TAILIEUCHUNG - Herd Behavior in Financial Markets

Improvement in the economic and financial outlook since the spring of 2009 reflects a broad and aggressive policy response that has included the initiatives and programs under HERA and TARP as discussed above, other financial stability policies implemented by the FDIC and the Board of Governors of the Federal Reserve, accommodative monetary policy, and the American Recovery and Reinvestment Act of 2009 (ARRA or the Recovery Act). The purpose of the original $787 billion ARRA package was to jump-start the economy and to create and save jobs, with one-third of ARRA dedicated to tax provisions to help businesses and. | IMF Staff Papers Vol. 47 No. 3 2001 International Monetary Fund Herd Behavior in Financial Markets SUSHIL BIKHCHANDANI and SUNIL SHARMA This paper provides an overview of the recent theoretical and empirical research on herd behavior in financial markets. It looks at what precisely is meant by herding the causes of herd behavior the success of existing studies in identifying the phenomenon and the effect that herding has on financial markets. JEL G1 G2 F4 Men it has been well said think in herds it will be seen that they go mad in herds while they only recover their senses slowly and one by one. Charles Mackay 1841 In the aftermath of several widespread financial crises herd has again become a pejorative term in the financial lexicon. Investors and fund managers are portrayed as herds that charge into risky ventures without adequate information and appreciation of the risk-reward trade-offs and at the first sign of trouble flee to safer havens. Some observers express concern that herding by market participants exacerbates volatility destabilizes markets and increases Sushil Bikhchandani is a Professor at the Anderson Graduate School of Management UCLA and Sunil Sharma is Deputy Chief of the European Division at the IMF Institute. Many people including an anonymous referee provided useful comments. In particular the authors would like to thank Ralph Chami Leonardo Felli Bob Flood David Hirshleifer Robert Hauswald Mohsin Khan Laura Kodres Ashoka Mody Peter Montiel Saleh Nsouli Mahmood Pradhan Tony Richards Ivo Welch Russ Wermers Chorng-Huey Wong and participants at the LSE conference on Market Rationality and the Valuation of Technology Stocks. The usual disclaimer applies. 279 Sushil Bikhchandani and Sunil Sharma the fragility of the financial This raises questions about why it is surprising that profit-maximizing investors increasingly with similar information sets react similarly at more or less the same time And is such behavior part of market discipline

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