Abstract

FERRUZ, Luis; SARTO, José Luis  and  VICENTE, Luis. Convergencia estratégica en la industria española de fondos de inversión. El trimestre econ [online]. 2008, vol.75, n.300, pp.1043-1060.  Epub Nov 20, 2020. ISSN 2448-718X.

By using Lakonishok et al (1992) measure, this work provides empirical evidence of herding behaviour in strategic assets allocated by Spanish funds investing in domestic equities from July 1997 to June 2002. This phenomenon is found with more significance when considering more important strategic variations.

This study also finds evidence of significant intertemporal herding in those funds managed by the largest Spanish fund management companies, proving that the size of the management company is a significant mechanism of this phenomenon.

Keywords : fondos de inversión; estilos estratégicos; convergencia; medida de Lakonishok.