Herding behavior

In this study, I argue that independent directors tend to follow a board leader. I theoretically analyze this behavior and show that under normal circumstances there is a tendency for board members to herd. Herding is inefficient because the information contained in the signals that directors¿ recei...

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Autor Principal: González, M.
Formato: Artículo (Article)
Lenguaje:Inglés (English)
Publicado: 2020
Materias:
Acceso en línea:http://hdl.handle.net/1992/46761
id ir-1992-46761
recordtype dspace
spelling ir-1992-467612020-11-04T20:21:00Z Herding behavior González, M. Board of directors Herding behavior Bayesian models In this study, I argue that independent directors tend to follow a board leader. I theoretically analyze this behavior and show that under normal circumstances there is a tendency for board members to herd. Herding is inefficient because the information contained in the signals that directors¿ receive is not aggregated and therefore it is wasted. Herding may be one of the reasons that no empirical relation exists between board composition and firm performance. 2020-10-01T16:42:18Z 2020-10-01T16:42:18Z 2006 article publishedVersion http://hdl.handle.net/1992/46761 http://cladea.org/ojs244/index.php/revista/article/view/473/167 eng openAccess application/pdf instname:Universidad de los Andes reponame:Repositorio Institucional Séneca
institution Universidad de los Andes
collection DSpace
language Inglés (English)
topic Board of directors
Herding behavior
Bayesian models
spellingShingle Board of directors
Herding behavior
Bayesian models
González, M.
Herding behavior
description In this study, I argue that independent directors tend to follow a board leader. I theoretically analyze this behavior and show that under normal circumstances there is a tendency for board members to herd. Herding is inefficient because the information contained in the signals that directors¿ receive is not aggregated and therefore it is wasted. Herding may be one of the reasons that no empirical relation exists between board composition and firm performance.
format Artículo (Article)
author González, M.
author_facet González, M.
author_sort González, M.
title Herding behavior
title_short Herding behavior
title_full Herding behavior
title_fullStr Herding behavior
title_full_unstemmed Herding behavior
title_sort herding behavior
publishDate 2020
url http://hdl.handle.net/1992/46761
_version_ 1705934451935019008
score 12,131701