There are many studies about the herd behaviour of investors, institutions and individual investors for more than 20 years. Among his research about the herd behaviour of investors held, the study by Grinblatt, Titman and Wermers (1997), [120] about transactions of mutual funds over 10 years to see the measure as the pride LSV is 2.5; Research of Wermers (1999) [121] found the level of pride in the small stock and transactions of the Fund in the growth-oriented research since 1975 black 1994; Nofsinger's team and Sias (1999) [87] about transactions of inertia and its herd were spotted herd behavior exists on the stock markets of the United States of America; Sias (2004) [101] efforts to tackle the effects of the transaction according to the inertia and herd behavior through analysis of the Organization's purchase rate through the adjacent quarter.
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