skip to content
Do Institutional Investors Destabilize Stock Prices? : Evidence on Herding and Feedback Trading Preview this item
ClosePreview this item
Checking...

Do Institutional Investors Destabilize Stock Prices? : Evidence on Herding and Feedback Trading

Author: Robert W Vishny; Josef Lakonishok; Andrei Shleifer; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 1991.
Series: Working paper series (National Bureau of Economic Research), no. w3846.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper uses a new data set of quarterly portfolio holdings of 769 all-equity pension funds between 1985 and 1989 to evaluate the potential effect of their trading on stock prices. We address two aspects of trading by money managers: herding, which refers to buying (selling) the same stocks as other managers buy (sell) at the same time; and positive-feedback trading, which refers to buying winners and selling  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy online

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Additional Physical Format: Lakonishok, Josef.
Do institutional investors destabilize stock prices?
Cambridge, MA : National Bureau of Economic Research, [1991]
(OCoLC)24655035
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Robert W Vishny; Josef Lakonishok; Andrei Shleifer; National Bureau of Economic Research.
OCLC Number: 756570596
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research), no. w3846.
Responsibility: Josef Lakonishok, Andrei Shleifer, Robert W. Vishny.

Abstract:

This paper uses a new data set of quarterly portfolio holdings of 769 all-equity pension funds between 1985 and 1989 to evaluate the potential effect of their trading on stock prices. We address two aspects of trading by money managers: herding, which refers to buying (selling) the same stocks as other managers buy (sell) at the same time; and positive-feedback trading, which refers to buying winners and selling losers. These two aspects of trading are commonly a part of the argument that institutions destabilize stock prices. At the level of individual stocks at quarterly frequencies, we find no evidence of substantial herding or positive-feedback trading by pension fund managers, except in small stocks. Also, there is no strong cross-sectional correlation between changes in pension funds' holdings of a stock and its abnormal return.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.

Similar Items

Related Subjects:(2)

User lists with this item (1)

Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/756570596> # Do Institutional Investors Destabilize Stock Prices? : Evidence on Herding and Feedback Trading
    a schema:MediaObject, schema:CreativeWork, schema:Book ;
   library:oclcnum "756570596" ;
   library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/348327578#Place/cambridge_mass> ; # Cambridge, Mass.
   library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
   schema:about <http://id.loc.gov/authorities/subjects/sh85128230> ; # Stocks--Prices
   schema:about <http://id.worldcat.org/fast/1133725> ; # Stocks--Prices
   schema:about <http://id.worldcat.org/fast/846463> ; # Capitalists and financiers
   schema:bookFormat schema:EBook ;
   schema:contributor <http://viaf.org/viaf/69032571> ; # Andrei Shleifer
   schema:contributor <http://viaf.org/viaf/135446122> ; # National Bureau of Economic Research.
   schema:contributor <http://viaf.org/viaf/10921124> ; # Josef Lakonishok
   schema:contributor <http://viaf.org/viaf/59187003> ; # Robert W. Vishny
   schema:datePublished "1991" ;
   schema:description "This paper uses a new data set of quarterly portfolio holdings of 769 all-equity pension funds between 1985 and 1989 to evaluate the potential effect of their trading on stock prices. We address two aspects of trading by money managers: herding, which refers to buying (selling) the same stocks as other managers buy (sell) at the same time; and positive-feedback trading, which refers to buying winners and selling losers. These two aspects of trading are commonly a part of the argument that institutions destabilize stock prices. At the level of individual stocks at quarterly frequencies, we find no evidence of substantial herding or positive-feedback trading by pension fund managers, except in small stocks. Also, there is no strong cross-sectional correlation between changes in pension funds' holdings of a stock and its abnormal return."@en ;
   schema:exampleOfWork <http://worldcat.org/entity/work/id/348327578> ;
   schema:inLanguage "en" ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/348327578#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/348327578#Series/nber_working_paper_series> ; # NBER working paper series ;
   schema:isSimilarTo <http://www.worldcat.org/oclc/24655035> ;
   schema:name "Do Institutional Investors Destabilize Stock Prices? : Evidence on Herding and Feedback Trading"@en ;
   schema:productID "756570596" ;
   schema:publication <http://www.worldcat.org/title/-/oclc/756570596#PublicationEvent/cambridge_mass_national_bureau_of_economic_research_1991> ;
   schema:publisher <http://experiment.worldcat.org/entity/work/data/348327578#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
   schema:url <http://www.nber.org/papers/w3846> ;
   schema:url <http://papers.nber.org/papers/w3846> ;
   wdrs:describedby <http://www.worldcat.org/title/-/oclc/756570596> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/348327578#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
   schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/348327578#Place/cambridge_mass> # Cambridge, Mass.
    a schema:Place ;
   schema:name "Cambridge, Mass." ;
    .

<http://experiment.worldcat.org/entity/work/data/348327578#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/756570596> ; # Do Institutional Investors Destabilize Stock Prices? : Evidence on Herding and Feedback Trading
   schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/348327578#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/756570596> ; # Do Institutional Investors Destabilize Stock Prices? : Evidence on Herding and Feedback Trading
   schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://id.loc.gov/authorities/subjects/sh85128230> # Stocks--Prices
    a schema:Intangible ;
   schema:name "Stocks--Prices"@en ;
    .

<http://id.worldcat.org/fast/1133725> # Stocks--Prices
    a schema:Intangible ;
   schema:name "Stocks--Prices"@en ;
    .

<http://id.worldcat.org/fast/846463> # Capitalists and financiers
    a schema:Intangible ;
   schema:name "Capitalists and financiers"@en ;
    .

<http://viaf.org/viaf/10921124> # Josef Lakonishok
    a schema:Person ;
   schema:familyName "Lakonishok" ;
   schema:givenName "Josef" ;
   schema:name "Josef Lakonishok" ;
    .

<http://viaf.org/viaf/135446122> # National Bureau of Economic Research.
    a schema:Organization ;
   schema:name "National Bureau of Economic Research." ;
    .

<http://viaf.org/viaf/59187003> # Robert W. Vishny
    a schema:Person ;
   schema:familyName "Vishny" ;
   schema:givenName "Robert W." ;
   schema:name "Robert W. Vishny" ;
    .

<http://viaf.org/viaf/69032571> # Andrei Shleifer
    a schema:Person ;
   schema:familyName "Shleifer" ;
   schema:givenName "Andrei" ;
   schema:name "Andrei Shleifer" ;
    .

<http://www.worldcat.org/oclc/24655035>
    a schema:CreativeWork ;
   rdfs:label "Do institutional investors destabilize stock prices?" ;
   schema:isSimilarTo <http://www.worldcat.org/oclc/756570596> ; # Do Institutional Investors Destabilize Stock Prices? : Evidence on Herding and Feedback Trading
    .

<http://www.worldcat.org/title/-/oclc/756570596>
    a genont:InformationResource, genont:ContentTypeGenericResource ;
   schema:about <http://www.worldcat.org/oclc/756570596> ; # Do Institutional Investors Destabilize Stock Prices? : Evidence on Herding and Feedback Trading
   schema:dateModified "2018-03-10" ;
   void:inDataset <http://purl.oclc.org/dataset/WorldCat> ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.