Institutional Herding, Business Groups, and Economic Regimes: Evidence from Japan

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Does Culture Influence Asset Managers? Views and Behavior? (2008, background): “in their empirical work Kim and Nofsinger (2005) assume that Japanese institutional investors, due to the regulative and relational setting, suffer less from the asymmetric information framework than asset managers in the United States, and they thus attribute herding in the Japanese market to super”
Institutional herding in international markets (2015, background): “In other words, if information about securities’ fundamental values is more available and easier to access and interpret, then investors are more likely to make similar decisions independently from other investors (e.g., Wermers, 1999; Kim and Nofsinger, 2005; Bikhchandani and Sharma, 2000).”
Firm specific and macro herding by professional and amateur investors and their effects on market volatility (2011, background): “Kim and Nofsinger (2005) study institutional herding in Japan and find evidence of a lower incidence of herding than in the US, but a higher impact of herding on Japanese stock prices.6 In the present study we examine herding behavior by individuals and professionally-managed investors by using a…”