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Special Report on

Rational herding in financial economics

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The 1990s have been a decade of upheaval in international financial markets. Much of the responsibility for financial instability has been placed on speculators, particularly hedge funds. Speculative capital has been characterized as "hot money", with capital flows driven by "herding" and "contagion" among players in foreign-exchange, stock, bond, and commodity markets. Policies to deal with financial instability by weakening, or even disabling speculation, have been based largely on anecdote, convenience (speculators have long served as scapegoats for various problems), and ideology, rather than careful analysis. Part of the ...
This is a list of some of the major unsolved problems, puzzles, or questions in economics. Some of these are theoretical in origin and some of them concern the inability of standard economic theory to explain an empirical observation.
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RATIONAL HERDING IN FINANCIAL ECONOMICS

Do Birds of a Feather Flock Together? Speculator Herding in the ...
OTC non-precious-metal commodity turnover would be about $1.4 billion. ..... (3 of 23 active, or 13 percent), and 19 September 1996 in heating oil futures (1 of 14 active, ..... Rational Herding in Financial Economics. European ... industry trends, business articles and survey research
Follow the Leader: The Cause and Consequences of Fund Managers ...
(AUD$399.9 billion out of AUD$688.9 billion). The ten largest stocks in the .... trade package is 84 percent of the average daily trading volume and is ...... Devenow, Andrea and Ivo Welch, 1996, Rational herding in financial economics, ... industry trends, business articles and survey research
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Rational herding in financial economics
Rational herding in financial economics. Andrea Devenow, Ivo Welch *. AGSM at UCLA, 110 Westwood Plaza, Box 951481, Los Angeles, CA 90095-1481, USA ... technology research, surveys study and trend statistics
Rational Herds
PART THREE. Financial Herding. 315. 14 Sequences of Financial Trades .... This herding is rational. There is, however, the possibility that everyone carries ..... story can be adapted to a number a situations in economics, from business ... technology research, surveys study and trend statistics
1 c:\wp51\papers\kindle.ber: 10/01/96 Forthcoming: Merson ...
Devenow, Andrea and Ivo Welch (1996), “Rational Herding in Financial Economics,” European. Economic Review, 40, pp. 603-615. Diamond, Douglas and Phillip ...
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RATIONAL HERDING IN FINANCIAL ECONOMICS
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QUESTIONS AND ANSWERS
Does anyone know what makes the stock market go up and down ...
In this day and age of computerized trading programs and algorithms, how do we even know what makes the stock market go up or down anymore? All of the computerized programs are different and we are never sure what exactly triggers a sell or a buy (or a hold, for that matter). When the human element is taken out of trading, it's hard to say what triggers a rise or a fall. Do you agree? Member since: March 26, 2007 Total points: 593 (Level 2) Not necessarily. For instance the computerized programs at least used by financial firms are highly technical and a layman w/ no economic knowledge can't use it. In fact the ...