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Does herding among Swedish institutional investors stabilize or destabilize stock prices?
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2016 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

Empirical findings on herding behavior among institutional investors suggest that those market participants speed up the price adjustment to new information and as such stabilize stock prices. Other findings indicate the opposite, that institutional herds drive stock prices away from fundamental values, and thus destabilize stock prices. This study examines the effect that Swedish institutional investors have on the stock prices on the Stockholm Stock Exchange. More precisely, we analyze the relationship of institutional herding with future excess stock returns. Major findings from this paper suggest that persistent herding among Swedish institutional investors leads to future long-term return reversals, which to some extent indicates a destabilizing influence at long horizons.

Place, publisher, year, edition, pages
2016. , 39 p.
Keyword [en]
herding, herding persistency, institutional investors, asset pricing
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:uu:diva-298134OAI: oai:DiVA.org:uu-298134DiVA: diva2:944760
Subject / course
Business Studies
Educational program
Master Programme in Business and Management
Supervisors
Available from: 2016-07-01 Created: 2016-06-29 Last updated: 2016-07-01Bibliographically approved

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf