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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Acceso en línea: | http://hdl.handle.net/1992/46761 |
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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 |
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Universidad de los Andes |
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DSpace |
language |
Inglés (English) |
topic |
Board of directors Herding behavior Bayesian models |
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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 |