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IMF Staff Papers Logo    September 2000
Volume 47, Number 3
Herd Behavior in Financial Markets
By Sushil Bikhchandani and Sunil Sharma

Full Text of this Article (PDF 118 K)

Abstract: 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]

2001 International Monetary Fund