The Model of Chinese Securities Market CSAD Herding Behavior
After brilliant modern financial theory is facing more and more the challenge, one of which in stock market traders is herd behavior. On the surface, herd behavior seems to be a very small concept, that actually acts in the real traders and the stock market is running on the extensive and profound role. Firstly, the concept of herd behavior and classification are reviewed. Secondly, based on the herding behavior of financial markets in the latest summary of theoretical and empirical research, this paper uses the model of CSAD to analysis herding behavior of A shares and B shares. Herd behavior of the two markets is analyzed and it proves the existence of the Chinese stock market and the extent of herding behavior. Again, this article finance analyzes the causes of herd behavior from the perspective of behavioral. Then this paper extended to the herd behavior of stock market. This paper made a detailed analysis of the main herd behavior and put forward to all the different securities markets inspiration Finally, the conclusion is that in terms of theory and empirical research on herd behavior and many aspects need to be expanded.
Dehong Liu Xiaoting Wang
School of Economics and Management Beijing Jiaotong University, P.R.China, 100044
国际会议
4th Conference on System Science,Management Science & System Dynamics(第四届系统科学、管理科学&系统动力学国际会议)
上海
英文
311-317
2010-12-10（万方平台首次上网日期，不代表论文的发表时间）