Institutional Trade Persistence and Long-term Equity Returns

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Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices (2014, background): “This finding supports the recent theoretical prediction in Dasgupta et al. (2011b) that the reputational concerns of fund managers may cause institutional herding to positively predict short-term returns, but negatively predict long-term returns.”
Does Herding Behavior Reveal Skill? An Analysis of Mutual Fund Performance (2013, background): “[2] Ang, Andrew, Robert Hodrick, Yuhang Xing, and Xiaoyan Zhang, 2006, The Cross-Section of Volatility and Expected Returns, Journal of Finance 51, 259-299.”
Estimating a Structural Model of Herd Behavior in Financial Markets (2010, background): “Since event uncertainty 2See also the recent paper by Dasgupta et al. (2011), who study the effect of institutional herding on long-term returns, and the literature cited therein.”