although it is believed that normally funds is relatively rational, studies show that on china's security market, the herd behavior of securities investment funds is distinct.
尽管一般认为基金相对理性,但研究表明在中国证券市场上,证券投资基金依然表现出明显的羊群行为。
the herd behavior of the open-ended funds is just a case in point.
开放式基金的「羊群行为」就是其中一种。
the results indicate that even if every investor is full rational, the herd behavior of investors may result in the bounded rationality of group trading.
研究结论表明,虽然每个投资者完全理性,但羊群行为可能导致投资者表现出群体的有限理性。
the herd behavior of investors will disturb stock prices, which affects the stability of the stock market.
证券市场上投资者的羊群行为会使股价发生波动,影响证券市场的稳定。
because the herd behavior involves relevant acts of different investors, it has very heavy influence on the stability and efficiency of the securities market.
由于羊群行为涉及多个投资主体相关性行为,对市场的稳定性、效率有很大的影响,也和金融危机有着密切的关系。
based on the research survey of the herd behavior in security markets, the author empirically studies the herd behavior in china stock market and theoretically analyzes the occurrence mechanism of it.
本文主要在对证券市场羊群行为研究现状进行综述的基础上,对中国股票市场上的羊群效应进行实证研究并对其发生机制进行理论分析。