| Securities investment fund has achieved comparatively development in China these years. As an institutional investor, securities investment fund plays a significant role in security market. However, it also has an irrational side. Herd Behavior in open-ended funds is one kind of its irrational acts.First, base on summarizing the previous studies of Herd Behavior, this thesis do some empirical study of forty-two open-ended funds in China market dated from 2002 to 2005, uses the LSV model to empirically testify if China's open-end funds has marked Herd Behavior. Distinct Herd Behavior were found in general, and also the same Herd Behavior were found and present different characteristics in study of different groups specially to that of stocks scale, stocks yields, stocks industries and funds management companies.Then, this thesis try to offer some reflections on possible causes for Herd Behavior in China's open-ended funds. In order to foster the development of national Securities Investment Funds some suggestions and solutions, as a reference by the investors and financial supervision departments, are also offered to control such a negative phenomenon. |
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