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投资者在金融交易过程中存在学习与模仿现象,这被称为投资者的羊群行为。目前,实证研究基本上都是运用纯粹统计意义上的方法去考察股票市场中的一个决策序列。总体上,可以将羊群行为的实证研究方法分成两大类:一类是度量机构投资者的决策群集性,另一类是研究羊群行为对股价的影响。前者包括LSV方法和PCM方法,后者包括CH方法和CSAD方法等。国内学者采用国内市场的相关数据,对我国金融市场上的羊群行为进行了较多的实证研究,得出我国金融市场存在不同程度的羊群行为。
Investors in the financial transactions in the process of learning and imitation phenomenon, which is known as the investor’s herding behavior. At present, empirical research basically uses purely statistical methods to examine a decision sequence in the stock market. In general, the empirical research methods of herding behavior can be divided into two categories: one is to measure the decision-making cluster of institutional investors and the other is to study the influence of herding behavior on stock prices. The former includes the LSV method and the PCM method, which includes the CH method and the CSAD method. Domestic scholars use the domestic market data to conduct more empirical studies on herding behavior in China’s financial markets, and draw conclusions that there are different degrees of herd behavior in China’s financial markets.