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Herding behaviour in Spanish equity funds

2008; Taylor & Francis; Volume: 15; Issue: 7 Linguagem: Inglês

10.1080/13504850600706974

1466-4291

Luis Ferruz Agudo, José Luis Sarto, Luís Vicente,

Capital Investment and Risk Analysis

We analyse the herding phenomenon in the management style of Spanish equity funds. Using the methodology of Lakonishok et al. (1992) Lakonishok, J., Shleifer, A. and Vishny, R. 1992. The impact of institutional trading on stock prices. Journal of Financial Economics, 32: 23–43. [Crossref], [Web of Science ®] , [Google Scholar] and Sharpe's style analysis (1992) Sharpe, W. F. 1992. Asset allocation: management style and performance measurement. Journal of Portfolio Management, 18: 7–19. [Crossref], [Web of Science ®] , [Google Scholar], we find interesting conclusions in the investment behaviour of fund managers, a barely-explored aspect, especially in the Spanish market.