For an investor to imitate others, she must be aware of and be influenced by others' actions. Intuitively, an individual can be said to herd if she would have made an investment without knowing other investor's decision, but does not make that investment when she finds that others have decided not to do so. Alternatively, she herds when knowledge that others are investing changes her decision from not investing to making the investment ( S. Bikhchandani and S. Sharma - 2001)
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