LEADER 05954oam 22011894 450 001 9910812625103321 005 20200520144314.0 010 $a1-4623-1443-0 010 $a1-4527-4000-3 010 $a1-282-84092-4 010 $a1-4518-6999-1 010 $a9786612840920 035 $a(CKB)3170000000055044 035 $a(EBL)1607898 035 $a(SSID)ssj0000944137 035 $a(PQKBManifestationID)11503325 035 $a(PQKBTitleCode)TC0000944137 035 $a(PQKBWorkID)10983369 035 $a(PQKB)10193867 035 $a(OCoLC)252901774 035 $a(IMF)WPIEE2008141 035 $a(MiAaPQ)EBC1607898 035 $a(IMF)WPIEA2008141 035 $a(EXLCZ)993170000000055044 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aHerd Behavior in Financial Markets : $eAn Experiment with Financial Market Professionals /$fMarco Cipriani, Antonio Guarino 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (30 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/141 300 $aDescription based upon print version of record. 311 $a1-4519-1452-0 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; A. Literature Review; II. The Theoreticalmodel; A. The model structure; B. Theoretical predictions; Figures; 1. Prices and Traders' Expectations after a History of Buys; III. The Experiment and the Experimental Design; A. The experiment; B. Experimental design: the two treatments; 2. Prices and Traders' Expectations after a History of Sells; 3. Prices and Traders' Expectations after a Sell Followed by a History of Buys; IV. Results: Rationality, Herding and Contrarian Behavior; A. Treatment I; Tables; 1. Average behavior in Treatment I 327 $a2. Cascade trading behavior in Treatment IB. Treatment II; 3. No trade in Treatment I; 4. Average behavior in Treatment II; V. Comparison with Previous Experimental Results; 5. Cascade trading behavior in Treatment II; 6. No trade in Treatment II; VI. Individual Behavior; 7. Percentage of decisions in accordance with the theoretical prediction at individual level.; VII. Conclusions; 8. Regressions of the level of rationality in the experiment on individual characteristics. P-values in parenthesis 327 $a9. Regression of subjects' payoff at the end of the experiment on individual characteristics. P-values in parenthesis10. Regressions of participants' proportion of herding, contrarianism and no trading on the trader's dummy. Herd 1 and Contrarian 1 refer to Treatment I. Herd 2 and Contrarian 2 refer to Treatment II. P-values in parenthesis; References 330 3 $aWe study herd behavior in a laboratory financial market with financial market professionals. We compare two treatments, one in which the price adjusts to the order flow so that herding should never occur, and one in which event uncertainty makes herding possible. In the first treatment, subjects herd seldom, in accordance with both the theory and previous experimental evidence on student subjects. A proportion of subjects, however, engage in contrarianism, something not accounted for by the theory. In the second treatment, the proportion of herding decisions increases, but not as much as theory suggests; moreover, contrarianism disappears altogether. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/141 606 $aCapitalists and financiers$xPsychology$xEconometric models 606 $aInvestments$xDecision making$xEconometric models 606 $aCollective behavior$xEconometric models 606 $aAsset valuation$2imf 606 $aAsset-liability management$2imf 606 $aBalance of trade$2imf 606 $aCapital market$2imf 606 $aEconomics of Gender$2imf 606 $aEducation$2imf 606 $aEducation: General$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aExports and Imports$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial Risk Management$2imf 606 $aGender Studies$2imf 606 $aGender studies, gender groups$2imf 606 $aGender$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aInternational economics$2imf 606 $aInternational Financial Markets$2imf 606 $aNon-labor Discrimination$2imf 606 $aSecurities markets$2imf 606 $aSex role$2imf 606 $aTrade balance$2imf 615 0$aCapitalists and financiers$xPsychology$xEconometric models. 615 0$aInvestments$xDecision making$xEconometric models. 615 0$aCollective behavior$xEconometric models. 615 7$aAsset valuation 615 7$aAsset-liability management 615 7$aBalance of trade 615 7$aCapital market 615 7$aEconomics of Gender 615 7$aEducation 615 7$aEducation: General 615 7$aEmpirical Studies of Trade 615 7$aExports and Imports 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial Risk Management 615 7$aGender Studies 615 7$aGender studies, gender groups 615 7$aGender 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aInternational economics 615 7$aInternational Financial Markets 615 7$aNon-labor Discrimination 615 7$aSecurities markets 615 7$aSex role 615 7$aTrade balance 676 $a330.12 700 $aCipriani$b Marco$01722280 701 $aGuarino$b Antonio$0305062 801 0$bDcWaIMF 906 $aBOOK 912 $a9910812625103321 996 $aHerd Behavior in Financial Markets$94122515 997 $aUNINA