This manuscript is a substantially revised and generalized version of our earlier paper “Herd Behavior in Efficient Financial Markets.” Financial support from the ESRC (Grants RES-156-25-0023 and R00429934339) and the TMR Marie Curie Fellowship Program is gratefully acknowledged. Andreas thanks the University of Copenhagen for its hospitality while some of this research was developed. We thank three anonymous referees for detailed comments, and the co-editor for very helpful suggestions and advice. We are also grateful to Markus Brunnermeier, Christophe Chamley, Tony Doblas-Madrid, Scott Joslin, Rob McMillan, Peter Sorensen, and Wei Xiong for helpful discussions. Finally, we thank seminar participants at the following conferences, workshops, and departments for useful comments: St. Andrews ESRC Macro, Gerzensee Economic Theory, SAET Vigo Spain, ESRC World Economy Birkbeck, ESRC British Academy Joint Public Policy Seminar, Cambridge–Princeton Workshop, Cambridge Social Learning Workshop, Copenhagen Informational Herding Workshop, CEA, NFA, Said Oxford, St. Andrews, Leicester, Nottingham, Queen Mary London, Cambridge, LSE Finance, Naples, EUI Florence, Paris School of Economics, Yonsei Korea, Singapore National University, Singapore Management University, Queens, Rotman Toronto, Penn State, and Wharton.
Herding and Contrarian Behavior in Financial Markets
Article first published online: 1 JUL 2011
© 2011 The Econometric Society
Volume 79, Issue 4, pages 973–1026, July 2011
How to Cite
Park, A. and Sabourian, H. (2011), Herding and Contrarian Behavior in Financial Markets. Econometrica, 79: 973–1026. doi: 10.3982/ECTA8602
- Issue published online: 1 JUL 2011
- Article first published online: 1 JUL 2011
- Manuscript received May, 2009; final revision received October, 2010.
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