Roider, Andreas and Voskort, Andrea (2016) Reputational Herding in Financial Markets: A Laboratory Experiment. JOURNAL OF BEHAVIORAL FINANCE, 17 (3). pp. 244-266. ISSN 1542-7560, 1542-7579
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We study reputational herding in financial markets in a laboratory experiment. In the spirit of Dasgupta and Prat [2008], career concerns are introduced in a sequential asset market where wages for investors are set by subjects in the role of employers. Employers can observe investment behavior, but not investors' ability types. Thereby, reputational incentives may arise endogenously. We find that a sizable fraction of investors follows an established trend even in a setting where there are no reputational incentives. In a setting where there are reputational concerns, they do not seem to create substantial herd behavior.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | CAREER CONCERNS; CONTRARIAN BEHAVIOR; INTERNET EXPERIMENT; EARNINGS FORECASTS; SECURITY ANALYSTS; INFORMATION; CASCADES; INVESTMENT; Reputation; Herding; Imitation; Financial markets; Experiment |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Mikroökonomik (Prof. Dr. Andreas Roider) |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 18 Mar 2019 11:46 |
| Last Modified: | 18 Mar 2019 11:46 |
| URI: | https://pred.uni-regensburg.de/id/eprint/2653 |
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