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Research On The Security Investment Funds' Investment Behaviors And Its Influences On The Capital Market

Posted on:2012-07-09Degree:MasterType:Thesis
Country:ChinaCandidate:Y S ZouFull Text:PDF
GTID:2189330335964304Subject:Finance
Abstract/Summary:PDF Full Text Request
Under the policy of dramatically develop the institutional investors, the security investment funds, as the outstanding institutional investors, have already been an important investment strength in Chinese capital market. In recent years, however, under the worldwide complexity economic situation, Chinese capital market fluctuated increasingly, the influences of the security investment funds are being much more critical. Based on the existing research, this paper introduced the market cirle and industrious indicators into analysis framework, aiming to research the behaviors of security investment funds and its influences to the capital market. This paper carried out the research through the security investment funds'herding behaviors, shareholding behaviors and its trading intensity.We can found that, the funds'herding behaviors are significant in the capital market, and the buy herding behaviors are higher than the sell herding behaviors. Carried on the further research, we got that the funds'herding behaviors are negative relevant to the number of participation funds and the listed share A scale, and the company which is listed between half year to one year have a much more significant sell herding behavior than the buy herding behavior;As to the funds'shareholding behaviors, we found that the funds' holding behaviors can stabilize the capital market, expecially during the decreasing circle, this stabilization will much more significant; As to the funds'trading intensity, we found that funds'trading behaviors can't reduce the sample stocks'deviation return, funds'trading behavior still need more standards and guidelines.
Keywords/Search Tags:Institutional Investor, Security Investment Funds, Herd Behavior, Shareholding Behavior, Transaction Intensity, Deviation Return
PDF Full Text Request
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