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首页> 外文期刊>European Economic Review >Herding, contrarianism and delay in financial market trading
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Herding, contrarianism and delay in financial market trading

机译：羊群，逆势和金融市场交易的延迟

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摘要

Herding and contrarian behaviour are often-cited features of real-world financial markets. Theoretical models of continuous trading that study herding and contrarianism, however, usually do not allow traders to choose when to trade or to trade more than once. We present a large-scale experiment to explore these features within a tightly controlled laboratory environment. Herding and contrarianism are more pronounced than in comparable studies that do not allow traders to time their decisions. Traderswith extreme information tend to trade earliest, followed by those with information conducive to contrarianism, while those with the theoretical potential to herd delay the most. A sizeable fraction of trades is clustered in time.
机译：羊群和逆势行为经常是现实世界金融市场的特征。但是，研究羊群和逆势行为的连续交易的理论模型通常不允许交易者选择何时进行交易或进行一次以上的交易。我们提出了一项大规模实验，以在严格控制的实验室环境中探索这些功能。相比其他不允许交易者及时做出决定的可比研究，羊群和逆势主义更为明显。拥有极端信息的交易者往往最早交易，其次是那些具有有利于逆向交易的信息的交易者，而那些具有理论上的成群潜能的交易者的交易延迟最大。大量的交易会及时聚集。

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