摘要
从单个基金与市场偏离程度的角度,本文考察了2002-2013年机构投资者的羊群行为及其对股票市场的影响。研究结果表明,无论是基金整体还是分类基金,这一时期内机构投资者均不存在显著的羊群行为,然而机构投资者的介入也不能对资本市场稳定产生积极作用。
The paper investigates the institutional investors＇ herding behavior and its impact during the 2002 to 2013 from the perspective of the deviation of a single fund from the market. The results show that no matter it is the fund as a whole or the sorted funds, there is no obvious herding behavior during this period; however the introduction of institutional investors could not stabilize the capital market, either.
出处
《南方金融》
北大核心
2014年第2期65-70,64,共7页
South China Finance
关键词
资本市场
机构投资者
羊群行为
Capital Market
Institutional Investors
Herding Behavior
