Analysis of the Behavior of Fund Investment in China on the Basis of LSV Herding Measure
This paper employs the simplified LSV to study the fund investment in China. It has found that, firstly, there are obvious herd behaviors in fund investment in China; secondly, it is not asymmetric when buying stocks and selling stocks, usually the buyer抯 herd behavior is more significant than the seller抯; thirdly, the fund manager mainly predicts his peers?investment decisions in light of the dynamic data in market transactions, and infers new private information from his peers?decisions; fourthly, during the period of rapid adjustment in the market, the consensus of fund managers is a crucial factor generating the seller抯 herd behavior.
Behavior of Fund Investment Herd Behavior LSV Measure of Herding
Zheng-qiang ZUO Mei CHEN
School of Economics and Management, Chongqing Three Gorges University Wanzhou District 404100, Chong School of Economics and ManagementChongqing Three Gorges UniversityWanzhou District 404100, Chongqin
国际会议
武汉
英文
637-640
2011-10-17（万方平台首次上网日期，不代表论文的发表时间）