This paper investigates hedge fund herding at the industry level and its impact on industry
returns. Although the level of industry herding on average is substantially weaker for hedge …

This study examines whether mutual funds herd in industries and the extent to which such
herding impacts industry valuations. Using two herding measures proposed by Lakonishok et …

We evaluate the robustness of momentum returns in the US stock market over the period
1965–2012. We find that momentum profits have become insignificant since the late 1990s. …

Recent studies have documented that institutional investors trade contrary to the predictions
of the book-to market anomaly. We examine whether a prominent sub-group of institutional …

We find strong disagreements between hedge funds and other institutions in their common
stock trades are twice as likely as agreements. Overall success of hedge funds’ trades and …

Prior literature has shown that companies in Fortune’s list of 100 best companies (BCs) to
work for in the United States earn positive abnormal returns in the period after the list is …

We examine the effect of aggregate cash flow news and discount rate news on momentum
returns. We find that momentum profits are higher following aggregate positive cash flow news…

We evaluate the robustness of momentum returns in the US stock market over the period
1965 to 2010. We find that momentum profits have become insignificant since the late 1990s …

Past research shows that the difference between dividend amount and ex-dividend day
price drop reflects the transaction costs and the differential in the tax rates on dividends and …

This dissertation consists of two chapters. First chapter examines whether herding by actively
managed equity funds affects their performance. For this purpose, first the effect of herding …