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A Panic-Prone Pack? The Behavior of Emerging Market Mutual Funds Eduardo Borensztein and R. Gaston Gelos Full Text of this Article (PDF 191K) Abstract: This
article explores the behavior of emerging market mutual funds using a novel database
covering the holdings of individual funds over the period January 1996 to December
2000. The degree of herding among funds is statistically significant, but moderate.
Herding is more widespread among open-ended funds than among closed-end funds,
but not more prevalent during crises than during tranquil times. We find some
evidence that funds tend to follow momentum strategies, selling past losers and
buying past winners. [JEL F21, G15] |
