Institutional investors showed more panic symptoms than individual investors during the 1987 crash

Evidence

A fifth of individual investors, and two-fifths of institutional investors, reported experiencing such symptoms on October 19 (Shiller 1989, pp. 388-389). Almost all were aware of falling prices during that day Shiller’s institutional respondents “checked the prices of stocks” an average of 35 times on October 19 (1989, p. 388) and those falls provoked emotion consistent with there being “something fundamentally wrong.” — Donald MacKenzie, An Engine, Not a Camera, 873