Herd behavior not only has great effect on the short-term price volatility, but also damages the long-term price stability to some extent.
羊群行为对短期股价波动会产生较大的影响,同时在一定程度上破坏股价的长期稳定。
Herd behavior has an impact on present stock return, buy-herding behavior lead to the positive abnormal return, and sell-herding behavior results negative abnormal return.