Herding racional e irracional

: uma revisão de literatura

Abstract

This work reviews and describes a group of mimicry phenomenons defined as rational and irrational herding, where economic agents act according to a common pattern of action motivated by different kinds of impulses. Through an extensive literature review approach is pointed out a current financial scene framed herding perspective. On one hand rational herding is typically driven by externalities linked to information acquisition, reputation or market liquidity. On the other hand, irrational herding is typically driven by naïve biases, inexplicable price speculation or feedback trading phenomenon. Furthermore, it is analyzed different variables with recognized impact on this kind mimicking phenomenon, namely: trends, logic framing, investor’s informational processing capabilities and individual or institutional features of economic agents that embody this kind of behavior. We conclude that herding phenomenons faced with an increasing legal regulatory framing and a growing number of mandatory public information are evolving towards a dominant rationality. This paper also highlights some breakthroughs described on other works and spot some issues to be addressed in a future research.

Date of Award	28 Nov 2016
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Mário Ferreira (Supervisor)