摘要
针对目前中国证券市场羊群行为重、市场主力的信号不确定的实际,通过假设市场封闭、简化交易过程和对象,建立市场信号有噪声时的羊群行为模型,并进行参数假设,求解模型的解,分析跟风行为对市场价格波动的影响。得出,羊群行为的存在增加了股票价格的波动。
Herd behavior is common in the Chinese securities market at present. Leading investors receive the uncertain signal. Closed market is supposed to simplify the trade process and odjects. Establishs a herding model under noise signal of market is established. Through the parameter hypothesis, the price fluctuation formed by herd behavior is discusssed. The conclude is that herd behavior increases the price fluctuation of stock.
出处
《控制工程》
CSCD
2004年第6期555-558,共4页
Control Engineering of China
关键词
羊群行为
主力投资者
跟风投资者
正反馈策略
证券市场
herd behavior
leading investors
following investors
positive feedback trading strategy
