عنوان مقاله [English]
نویسندگان [English]چکیده [English]
Indirect investment is the way by which, professional investment managers, far away from cognitive and emotional biases, select stocks and form portfolios on behalf of public investors. But, researches show that even those managers have challenged with these biases based on many reasons. Herding behavior that can tend markets toward failure could be seen among individual investors and even among investment managers.
In this paper, herding behavior among investment managers in Iranian capital market has been measured by Lakonishok, Shleifer and Vishny (1992) and the relation between that and market return and market trading value has been tested.
To do this, all active investment companies during the period of 2007 up to 2010 in Iranian capital market are investigated. Findings show that based on LSV indicator, institutional herding is 8.59%, which is significantly different from zero. So, the presence of herding behavior could be approved. Also, significant negative relation between trading value and herding was found. No significant relation between Market return and herding was seen.