Mutual Fund Herding and the Impact on Stock Prices

which mutual funds held $246 billion ~Investment Company Institute ~1994!!. Institutional trading, when added to member trading, accounted for about 70 percent of total NYSE volume in 1989 ~Schwartz and Shapiro ~1992!!. By June 1997, mutual funds held more than $2 trillion in equities and $4 trillion in total assets. THE JOURNAL OF FINANCE • VOL. ................
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