{"id":4509,"date":"2025-10-01T18:06:30","date_gmt":"2025-10-01T10:06:30","guid":{"rendered":"http:\/\/www.gssinst.org\/irer\/?p=4509"},"modified":"2025-11-29T01:36:54","modified_gmt":"2025-11-28T17:36:54","slug":"herding-in-investment-trusts-new-evidence-using-tick-by-tick-data","status":"publish","type":"post","link":"https:\/\/www.gssinst.org\/irer\/2025\/10\/01\/herding-in-investment-trusts-new-evidence-using-tick-by-tick-data\/","title":{"rendered":"Herding in Investment Trusts: New Evidence Using Tick-by-Tick Data"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4509\" class=\"elementor elementor-4509\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6b084dbc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b084dbc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-47d15be8\" data-id=\"47d15be8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-73767d13 elementor-widget elementor-widget-text-editor\" data-id=\"73767d13\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><div class=\"article_label\">Article<\/div><p class=\"article_title\">Herding in Investment Trusts: New Evidence Using Tick-by-Tick Data<\/p><div><p class=\"title_label_large\">Author<\/p><p class=\"title_label_large\">Start Page \/ End Page<\/p><p class=\"title_label\">Volume<\/p><p class=\"title_label\">Issue Number<\/p><p class=\"title_label\">Year<\/p><p class=\"title_label_large\">Publication<\/p><\/div><div><p><!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p><p class=\"title_text_large\">Karthik Natashekara<\/p><p class=\"title_text_large\">335 \/ 364<\/p><p class=\"title_text\">28<\/p><p class=\"title_text\">3<\/p><p class=\"title_text\">2025<\/p><p class=\"title_text_large\">International Real Estate Review<\/p><\/div><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Abstract<\/p><p>We study herding behaviour in Indian investment trusts, which comprise real estate investment trusts (REITs) and infrastructure investment trusts (InvITs), from July 2021 to March 2025. We employ two distinct methodologies: the high-frequency herding intensity statistic of Patterson and Sharma (2006), and a modified version of the return dispersion-based approach of Chang et al. (2000). The results provide clear evidence of herding in these markets, which is notable given that they have relatively less information asymmetry, volatility, and cash flow uncertainty than traditional equities. Noticeably, herding is absent before the reduction of the minimum trading lot size to one unit by the Indian regulatory body, the Securities and Exchange Board of India, in late 2021, which indicates the influence of increased retail participation. During COVID-19, herding was more pronounced in REITs than in InvITs, thus reflecting heightened uncertainty in the commercial real estate sector. These findings have broader implications for regulation, portfolio management, and market efficiency.<\/p><p>\u00a0<\/p><p><!-- PDF DownloadLink --><\/p><p class=\"download\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2025\/10\/vol28_no3_2-MS24072301-Herding-in-Investment-Trusts-Natashekara.pdf\">View PDF &#8211; https:\/\/doi.org\/10.53383\/100406<\/a><\/p><div class=\"empty\">\u00a0<\/div><div>\u00a0<\/div><div><p class=\"abstract_label\">Keywords<\/p><p>Herding, Microstructure, REIT, InvITs, Investment trusts, India, Real estate investment trust<\/p><\/div><div>\u00a0<\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Article Herding in Investment Trusts: New Evidence Using Tick-by-Tick Data Author Start Page \/ End Page Volume Issue Number Year&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"article-template.php","format":"standard","meta":[],"categories":[280,281],"tags":[],"_links":{"self":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/4509"}],"collection":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/comments?post=4509"}],"version-history":[{"count":7,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/4509\/revisions"}],"predecessor-version":[{"id":4586,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/4509\/revisions\/4586"}],"wp:attachment":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/media?parent=4509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/categories?post=4509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/tags?post=4509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}