Institutional Industry Herding

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Firm specific and macro herding by professional and amateur investors and their effects on market volatility (2011, background): “14 Choi and Sias (2008) examine herding across industries.”
The effects of national culture and behavioral pitfalls on investors' decision-making: Herding behavior in international stock markets ☆ (2015, background): “For example, Choi and Sias (2009) discover that institutional investors sell and buy stocks in the same industries during the same periods of time, leading to herding behavior.”
Institutional herding in international markets (2015, background): “The authors of these studies offer the results to be evidence for institutional trading that is based on fundamental information that consequently moves prices toward equilibrium (e.g., Nofsinger and Sias, 1999; Choi and Sias, 2009; Puckett and Yan, 2008; Sias, 2004; Gutierrez and Kelley, 2009).”
The Sociology of Finance (2011, background): “Thus, researchers have found that institutional investors herd both into (buying) and out of (selling) the shares of particular industries (Choi & Sias 2009).”