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An Empirical Study On The Influence Of The Herd Behavior Of The Securities Investment Fund On The Stock Pricing Efficiency

Posted on:2019-10-15Degree:MasterType:Thesis
Country:ChinaCandidate:L YangFull Text:PDF
GTID:2429330566967963Subject:Finance
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Securities investment fund is a kind of securities investment portfolio by way of collective investment,trust company,or in the form of contract,dispersing funds through the issuance of securities will be a lot of uncertainty,the social idle funds together,forming a scale of trust assets,the professional by the relevant institution is reasonable the investment in accordance with the relevant professional knowledge and experience of its own,reduce risk and improve returns,is a kind of investment tool originated in Britain in nineteenth Century.At the end of 2004,China began to strongly advocate the development of securities investment industry.In June 1,2004,the securities investment fund law was promulgated,marking the end of the pilot stage of China's fund industry,and officially entered the stage of rapid development.Since 2004,securities investment fund has occupied a large proportion in China's capital market,and its role in stabilizing market,reducing fluctuation and optimizing financial structure is becoming more mature.However,there are many new problems in the development of securities investment funds.The most important concern in this paper is the irrational factors of securities investment funds,including irrational factors of fund investors and irrational factors of fund companies--herding behavior.The herding behavior in finance means that in the case of incomplete information,the investors will give up some private information obtained by themselves in order to gain certain benefits,and choose to follow the investment decisions of the investors in most markets.At present,many domestic and foreign literature have made a certain analysis and Research on the herding behavior of institutional investors in various markets,and found the existence of herding behavior in the stock market and determines that it will have a certain impact on the stock market.Then,will herding behavior of securities investment fund have positive or negative effects on stock market?And what index is the impact of its impact?This is the content of this article.This paper uses the open fund in the 8 quarter of-2016 in 2015 as the research object,uses the LSV model to measure the herd behavior of China's securities investment fund,and then regression through the establishment of panel data model,and analyzes the herd behavior from the three aspects of the volatility of stock price,stock price synchronization and the lag of information counter response.In relation to the stock pricing efficiency,the conclusion is that the stock pricing efficiency of the securities investment fund will affect the stock pricing efficiency.Finally,according to the results of the data analysis and the past research,some reasonable suggestions on the existing problems are put forward.The results of this study show that the herd behavior of the securities investment fund will improve the volatility of stock prices,increase the synchronization of stock prices,and improve the lag of information reaction,thus reducing the efficiency of stock pricing.
Keywords/Search Tags:Securities investment fund, Herd behavior, Stock pricing efficiency
PDF Full Text Request
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