| 沪深股市羊群行为的实证研究 |
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| 引用本文： | 关静,刘艳春,丰雪,阎勇.沪深股市羊群行为的实证研究[J].辽宁大学学报(自然科学版),2004,31(3):227-230. |
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| 作者姓名： | 关静 刘艳春 丰雪 阎勇 |
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| 作者单位： | 1. 辽宁大学,数学系,辽宁,沈阳,110036
2. 辽宁大学,计财处,辽宁,沈阳,110036 |
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| 摘 要： | 金融市场中的羊群行为是一种非理性的行为,对于投资者的效用和整个市场的稳定都产生消极的影响.研究证明,人类的从众本能,人群间的沟通,对报酬和声誉的需要以及信息的不确定性,都可能导致金融市场的羊群行为.采用横截面收益的绝对差(CSAD)的方法,对我国股票市场是否存在"羊群行为"进行了实证研究,得到我国的股票市场中确实存在着羊群行为.
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| 关 键 词： | 金融市场 羊群行为 横截面收益的绝对差 |
| 文章编号： | 1000-5846(2004)03-0227-04 |
Empirical Test on Herding Behavior on Shanghai and Shenzhen Stock Market |
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| GUAN Jing,LIU Yan-chun,FENG Xue,YAN Yong.Empirical Test on Herding Behavior on Shanghai and Shenzhen Stock Market[J].Journal of Liaoning University(Natural Sciences Edition),2004,31(3):227-230. |
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| Authors: | GUAN Jing LIU Yan-chun FENG Xue YAN Yong |
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| Institution: | GUAN Jing~1,LIU Yan-chun~1,FENG Xue~1,YAN Yong~2 |
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| Abstract: | Herding Behavior on the financial market is a non-rational action, it can bring negative effect on investors' utility and stabilization on all markets. Test proves, people's instinct and communion, the demand on payment and fame, unsymmetrical information, all can lead Herding Behavior on financial market. This article applies the across-sectional absolute deviation of return (CSAD), proves that there exists Herding Behavior on Chinese stock market. |
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| Keywords: | financial market herding behavior the across-sectional absolute deviation of return |
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