Herding behavior among mutual fund managers of BPI, Philam, and Sunlife in the Philippines during the period 2000-2005
The study supposed the independency of herding behavior of mutual fund managers on fund specific characteristics and market condition in the Philippine context. A modified version of Lakonishok's measure of herding was used to determine if herding do exists. Data were gathered through the quart...
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| Main Authors: | , , |
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| Format: | text |
| Language: | English |
| Published: |
Animo Repository
2006
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| Subjects: | |
| Online Access: | https://animorepository.dlsu.edu.ph/etd_bachelors/8503 |
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| Institution: | De La Salle University |
| Language: | English |
| Summary: | The study supposed the independency of herding behavior of mutual fund managers on fund specific characteristics and market condition in the Philippine context. A modified version of Lakonishok's measure of herding was used to determine if herding do exists. Data were gathered through the quarterly data of funds beings managed by BPI, Philam, and Sunlife during the period 2000-2005. ANOVA and Pearson's R Correlation were then used to see the effect of herding behavior on factors such as market capitalization, portfolio holdings, stock market returns, and market volatility. It was found that herding does exist in the Mutual Fund Industry of the Philippines. Higher level of herding was observed in small capitalized funds, bond funds, during low market volatility, and during average market stock return. Consequently, lower level of herding was observed in large capitalized funds, balanced funds, during high market volatility, and during high market stock return. |
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