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dc.contributor.authorOehler, Andreasen_US
dc.contributor.authorChao, George Goeth-Chien_US
dc.date.accessioned2009-01-29T15:00:56Z-
dc.date.available2009-01-29T15:00:56Z-
dc.date.issued2000en_US
dc.identifier.urihttp://hdl.handle.net/10419/22491-
dc.description.abstractRecent research has shown that institutional herding is a relevant phenomenon in stock markets. Do institutional investors also follow each other in bond markets? This paper focuses on the German bond market and uses data from 57 German mutual funds that invest mainly in DM-denominated bonds, which represents 71% of the total market volume. Due to the variety and large number of bonds that exist, we do not expect mutual funds to herd with regard to separate bonds. We believe instead that bonds with the same characteristics such as interest rate, maturity, collateral, or issuer are considered to be equivalent by institutional investors. Consequently, we construct "bond groups" consisting of similar bonds and analyze herding at a "bond group" level. Our results indicate that there is strong evidence of herding, albeit it is weaker than in stock markets. Further analysis suggests that mutual funds do not place an equal weight on different bond characteristics. Nominal interest rates appear to be most important in the bond selection process.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesBank- und Finanzwirtschaftliche Forschung: Diskussionsbeiträge des Lehrstuhls für Betriebswirtschaftslehre, insbesondere Finanzwirtschaft, Universität Bamberg 13en_US
dc.subject.jelG21en_US
dc.subject.jelD7en_US
dc.subject.ddc330en_US
dc.subject.keywordMutual Fundsen_US
dc.subject.keywordHerdingen_US
dc.subject.keywordImitationen_US
dc.subject.keywordCoordinationen_US
dc.subject.keywordBehavioral Financeen_US
dc.subject.stwRentenmarkten_US
dc.subject.stwInstitutioneller Anlegeren_US
dc.subject.stwInvestmentfondsen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.subject.stwherding behavioren_US
dc.titleInstitutional Herding in Bond Marketsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn379058235en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bamfin:13-
Appears in Collections:Diskussionsbeiträge, Lst. f. BWL, insb. Finanzwirtschaft, Universität Bamberg

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