Trading Effects And Herding Behavior In Asian Markets: Evidence From Mutual Funds

Author

Listed:
  • Meng-Fen Hsieh
  • Tzu-Yi Yang
  • Yu-Tai Yang

Abstract

Many studies on mutual funds have demonstrated the existence of herding behavior and positive feedback trading. However, most research has not examined the characteristics of herding behavior, but simply attempted to determine if herding behavior exists. These studies fail to probe into the actual causes behind herding behavior. The current study fills this gap in the literature. The study is based on the herding definition of Bikhchndani and Sarma (2001) and examines Asian country mutual funds with a six-year sample period. We examine if there are Buy high, sell low, Buy previous winners, sell previous losers, positive feedback trading, and herding behavior in global mutual funds. We also explore the possible factors behind these phenomena.

Suggested Citation

  • Meng-Fen Hsieh & Tzu-Yi Yang & Yu-Tai Yang, 2010. "Positive Trading Effects And Herding Behavior In Asian Markets: Evidence From Mutual Funds," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(2), pages 177-188.
    • Handle: RePEc:ibf:ijbfre:v:4:y:2010:i:2:p:177-188
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    Citations

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    Cited by:

    1. Fenny Marietza & Ridwan Nurazi & Fitri Santi & Saiful, 2021. "Bibliometric Analysis Of Herding Behavior In Times Of Crisis," Papers 2106.13598, arXiv.org.

    More about this item

    Keywords

    Mutual fund; positive feedback effect; herding; financial crisis; behavioral finance;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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