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Among growing concerns about potential financial stability risks posed by the asset management industry, herding has been considered as an important risk amplification channel. In this paper, we examine the extent to which institutional investors herd in their trading of U.S. corporate bonds and quantify the price impact of such herding behavior. We find that, relative to what is documented for the equity market, the level of institutional herding is much higher in the corporate bond market, particularly among speculative-grade bonds. In addition, mutual funds have become increasingly likely to herd when they sell, a trend not observed among insurance companies and pension funds. We also show that bond investors herd not only within a quarter, but also over adjacent quarters. Such persistence in trading is largely driven by funds imitating the trading behavior of other funds in the previous quarter. Finally, we find that there is an asymmetry in the price impact of herding. While buy herding is associated with a permanent price impact that is consistent with price discovery, sell herding results in transitory yet significant price distortions. The price destabilizing effect of sell herding is particularly strong for high-yield bonds, small bonds, and illiquid bonds and during the recent global financial crisis. [ABSTRACT FROM AUTHOR]

We find substantial herding in U.S. corporate bonds among bond fund managers, much higher than that previously documented for the equity market. Herding is generally stronger among illiquid bonds, and buy herding and sell herding are driven by different factors. In particular, sell herding increases on negative news about bond ratings and corporate earnings. Interestingly, increases in ex-post transparency in corporate bond trading through Trade Reporting and Compliance Engine (TRACE) led to higher buy herding but not to higher sell herding. Finally, we find significant return reversals in the post-herding quarters, especially for sell herding and for junk bonds. Price reversal is most prominent when funds herd to sell illiquid bonds, which suggests that temporary price pressure is the reason behind price reversal. [ABSTRACT FROM AUTHOR]

Selecting replacement heifers using production records, herd goals, and available resources allows producers to manage feed costs and improve heifer selection. Select heifers from older cows as these cows are successful in the current production system, as replacement heifers must grow and develop in similar feeding conditions. Yes, you could be keeping the most efficient growing heifers, but in the long run, this could move the size of the mature cow herd to a larger-than-desired mature-cow size. [Extracted from the article]

b Are you selling weaned calves, yearlings, finished cattle or replacement heifers? Each bull you purchase should be evaluated on the basis of what genetic potential he has to offer to your specific operation. Some examples: Percent Calves Born Un-assisted/Calf Vigor Mature Cow Weight Percent Pregnancy Rate Percent Calf Crop Weaned Weaning Weight Weaning Weight Per Exposed Female Yearling Weight Carcass Weights, Quality and Yield Grades B Consider your marketing program!. [Extracted from the article]

Select heifers from older cows, as these cows are successful in the current production system, and replacement heifers must grow and develop in similar feeding conditions. Selecting replacement heifers using production records, herd goals and available resources allows producers to manage feed costs and improve heifer selection. [Extracted from the article]