The Effect of Intangible Information by Lakonishok, Shleifer and Vishny Model on Institutional Investors Herding Behavior

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SHAYESTEHMAND HOSSEIN; POURZAMANI ZAHRA

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Journal: JOURNAL OF ACCOUNTING AND AUDITING RESEARCHES (ACCOUNTING RESEARCH) Year:2019 | Volume:10 | Issue:40 Page(s): 147-158

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Title

The Effect of Intangible Information by Lakonishok, Shleifer and Vishny Model on Institutional Investors Herding Behavior

Author(s)

SHAYESTEHMAND HOSSEIN | POURZAMANI ZAHRA | Issue Writer Certificate

Keywords

Intangible InformationQ1

Herding BehaviorQ1

Institutional InvestorsQ1

Abstract

In decision making model for Herding Behavior, investors in TSE tend to suppress their private information and mimic the actions of other investors, rather than use quantitative techniques to assess stock value and make investment choices. These decisions lead to the influx of investors to trade the stock and fluctuation in prices that causes inefficiency, instability and fragility of the market. On the other hand Intangible Information, which is often obtained from the unofficial sources, causes information asymmetry in the capital market. This information will primarily create advantages for some investors; however, over time, with the release of Intangible Information and turning it from underhand information to revealed information, the value and power of this information advantage will be reduced. In this study, the effect of Intangible Information on Herding Behavior of Institutional Investors has been studied in Tehran Stock Exchange during 2010 to 2014. In this regard, the effect of Intangible Information on Herding Behavior of Institutional Investors was analyzed. The results indicate that, confirming the impact of Intangible Information on Herding Behavior of Institutional Investors.

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APA: Copy

SHAYESTEHMAND, HOSSEIN, & POURZAMANI, ZAHRA. (2019). The Effect of Intangible Information by Lakonishok, Shleifer and Vishny Model on Institutional Investors Herding Behavior. JOURNAL OF ACCOUNTING AND AUDITING RESEARCHES (ACCOUNTING RESEARCH), 10(40 ), 147-158. SID. https://sid.ir/paper/370091/en

Vancouver: Copy

SHAYESTEHMAND HOSSEIN, POURZAMANI ZAHRA. The Effect of Intangible Information by Lakonishok, Shleifer and Vishny Model on Institutional Investors Herding Behavior. JOURNAL OF ACCOUNTING AND AUDITING RESEARCHES (ACCOUNTING RESEARCH)[Internet]. 2019;10(40 ):147-158. Available from: https://sid.ir/paper/370091/en

IEEE: Copy

HOSSEIN SHAYESTEHMAND, and ZAHRA POURZAMANI, “The Effect of Intangible Information by Lakonishok, Shleifer and Vishny Model on Institutional Investors Herding Behavior,” JOURNAL OF ACCOUNTING AND AUDITING RESEARCHES (ACCOUNTING RESEARCH), vol. 10, no. 40 , pp. 147–158, 2019, [Online]. Available: https://sid.ir/paper/370091/en

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