Herd behaviour and cascading in capital markets

Hirshleifer, D., & Teoh, S. H. (2003). Herd behaviour and cascading in capital markets: A review and synthesis. European Financial Management, 9(1), 25-66.

Type

Journal article

Intellectual base

Primary research

Year

2003

Link

no authoritative link yet

Cited from

behavioral_economics

Cited by

1 citation across 1 artifact.

Each citation links to the sentence it supports in the citing article.

Primes

• Information Cascade
  • Instead of asking "Why are people so easily influenced?" (a question inviting blame), cascade logic asks "What information is hidden, and who observes it first?"

    This sourceReview article: reframes capital-market herding as information-asymmetry phenomenon rather than individual irrationality, surveying mechanisms (cascades, reputational herding, payoff externalities) and policy implications.

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