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Fly with the Eagles or Scratch with the Chickens? – Zum Herdenverhalten von Wechselkursprognostikern
Pierdzioch, Christian | Stadtmann, Georg | Schäfer, Dirk
Credit and Capital Markets – Kredit und Kapital, Vol. 44 (2011), Iss. 4 : pp. 465–490
4 Citations (CrossRef)
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Prof. Dr. Christian Pierdzioch, Helmut-Schmidt-Universität, Department of Economics, Holstenhofweg 85, P.O. B. 700822, D-22008 Hamburg
Prof. Dr. Georg Stadtmann, University of Southern Denmark, Department of Business and Economics, Campusvej 55, DK-5230 Odense M, und Europa-Universität Viadrina, Lehrstuhl für Volkswirtschaftslehre, insb. Makroökonomik, Postfach 1786, D-15207 Frankfurt (Oder)
Dirk Schäfer, Europa-Universität Viadrina, Lehrstuhl für Volkswirtschaftslehre, insb. Makroökonomie
Cited By
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A Note on Forecasting Emerging Market Exchange Rates: Evidence of Anti‐herding
Pierdzioch, Christian | Rülke, Jan‐Christoph | Stadtmann, GeorgReview of International Economics, Vol. 20 (2012), Iss. 5 P.974
https://doi.org/10.1111/roie.12007 [Citations: 17] -
Eine Überprüfung der Informationsquellen für Inflationserwartungen
Kaiser, Timo Pascal
ORDO, Vol. 72-73 (2023), Iss. 1 P.340
https://doi.org/10.1515/ordo-2023-2002 [Citations: 0] -
Portfolio Complexity and Herd Behavior: Evidence from the German Mutual Fund Market
Franck, Alexander | Walter, AndreasKredit und Kapital, Vol. 45 (2012), Iss. 3 P.343
https://doi.org/10.3790/kuk.45.3.343 [Citations: 7] -
Added Value von Behavioral-Finance-Fonds
Stand der wissenschaftlichen Forschung über Märkte und ihre Teilnehmer
Averbeck, Daniel
2018
https://doi.org/10.1007/978-3-662-55924-6_3 [Citations: 0]
Abstract
Fly with the Eagles or Scratch with the Chickens? – Herd Behavior of Exchange Rate Forecasters
We analyze whether exchange-rate forecasters herd. To this end, we lay out two widely studied theoretical models of forecaster herding. The models illustrate why forecasters may herd. We then empirically analyze whether forecasts of the Yen/ Dollar, Swiss franc/Dollar, German mark/Dollar, and Euro/Dollar exchange rates provide evidence of herding. Our results do not yield evidence of herding. On the contrary, we find strong evidence of anti-herding. Anti-herding could indicate that forecasters adhere to a strategy of "forecast differentation„.