{"id":{"repo_id":"arizona-thes","oai_identifier":"oai:repository.arizona.edu:10150/232474"},"canonical_url":"https://search.dev.ndltd.org/etd/arizona-thes/oai:repository.arizona.edu:10150/232474","repository":{"repo_id":"arizona-thes","name":"University of Arizona","base_url":"https://repository.arizona.edu/oai/request"},"display":{"title":"Does Investment Horizon Matter? Disentangling the Effect of Institutional Herding on Stock Prices","abstract":"Existing studies document that institutional herding has a stabilizing effect on stock prices, as stock returns are positively correlated with herding over one- to three-quarter horizons. The literature also shows that short-term institutions are better informed than long-term institutions. Motivated by heterogeneity in the level of informed trading between short-term and long-term institutions, this study disentangles the herding effect of short-term and long-term institutions on stock prices. Our results show that herding by short-term institutions promotes price discovery. In contrast, herding by long-term institutions drives stock prices away from fundamentals. Taken together, our findings suggest that the stabilizing effect documented in the existing literature is mainly driven by short-term institutions, and herding by long-term institutions has a destabilizing effect on stock prices.","abstract_html":"Existing studies document that institutional herding has a stabilizing effect on stock prices, as stock returns are positively correlated with herding over one- to three-quarter horizons. The literature also shows that short-term institutions are better informed than long-term institutions. Motivated by heterogeneity in the level of informed trading between short-term and long-term institutions, this study disentangles the herding effect of short-term and long-term institutions on stock prices. Our results show that herding by short-term institutions promotes price discovery. In contrast, herding by long-term institutions drives stock prices away from fundamentals. Taken together, our findings suggest that the stabilizing effect documented in the existing literature is mainly driven by short-term institutions, and herding by long-term institutions has a destabilizing effect on stock prices.","abstract_has_math":false,"creators":["Yuksel, Hasan Zafer"],"institution":"The University of Arizona.","degree_name":"Ph.D.","degree_level":"doctoral","degree_discipline":"Graduate College","degree_department":null,"school":null,"contributors":[],"advisors":["Jiang, George J."],"committee_chairs":[],"committee_members":["Lamoureux, Christopher","Litov, Lubomir","Kelley, Eric","Jiang, George J."],"year":2012,"date_issued":"2012","date_published":"2012","updated_at":"2026-07-24T00:56:11Z","subjects":["Management","institutional herding","price impact"],"languages":["en"],"rights":["Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author."],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/10150/232474","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.advisor","label":"Advisor","values":["Jiang, George J."]},{"key":"dc:contributor.committeemember","label":"Committee Member","values":["Lamoureux, Christopher","Litov, Lubomir","Kelley, Eric","Jiang, George J."]},{"key":"dc:creator","label":"Author","values":["Yuksel, Hasan Zafer"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2012-07-06T22:23:09Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2012-07-06T22:23:09Z"]},{"key":"dc:date.issued","label":"Date","values":["2012"]},{"key":"dc:publisher","label":"Institution","values":["The University of Arizona."]},{"key":"dc:type","label":"Dc Type","values":["text","Electronic Dissertation"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Graduate College","Management"]},{"key":"thesis:degree_level","label":"Degree Level","values":["doctoral"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Arizona"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Management","institutional herding","price impact"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language.iso","label":"Language (ISO)","values":["en"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author."]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["http://hdl.handle.net/10150/232474"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["Existing studies document that institutional herding has a stabilizing effect on stock prices, as stock returns are positively correlated with herding over one- to three-quarter horizons. The literature also shows that short-term institutions are better informed than long-term institutions. Motivated by heterogeneity in the level of informed trading between short-term and long-term institutions, this study disentangles the herding effect of short-term and long-term institutions on stock prices. Our results show that herding by short-term institutions promotes price discovery. In contrast, herding by long-term institutions drives stock prices away from fundamentals. Taken together, our findings suggest that the stabilizing effect documented in the existing literature is mainly driven by short-term institutions, and herding by long-term institutions has a destabilizing effect on stock prices."]},{"key":"dc:title","label":"Title","values":["Does Investment Horizon Matter? Disentangling the Effect of Institutional Herding on Stock Prices"]}]}],"canonical_facts":{"dc:contributor.advisor":["Jiang, George J."],"dc:contributor.committeemember":["Lamoureux, Christopher","Litov, Lubomir","Kelley, Eric","Jiang, George J."],"dc:creator":["Yuksel, Hasan Zafer"],"dc:date.accessioned":["2012-07-06T22:23:09Z"],"dc:date.available":["2012-07-06T22:23:09Z"],"dc:date.issued":["2012"],"dc:description.abstract":["Existing studies document that institutional herding has a stabilizing effect on stock prices, as stock returns are positively correlated with herding over one- to three-quarter horizons. The literature also shows that short-term institutions are better informed than long-term institutions. Motivated by heterogeneity in the level of informed trading between short-term and long-term institutions, this study disentangles the herding effect of short-term and long-term institutions on stock prices. Our results show that herding by short-term institutions promotes price discovery. In contrast, herding by long-term institutions drives stock prices away from fundamentals. Taken together, our findings suggest that the stabilizing effect documented in the existing literature is mainly driven by short-term institutions, and herding by long-term institutions has a destabilizing effect on stock prices."],"dc:identifier.uri":["http://hdl.handle.net/10150/232474"],"dc:language.iso":["en"],"dc:publisher":["The University of Arizona."],"dc:rights":["Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author."],"dc:subject":["Management","institutional herding","price impact"],"dc:title":["Does Investment Horizon Matter? 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