放牧
羊群行为
金融经济学
衡平法
经济
牧群
库存(枪支)
业务
精算学
政治学
地理
生物
林业
动物科学
考古
法学
作者
Terence Tai‐Leung Chong,Xiaojin Liu,Chenqi Zhu
标识
DOI:10.1080/15427560.2017.1365365
摘要
This article examines the causes of herd behavior in the Chinese stock market. Using the nonlinear model of Chang, Cheng, and Khorana [2000 Chang, E. C., J. W. Cheng, and A. Khorana. "An Examination of Herd Behavior in Equity Markets: An International Perspective." Journal of Banking and Finance, 24, (2000), pp. 1651–1679.[Crossref], [Web of Science ®] , [Google Scholar]], the authors of this article find robust evidence of herding in both the up and down markets. They contribute to the existing literature by exploring the underlying reasons for herding in China. It is shown that analyst recommendation, short-term investor horizon, and risk are the principal causes of herding. However, the authors cannot find evidence that relates herding to firm size, nor can they detect significant differences in herding between state-owned enterprises and non–state-owned enterprises.
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