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首页> 外文会议>2007 China International Conference in Finance >Herding Behavior in Chinese Stock Markets: An Examination of A and B Shares
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Herding Behavior in Chinese Stock Markets: An Examination of A and B Shares

机译：中国股票市场的羊群行为：对A股和B股的考察

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摘要

This study examines herding behavior in dual-listed Chinese A-share and B-share stocks. We find evidence of herding within both the Shanghai and Shenzhen A-share markets that are dominated by domestic individual investors, and also within both B-share markets, in which foreign institutional investors are the main participants. Herding occurs in both rising and falling market conditions. Herding behavior by A-share investors in the Shanghai market is more pronounced under conditions of rising markets, high trading volume, and high volatility, while no asymmetry is apparent in the B-share market.
机译：这项研究考察了在中国上市的A股和B股双重上市公司的羊群行为。我们发现在国内个人投资者主导的上海和深圳A股市场以及两个以外国机构投资者为主要参与者的B股市场内都有羊群效应的证据。在市场条件上升和下降时都会发生羊群效应。在市场上升，高交易量和高波动性的条件下，A股投资者在上海市场的羊群行为更加明显，而B股市场没有明显的不对称性。

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  • 来源
  • 会议地点 Chengdu(CN);Chengdu(CN)
  • 作者

    Lin Tan; Thomas C. Chiang; Joseph R. Mason; Edward Nelling;

  • 作者单位

    California State Polytechnic University, Pomona Assistant Professor of Finance 3801 West Temple Avenue Pomona, CA 91768;

    Drexel University 101 North 33rd Street Philadelphia, PA 19104, USA;

    Drexel University 101 North 33rd Street Philadelphia, PA 19104, USA;

    Drexel University 101 North 33rd Street Philadelphia, PA 19104, USA;

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