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Investor Herding Behavior Of Chinese Stock Market

Posted on:2014-09-12Degree:MasterType:Thesis
Country:ChinaCandidate:Y L YangFull Text:PDF
GTID:2309330452456289Subject:Finance
Abstract/Summary:PDF Full Text Request
Firstly, we do the research of the existing herd behavior on the literature review,analysis of its merits and shortcomings, and on this basis, this study leads to the contents:Analysis examines the herd were in our A, B-share market and the existence ofuniversality, compare herd behavior in a, B shares in existence for a significant degree,calculated by the model to analyze the existence of symmetry, the final comments andsuggestions to investors in order to prevent or mitigate their herd losses for investors.In the last decade the stock market using daily and weekly earnings data areempirical method using CSSD test results found that in China’s securities market,investors showed varying degrees of herd behavior, particularly that there is a strongherding B shares markets, this conclusion is different from the previous literature;through inspection found that the Shanghai Stock Exchange and the Shenzhen StockExchange degree of herd behavior gradually decreases with time, indicating that China’ssecurities market as the system improvement, investors also tend to reason. The articlealso explores the rise and fall of the stock market in stages as well as the existence ofherding extent size, evidence indicates that fell more significant herding stage, the finalarticle explores the financial crisis, China’s stock market the degree of herd behavior.In this paper, a more flexible time period selected, the time span of fifteen years andfive were divided into three sections, better explore the herd behavior of the stock marketgradually changes the size of the degree course and the Bull and Bear of the herdbehavior of comparison.
Keywords/Search Tags:Herd behavior, Market efficiency, Behavioral finance
PDF Full Text Request
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