期刊文献+

股权众筹中的领投机制与羊群行为分析

An Analysis of Herd Behavior and Lead-investor Mechanism in Equity-crowdfunding
下载PDF
导出
摘要 通过构建一个基于信息交互的多主体仿真模型验证说明了,在股权众筹投资中,领投人的积极投资态度或决策信息较高的可信度都可能会加剧大众投资者的从众投资趋势,导致更为严重的羊群行为。为了促进股权众筹的健康发展,监管部门和众筹平台应采取一系列措施,以控制领投人的道德风险,降低羊群行为发生的严重性,避免羊群行为的次优结果。 In. this paper, we construct a Multi-agent simulation, model based on. information, interaction, to illustrate that in. the equity-crowdfund-ing investment, the positive attitude or high credible investment decision, information, of the lead-investor, may aggravate the herd investment tend-ency of public investors. In. order to promote the healthy development of equity-crowdfunding, regulators and crowdfunding platform should take a combined of measures to control lead-in.vestor,s moral hazards reduce the severity of herd behavior, and avoid its suboptimal results.
作者 唐磊 张明
出处 《科技和产业》 2016年第10期135-140,共6页 Science Technology and Industry
基金 华侨大学研究生科研创新能力培育计划资助项目(1400206010)
关键词 股权众筹 领投机制 羊群行为 NETLOGO equity-crowdfunding lead-investor mechanism herd behavior NetLogo
  • 相关文献

参考文献4

二级参考文献71

  • 1祁斌,黄明,陈卓思.机构投资者与市场有效性[J].金融研究,2006(3):76-84. 被引量:38
  • 2Ross S A. Neoclassical Finance[M]. Princeton: Princeton University Press, 2005.
  • 3Shiller R J. Tools for financial innovation: Neoclassical versus behavioral finance[J]. Financial Review, 2006, 41(1): 1- 8.
  • 4De Bondt W, Thaler R H. Does the stock market over-react?[J]. Journal of Finance, 1985, 40(4): 793-808.
  • 5Campbell J Y. Asset pricing at the millennium[J]. Journal of Finance, 2000, 55(7): 1515-1567.
  • 6Hong H, Stein J. Disagreement and the stock market[J]. Journal of Economic Perspectives, 2007, 21(5): 109-128.
  • 7Banerjee A V. A simple model of herd behavior[J]. Quarterly Journal of Economics, 1992, 107(3): 797-817.
  • 8Decamps J P, Lovo S. Risk aversion and herd behavior in financial market[R]. IDEI Working Papers 246, Institut d'?conomie Industrielle (IDEI), Toulouse, 2003.
  • 9Hirshleifer D, Subrahmanyam A, Titman S. Feedback and the success of irrational investors[J]. Journal of Financial Economics, 2006, 181(2): 311-338.
  • 10Lee I H. On the convergence of informational cascades[J]. Journal of Economic Theory, 1992, 61(2): 395-411.

共引文献182

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部