Tony Chieh-Tse Hou
The impacts of stock characteristics and regulatory change on mutual fund herding in Taiwan.
Hou, Tony Chieh-Tse; McKnight, Phillip J.; Weir, Charlie
Authors
Phillip J. McKnight
Charlie Weir
Abstract
This article analyses the trading activity of Taiwanese open-end equity mutual fund herding behaviour over the period of 1996-2008. We found evidence of both directional and directionless herding. We also found that sell-side fund herding leads to price stabilization, whereas buy-side herding results in prices adjusting slowly. We found that the abolition of qualified foreign institutional investor (QFII) has reduced directionless and sell-side herding but has had no effect on buy-side herding.
Citation
HOU, T.C-T., MCKNIGHT, P.J. and WEIR, C. 2014. The impacts of stock characteristics and regulatory change on mutual fund herding in Taiwan. Applied financial economics [online], 24(3), pages 175-186. Available from: https://doi.org/10.1080/09603107.2013.866201
Journal Article Type | Article |
---|---|
Acceptance Date | Jan 20, 2014 |
Online Publication Date | Jan 20, 2014 |
Publication Date | Feb 1, 2014 |
Deposit Date | Oct 4, 2016 |
Publicly Available Date | Oct 4, 2016 |
Journal | Applied financial economics |
Print ISSN | 0960-3107 |
Electronic ISSN | 1466-4305 |
Publisher | Taylor and Francis |
Peer Reviewed | Peer Reviewed |
Volume | 24 |
Issue | 3 |
Pages | 175-186 |
DOI | https://doi.org/10.1080/09603107.2013.866201 |
Keywords | Mutual funds; Herding; Regulatory change; Taiwan |
Public URL | http://hdl.handle.net/10059/1859 |
Contract Date | Oct 4, 2016 |
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