**Table 7 Dynamic Herding**

For each moment in time, we have run the regression of the probability of buying an instrument at a moment in time on the lagged probability of buying an instrument. This table presents the average coefficient across time, for all assets and by asset class. Column (1) presents the results considering all assets traded, column (2) considers assets traded by more than one PFA, and column (3) considers assets traded by more than half of the PFAs in operation at any point in time. Numbers represent percentages (results are multiplied by 100). T-tests are two-tailed. One asterisk indicates statistical significance at the ten-percent level and two asterisks indicate statistical significance at the five-percent level. We have removed the asterisks on negative coefficients to facilitate the reading of the table. The standard error of this average coefficient is presented in parenthesis. In addition, this table presents the percentage of time coefficients that are positive at a ten-percent significance level and the percentage of time coefficients that are negative at a ten-percent significance level. The dashes in columns (2) and (3) indicate asset classes that are not traded by more than one PFA or not traded by more than half of PFAs in operation, respectively.

||||HerdingRegress|ions|
|---|---|---|---|---|
|||All Assets|Assets Traded by<br>More Than One PFA|Assets Traded by More<br>Than Half of PFAs|
|||(1)|(2)|(3)|
|**All Asset Classes**|Average Coefficient|-33.65|7.20**|27.93**|
||Standard Error|(0.91)|(1.57)|(4.01)|
||% Positive Coefficients|0.00%|38.74%|36.89%|
||% Negative Coefficients|100.00%|13.51%|4.85%|
|**Domestic Assets**|||||
|Former Pension System Bonds|Average Coefficient|-58.66|-59.60|-|
||Standard Error|(1.51)|(5.21)|-|
||% Positive Coefficients|0.00%|0.00%|-|
||% Negative Coefficients|99.10%|62.22%|-|
|Corporate Bonds|Average Coefficient|-18.83|-4.32|-|
||Standard Error|(4.02)|(14.4)|-|
||% Positive Coefficients|1.25%|13.04%|-|
||% Negative Coefficients|33.75%|30.43%|-|
|Financial Institutions|<br>Average Coefficient|-24.41|-11.81|-|
||Standard Error|(1.89)|(4.88)|-|
||% Positive Coefficients|2.73%|16.05%|-|
||% Negative Coefficients|69.09%|20.99%|-|
|Government Paper|Average Coefficient|-31.67|-6.07|9.93|
||Standard Error|(1.57)|(2.79)|(17.8)|
||% Positive Coefficients|0.90%|8.18%|21.05%|
||% Negative Coefficients|93.69%|20.91%|26.32%|
|Investment and Mutual Funds|Average Coefficient|-34.33|-|-|
||Standard Error|(8.69)|-|-|
||% Positive Coefficients|0.00%|-|-|
||% Negative Coefficients|33.33%|-|-|
|Equity|Average Coefficient|22.39**|26.16**|34.10**|
||Standard Error|(1.77)|(1.81)|(4.47)|
||% Positive Coefficients|61.26%|59.46%|28.00%|
||% Negative Coefficients|1.80%|0.90%|2.00%|
|Mortgage Bonds|Average Coefficient|-26.70|4.91|-|
||Standard Error|(1.81)|(3.28)|-|
||% Positive Coefficients|3.60%|28.16%|-|
||% Negative Coefficients|85.59%|13.59%|-|
|**Foreign Assets**|||||
|Fixed Income|Average Coefficient|-18.25|-13.27|-|
||Standard Error|(4.04)|(24.9)|-|
||% Positive Coefficients|2.41%|11.11%|-|
||% Negative Coefficients|26.51%|33.33%|-|
|Investment and Mutual Funds|<br>Average Coefficient|1.49|15.31**|15.89**|
||<br>Standard Error|(2.43)|(3.30)|(6.83)|
||% Positive Coefficients|26.42%|37.11%|21.74%|
||% Negative Coefficients|18.87%|7.22%|2.17%|
|Equity|Average Coefficient|-26.37|6.72|-|
||Standard Error|(10.2)|(57.5)|-|
||% Positive Coefficients|0.00%|0.00%|-|
||% Negative Coefficients|13.64%|0.00%|-|