Do investors in SMEs herd? Evidence from French and UK equity markets
Abstract
According to the social learning literature, agents faced with asymmetries rationally ignore their own information to follow the herd. We argue that investors in listed SMEs that are known for their high informational opacity exhibit more herding compared to investors in large firms in order to lower the impact of informational asymmetries. Given a gap in the listed SMEs’ literature, we test our hypothesis offering first time evidence on their...
Paper Details
Title
Do investors in SMEs herd? Evidence from French and UK equity markets
Published Date
Dec 6, 2019
Journal
Volume
56
Issue
4
Pages
1619 - 1637
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