TY  - BOOK
AU  - Cipriani,Marco
AU  - Guarino,Antonio
TI  - Herd Behavior in Financial Markets: An Experiment with Financial Market Professionals 
T2  - IMF Working Papers; Working Paper
SN  - 1451869991 :
SN  - 1018-5941
PY  - 2008///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Contrarianism
KW  - imf
KW  - Experimental Design
KW  - Financial Market Professionals
KW  - Financial Markets
KW  - Herding
KW  - Predictions
N2  - We study herd behavior in a laboratory financial market with financial market professionals. We compare two treatments, one in which the price adjusts to the order flow so that herding should never occur, and one in which event uncertainty makes herding possible. In the first treatment, subjects herd seldom, in accordance with both the theory and previous experimental evidence on student subjects. A proportion of subjects, however, engage in contrarianism, something not accounted for by the theory. In the second treatment, the proportion of herding decisions increases, but not as much as theory suggests; moreover, contrarianism disappears altogether
UR  - http://elibrary.imf.org/view/IMF001/09307-9781451869996/09307-9781451869996/09307-9781451869996.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451869996
ER  -